According to the report, the global plastic additives market was USD 43.82 billion in 2018 and is expected to reach around USD 61.25 billion by 2025, at a CAGR of 4.9% between 2019 and 2025.
New York, NY, July 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers, and Others) and by Application (Packaging, Automotive, Consumer Goods, Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global plastic additives market was USD 43.82 billion in 2018 and is expected to reach around USD 61.25 billion by 2025, at a CAGR of 4.9% between 2019 and 2025.
Plastic additives are used in a wide range of applications ranging from building, packaging containers to consumer and electronics equipment, company machines and automotive components. These additives improve the polymer’s strength, heat sensitivity, and durability. The flourishing packaging industry is one of the major driving factors of the plastic additives market globally. The rapidly developing global food industry has boosted the global packaging industry, thereby, propelling the demand for plastic additives. Furthermore, the consumption of plastic additives in the coming years is also supported by the shifting customer preferences to plastic products owing to their low price and increased durability. However, the environmental regulations for plastics may hamper the plastic additives market growth across the globe in the future. Alternatively, technological advancements related to plastic additives are anticipated to offer new opportunities for market growth in the years to come.
Browse through 71 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Plastic Additives Market: By Type, Applications, Industry Size, Share, Demand, Growth, Analysis Forecast, 2018–2025”.
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The global plastic additives market is divided based on type and application. Based on type, the market for plastic additives is classified into flame retardants, plasticizers, stabilizers, impact modifiers, and others. Plasticizers dominated the global plastic additives market in 2018 and are expected to maintain their dominance in the upcoming years as well. This can be attributed to the increased use of plasticizers in automotive, packaging, and consumer products industries. Moreover, the flame retardants segment is projected to grow at the fastest pace over the forecast time period. Based on application, the plasticizers market is fragmented into packaging, automotive, consumer goods, construction, and others.
The increasing use of plastic additives, especially in packaging solutions for household and industrial reasons, is anticipated to majorly fuel the packaging segment in the global plastic additives market in the upcoming years. Additionally, altering fashion trends and globalization have further increased the packaging industry's plastic additives demand. Moreover, the consumer goods segment is likely to register the highest growth rate as compared to all the other segments over the next few years.
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In 2018, Asia Pacific dominated the global plastic additives market. This can be attributed to the region’s flourishing packaging industry coupled with the substantial developments witnessed in the retail industry. Additionally, the increasing demand for plastic additives by the construction industry is estimated to further propel the Asia Pacific plastic additives market growth in the future. China dominated the plastic additives market in the Asia Pacific region. Japan, South Korea, and India are expected to offer lucrative market opportunities over the next few years.
North America is the second largest contributing region of the global plastic additives market. The surging demand for processed food has boosted the packaging industry, which, in turn, is propelling the plastic additives market. The U.S. dominated the region’s plastic additives market due to the escalating applications of plastics across various industries like automotive and packaging. Moreover, technological advancements in the polymer industry are also driving this regional market.
Browse the full “Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers, and Others) and by Application (Packaging, Automotive, Consumer Goods, Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/plastic-additives-market
The European plastic additives market is anticipated to grow significantly over the forecast time period, owing to the rising demand for consumer goods. Moreover, the surging demand for consumer electronics, such as smartphones and wireless speakers, and automobiles is likely to further drive the plastic additives market in the region. Additionally, the growing application of plastics in the packaging industry is expected to also fuel the plastic additives market growth.
The Latin American plastic additives market is anticipated to register the fastest rate of growth in the upcoming years, owing to rapid industrialization and swift urbanization across the region. Brazil is projected to be the largest consumer of plastic additives in the future. Moreover, the rapidly developing regional automotive industry and growing demand for various electronic products are further anticipated to accelerate the plastic additives market growth in the region. The Middle Eastern and African plastic additives market is estimated to grow moderately in the future, owing to the surging regional demand for plastic products and the rising plastic demand by the region’s packaging industry.
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Some key players of the global plastic additives market are SONGWON, Evonik Industries, Styro Chemical Industries, BASF, Albemarle Corporation, AkzoNobel, Solvay, L. N. Chemical Industries, Clariant AG, and PMC Group.
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This report segments the global plastic additives market into:
Global Plastic Additives Market: Type Analysis
Global Plastic Additives Market: Application Analysis
Global Plastic Additives Market: Regional Analysis
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