Plastic Additives Market to Grow at 4.6% CAGR through 2032 Amid Surging Demand from the Packaging Sector
The global market of plastic additive is anticipated to reach a value of US$ 66.6 Bn by 2032, expanding at a 4.6% CAGR over the forecast period. Significant production volume of plastic all over the globe is driving sales of plastic additives to improve the quality and functionality of different materials.
Expansion in the building and construction sector, rising electric vehicle production, and ongoing development in the packaging sector will augment the growth in the market. Surging demand for polyethylene, polypropylene, polyvinyl chloride, and other types of plastic for packaging applications will push sales of plastic additives market.
With increasing investment by prominent players across emerging countries, rising inflow of foreign direct investment in the automotive and packaging sectors will bode well for the growth in the market over the forecast period.
“Growing demand for packaging materials for various applications, along with increasing production of specialty chemicals across the globe will drive sales in the market in the forthcoming years,” says an FMI analyst.
· By product type, the plasticizer segment is expected to account for about 31.6% of the overall market share.
· Based on plastic type, the polyethylene and polypropylene segment is expected to account for more than 48% of the overall consumption.
· In terms of end use, sales in the packaging segment will increase at a 4.9% CAGR over the assessment period.
· India will emerge as a lucrative pocket in South Asia plastic additives market, accounting for 2/5th of the total market share.
· Sales in the China plastic additives market are expected to gain traction at a 5.3% CAGR over the assessment period.
Some of the top plastic additives manufacturers include BASF SE, Clariant AG, Albemarle Corporation, Songwon Industrial Co., Ltd., Nouryon, LANXESS AG, Evonik Industries AG, Kaneka Corporation, Dow, SABIC, Exxonmobil, Mitsui Chemicals, and Badische Anilin- und SodaFabrik SE.
Key players are focusing on expanding their production capacity to increase their global presence and to improve sales. Further, players are also investing in product innovation. For instance:
· In September 2020, Covestro acquired Koninklije DSM N.V.’s resin and functional material business, as well as additives manufacturing, advanced solar coating, and the Niaga innovation project.
These insights are based on a report Plastic Additives Market by Future Market Insights