Growth Of Global Plastic Additives Market Driven By Rising Demand From Packaging Industry

Growth of global plastic additives market driven by rising demand from packaging industry

04-Aug-16

The global plastic additives market is projected to reach US$50.86 bln by 2021, registering a CAGR of 4.9% between 2016 and 2021, as per MarketsandMarkets. The growth of the plastic additives market is triggered by the rising demand from the packaging industry. Plastic additives are widely used for industrial and household purposes. Change in lifestyle and globalization have triggered the growth of the packaging industry which drives the plastic additives market.
The plastic additives market is segmented on the basis of type as plasticizers, stabilizers, flame retardants, impact modifiers, and others. Plasticizers account for a major share of the plastic additives market as it is extensively used to process polymers and are less expensive than other additives. They are usually combined with PVC or other polymers to impart unique physical properties for use in various applications such as cable jacketing, floor & wall coverings, and coating fabrics.
Plastic additives are widely used in commodity plastic for various end-use products. Some of the commodity plastics are polyethylene, polypropylene, polystyrene, polyvinyl chloride, polymethyl methacrylate, and others. These are used to impart specific resin properties to processed polymers. Polyethylene products are mostly used in various end-use applications such as packaging bags, general plastic films, medical packaging, mulch films, green house & tunnel films, and pipes.

The packaging sector is the dominating application segment of this market.Packaging is widely used for industrial and household purposes. Change in lifestyle and globalization have triggered the demand plastic additives from the packaging industry. Increasing use of plastics in consumer goods is also expected to drive the growth of the plastic additives market. The plastic additives market is broadly segmented into five regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is the largest market of plastic additives, in terms of volume. The growing packaging industry coupled with the increasing demand from the retail industry drives the market of plastic additives in the region. Polymer industries are witnessing high growth in developing countries such as India and Brazil Currently, the global plastic additives market is dominated by various market players, such as Songwon Industrial Co. Ltd. (South Korea), Albemarle Corporation (U.S.), Clariant AG (Switzerland), BASF SE (Germany), and The Dow Chemical Company (U.S.), among others. The leading players mainly concentrate on new product development to enhance their market reach and make innovative products available to a large number of customers.