Global market for plastics additives to register CAGR of 5 % for 2016-2021

12-Jan-16

The global market for plastics additives was valued at US$48.2 bln in 2015. This market is estimated to grow from nearly US$50.6 bln in 2016 to US$64.6 bln by 2021 with a compound annual growth rate (CAGR) of 5 % for the period of 2016-2021, as per BCC Research. Property modifiers, the leading segment of this market, will grow from nearly US$27.9 bln in 2016 to nearly US$35.9 bln by 2021 with a CAGR of 5.2%. The property extenders segment will grow from US$9.3 bln in 2016 to US$11.9 bln by 2021 with a CAGR of 5.1%. All these plastics products are made from an essential polymer mixed with a complex blend of materials known as additives. Without additives, plastics would not work, but with them they can be made safer, cleaner, tougher and more colorful. Additives cost money, of course, but by reducing production costs and making products last longer they help save money and conserve the world's precious raw material reserves. In fact, our world today would be a lot less safe, a lot more expensive and a great deal duller without the additives that turn basic polymers into useful plastics. Plastic additives will continue to gain in importance in the future, not only because of the steadily rising technical standards required of polymeric materials, but also because customers are under increasing pressure to keep on raising productivity. This translates into an increasing demand for even better additives. The market success of polymers, such as polyvinyl chloride (PVC) or polypropylene (PP), depends not only on the basic polymer but also on the additives that make the plastics as useful as they are. Their usefulness is largely attributed to the polymers used to make them and not the additives used. Yet, when concerns arise regarding human health and the environment, plastics additives are often found to be responsible, and the industry is required to either replace the additive or else prove that it is indeed harmless.