22-Mar-17 The market size of global plastic additive market was valued over US$38.50 bln in 2015 and it is projected to grow with a CAGR between 4.9% and 5% during the forecast period of 2016-2022 to surpass US$55 bln by 2022, as per Market Research Future. Plastic additives are chemical added polymers which are used to enhance the end user properties of plastic.
The polymers used in the plastic are mixed with monomeric units and are not in their pure form, but are harmless. These monomers i.e monomeric units are known as plastic additives and are classified as reinforcing fibers, coupling agents, stabilizers, colorants, fillers, processing aids, flame retardants, peroxides and antistatic agents. Plastic additives majorly aim to improve the processing characteristics and properties of plastic and to enhance end user performance. Furthermore, plastic additives facilitate safe handling during the manufacturing of finished products.
Rapidly increasing usage of plastics in industrial manufacturing, construction, automotive and mechanical engineering coupled with increasing cost of natural metal are the major factors driving the growth of plastic additives market. Increasing costs of natural metals has increased preferences for plastic additives. Moreover, augmented household applications and lower cost of plastic products are likely to boost the growth of this market over the forecast period.
On the other hand, the global plastic additives market is restrained by stringent government regulation on limited usage of plastic and environmental policies. Due to introduction of bans and regulatory obligations in recent years on usage of wide range of plastic additives is likely to hamper the growth of this market over the forecast period. Going forward, consistently increasing application of plastic additives is likely to increase opportunities to the players in this market over the forecast period.
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