Plastic Additives Market to Touch USD 75.20 Billion by 2028; Rapid Expansion of the Food Packaging Industry to Create Multiple Opportunities

The global plastic additives market size is projected to grow from USD 51.04 billion in 2021 to reach USD 75.20 billion by 2028 owing to the extensive utilization of plastic derivatives in the manufacturing of consumer goods, shares Fortune Business Insights™ in its report, titled “Plastic Additives Market Size, Share & COVID-19 Impact Analysis, By Type (Plasticizers, Flame Retardants, Stabilizers, Impact Modifiers, Others), By End-Use (Packaging, Construction, Automotive, Consumer Goods, Others), and Regional Forecast, 2021-2028”. The report states that the value of the market stood at USD 48.41 billion in 2020 and the market is expected to register a CAGR of 5.7% from 2021 to 2028.

The COVID-19 pandemic is anticipated to have a mixed impact on the plastic additives market growth. On one hand, trade and travel restrictions and lockdown and social distancing measures imposed by governments have disrupted global chemical supply chains; on the other hand, skyrocketing demand for personal protective equipment, especially in the healthcare sector, is generating huge opportunities for the manufacturers.

BASF and Security Matters Join Forces to Accelerate Circular Economy for Plastics

In May 2020, the German chemical giant, BASF, and Australia-based Security Matters announced a joint development agreement to develop innovative solutions for the efficient and effective traceability and circularity of plastics. The aim of this partnership is to devise mechanisms and technologies using which such polymers can be recovered and reused mechanically. Under the collaboration, Security Matters will provide its expertise and technology to facilitate digital and physical tracking of closed-loop recycling, efficient sorting of polymer waste, and authenticate sustainability claims. BASF will put into action its knowledge of additives, understanding of the value chains, and regulatory know-how as well as its R&D capabilities to build a resilient circular economy for this material.

Increasing Usage of Plastic Additives in the Automotive Industry to Aid Growth

Plastic additives, as a result of their favorable properties such as light weight, heat- and pressure-resistance, and flexibility, are widely utilized by vehicle manufacturers around the globe. As a consequence, chemical companies are developing innovative polymer materials to cater to this evolving trend in the automotive industry. For example, Clariant’s AddWorks® ATR 146 is a low dosage, sulfur-free, light-stabilizer for polypropylene compounds used in automotive interior applications. The product also boasts of low volatile organic compound (VOC) emissions and delivers superior heat resistance. Another example is Jaguar Land Rover, which utilized BASF’s Ultramid® B3WG6 Ccycled Black in its first electric SUV, the I-Pace. Ultramid has been developed by BASF under its ChemCycling Project to advance plastic waste recycling solutions. With automakers looking for materials to reduce the weight of their vehicles, the demand for lightweight polymer derivatives has increased rapidly in the past few years, auguring well for the growth of this market.

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https://www.fortunebusinessinsights.com/plastic-additives-market-104448

Key Players to Focus on Introducing Novel Additive Products

Key players in this market are making enormous investments in research & development activities to engineer innovative and path-breaking biodegradable polymer materials. This strategy is allowing companies to strengthen, diversify and future-proof their portfolios to capture the growing demand for eco-friendly products. Besides this, market participants are also engaging in varied collaborations with fellow competitors, academic institutions, and government agencies to speed up advancements in plastic additive technologies.

Industry Development:

• August 2021 – LANXESS announced the acquisition of Emerald Kalama Chemical, a leading manufacturer of specialty chemicals. The acquisition will strengthen the portfolio for plastics, paints, and coatings industries. The products broadening can offer growth opportunities for non-phthalate plasticizers to meet requirements of polymer processing industry.

List of Key Players Covered in the Report:

• Songwon Industrial Co. Ltd. (Ulsan, South Korea)
• Clariant AG (Muttenz, Switzerland)
• BASF SE (Ludwigshafen, Germany)
• Dow Chemical Company (Michigan, U.S.)
• Evonik Industries AG (Essen, Germany)
• Kaneka Corporation (Tokyo, Japan)
• Lanxess AG (Cologne, Germany)        
• SABIC (Riyadh, Saudi Arabia)
• ExxonMobil Chemical (Texas, U.S.)
• Mitsui Chemical (Tokyo, Japan)

Further Report Findings:

• The plasticizers segment led the market share in 2020 as these materials are used to reduce the viscosity and increase the flexibility of polymers. The stabilizers segment is expected to hold a significant share during the forecast period.
• Asia Pacific is expected to dominate the plastic additives market share during the forecast period owing to the booming demand for consumer goods in the rapidly developing economies of India and China. In 2020, the Asia Pacific market size stood at USD 18.04 billion.
• The construction segment held a market share of 15.02% in the Chinese market on account of the exponential growth of the construction industry in China.

Table of Segmentation