Global plastic additives market estimated to grow to US$45.5 bln by 2019 at a CAGR of 5%

12-Mar-15

The plastic additives market is projected to register a CAGR of 5% between 2014 and 2019 to reach $45.5 Billion by 2019, as per MarketsandMarkets. Asia-Pacific dominated the plastic additives market in 2013 and accounted for over 40% of the market share, by volume. Country-wise, China is projected to be the top consumer of plastic additives globally by 2019, and is estimated to register a high CAGR between 2014 and 2019 for plastic additives market. The U.S. is currently the largest plastic additives consumer in the world but is anticipated to be outcaste by China in the near future. The demand for the plastic additives is driven by the diverse applications ranging from packaging, construction, consumer goods, and automotive among others. Growing GDP, rapid pace of industrialization, increased consumption of plastic materials, consumer goods, and packaging products remain key growth driving forces for this market. Future growth in the market hinges heavily onto developing economies in Asia-Pacific, South America, and Eastern Europe. Packaging segment lead the plastic additives market in 2013 and is projected to continue to be the largest market registering a CAGR of 4.7% between 2014 and 2019 in terms of volume. Packaging is the fastest growing application followed by automotive segment. The increasing plastic consumption in the automotive application is expected to benefit plastic additives market over the next five years. Food and beverage manufacturers continue to enhance their focus on attractive and sophisticated product packaging, in order to gain consumer attention. Further, with the advent of new packaging technologies such as antioxidant, UV resistant, heat resistant, antimicrobial, and anti-fog packaging, the usage of plastic additives has surged significantly over the last few years. Plasticizers segment of plastic additives had the largest market share in 2013 and is projected to dominate the global market by 2019 mainly due to the growth in demand of DOP. The demand for DOP is showing upwards trends owing to its low cost and suitable plasticizing properties that are further employed in various end-use applications. Flame retardants segment is projected to have the highest growth rate between 2014 and 2019. Increasing demand by the consumer goods and construction application especially from Asia-Pacific region will continue to drive the growth of this segment.