TAGS: PVC, Plasticizers and Sustainability Flame Retardants Polymer Reinforcement
The global plastic additives market was valued at $48.6 billion in 2020, and is projected to reach $79.1 billion by 2030, growing at a CAGR of 5.1% from 2020 to 2030. Plastic additives aid in the improvement of polymer properties, such as strength, luster, durability, and heat sensitivity.
Segments of Plastic Additives’ Market
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.
Increase in industrial output and increase in economic activity in emerging economies of Asia-Pacific and South America are expected to drive the global plastic additives market during the forecast period.
Due to negative impacts on human health and the environment, regulatory authorities such as the European Commission revised statutes such as the restriction of hazardous substances to regulate and restrict flame retardants, plasticizers, and other additives.
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,
BASF,
Clariant Ltd,
Dow Chemical,
Evonik,
Exxon Mobil Corporation,
Kaneka Corporation,
Lanxess,
Nouryon, and
Songwon Industrial Co., Ltd.
Key Findings of Study
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On the basis of type, the plasticizers segment emerged as the global leader with around 30.6% of the global market share in 2020 and is anticipated to be the largest markets during the forecast period
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Depending on plastic type, the high-performance plastics segment registered the highest market share of around 64.5% and is projected to maintain the same during the forecast period
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As per application, the building & construction segment registered the highest market share of around 33.5% and is projected to maintain the same during the forecast period
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Region wise, Asia-Pacific registered the highest market share of around 55.6%, and is projected to maintain the same during the forecast period
Impact of Covid-19 on Plastic Additives Market
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Some regions, particularly, North America and Europe, witness greater decline than Asia-Pacific. Amidst the ongoing crisis, plastic additives producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of COVID-19 in the near term
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Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using plastic additives, thereby affecting the plastic additives market
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The demand for end-products, such as automotive components, plastic construction materials, such as pipes & fittings, and consumer goods declined. However, industrial operations and construction activities are reviving gradually and projected to generate more demand for plastic additives for their end-products during the forecast period
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On the other side, the increase in the demand for PPE kits manufactured from medical grade plastic to compact the spread of COVID 19 is anticipated to serve as an opportunity for the market to regain its previous momentum
Explore Plasticizers' Range for Buildings & Constructions
Source: Allied Market Research