TAGS: Flame Retardants Surface Modification PVC, Plasticizers and Sustainability
The global plastic additives market was valued at $50.6 billion in 2021, and is projected to reach $83.8 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
The market for plastic additives is predicted to rise as the popularity of low-cost automobile interiors grows.
Covers In-depth Information About Major Industry Players
The consumer products industry uses chemicals for the ease with which they can be recycled. In the construction industry, plastic additives are used to maintain appearance and properties, thermal protection, and long-term durability. It is also used for maintenance of integrity of polymer properties during processing.
The plastic additives market is segmented into type, plastic type, application, and region. Depending on type, the market is categorized into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials,
UV stabilizers, and others.
On the basis of plastic type, it is fragmented into commodity plastic, engineering plastic, and high-performance plastics. As per application, it is classified into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global plastic additives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, Badische Anilin- und SodaFabrik SE,
Clariant,
Dow Chemical,
Evonik Industries AG, Exxon Mobil Corporation,
Kaneka Corporation,
Lanxess Corporation,
Nouryon, and Songwon Industrial.
Plasticizers is Expected to Retain its Dominant Position
By type, the plasticizers segment is expected to retain its dominant position in the global plastic additives market, both by value and volume, largely due to the substantial usage of these additives in high-volume flexible
PVC products.
Depending on plastic type, the high-performance plastics segment accounted for around 65.3% of the global plastic additives market share in 2021. The high-performance plastics segment is expected to remain dominant during the forecast period. High performing plastics are specially designed polymers with high mechanical strength, chemical resistance, and, all-importantly, temperature resistance. Stability at high temperatures is the main criterion used to differentiate high performance plastics from regular plastics.
As per application, the building & construction segment accounted for around 30.3% of the global plastic additives market share in 2021. The developing construction industry, increasing demand for electrical and electronics products, and growing demand for e-buses will significantly drive plastic additives market growth in this region.
Region-wise, Asia-Pacific accounted for the largest share of around 56.2% in 2021. The Asia-Pacific region dominated the global market share. China is one of the lucrative markets for plastic additives due to low-cost raw materials and labor availability. China is one of the largest producers of plastic materials globally.
Source: Allied Market Research