Global masterbatch market to grow past US$14 bln by 2023 at a CAGR of 5%

05-Jul-19

The global masterbatch market size is projected to grow from US$11 bln in 2018 to US$14 bln by 2023 at a CAGR of 5% during the forecast period, as per Research and Markets. The increasing demand for packaging products and wide use for coloring plastics in the end-user industries are driving the masterbatch market. As the overall masterbatch market is highly unorganized, small players in the market offer low-quality products, which is restraining the market growth.
By application, the packaging segment is expected to lead the masterbatch market during the forecast period. This is due to the need for packaging in food & beverage, personal care, medical, household, electrical & electronics, building & construction, automotive, and other industries. The emerging economies are developing the infrastructure by using masterbatch in building & construction applications.

By type, the color segment is expected to lead the masterbatch market during the forecast period. The dominance of color is projected to grow owing to its increasing use in various applications such as packaging, building & construction, automotive, consumer goods, agriculture, and textile, among others. The growth of the color masterbatch market is primarily triggered by the rising demand from the packaging segment.

APAC is expected to lead the masterbatch market during the forecast period, owing to the presence of a huge population and the increasing demand for packaging products in the region. The presence of large and small-sized masterbatch manufacturers in this region also drives the market.