The plastic additives global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Plastic Additives Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The plastic additives market size has grown strongly in recent years. It will grow from $55.18 billion in 2023 to $59.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased demand for lightweight materials, the expansion of the packaging industry, rapid urbanization and infrastructure projects, increased consumer expectations for product quality and longevity, and the need for efficient agricultural practices and materials.
The plastic additives market size is expected to see strong growth in the next few years. It will grow to $80.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to economic growth in emerging markets, increased use of medical plastics with additives, rising use of advanced plastic materials in agriculture, increasing consumer demand for long-lasting and high-quality consumer goods, high demand for flexible and durable packaging solutions. Major trends in the forecast period include the development of biodegradable additives, the use of nanomaterials to improve the mechanical, thermal, and barrier properties of plastics, smart additives, innovations aimed at making plastic additives more compatible with recycling processes, and enhanced UV stabilizers.
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Scope Of Plastic Additives Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Plastic Additives Market Overview
Market Drivers –
Rising consumer demand for electronics is expected to propel the growth of the plastic additives market going forward. Electronics are components or systems that control the flow of electrons or other electrically charged particles to perform various functions. The demand for electronics is rising due to the increasing reliance on digital technology for communication, work, entertainment, and automation in everyday life. Plastic additives in electronics enhance the performance, durability, and functionality of components such as circuit boards and casings, ensuring optimal operation and protection against environmental factors. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total consumer electronics production reached $291.81 million (¥32,099 million) in May 2023, compared to $229.71 million (¥25,268 million) in May 2022. Therefore, rising consumer demand for electronics is driving the growth of the plastic additives market.
Market Trends –
Major companies operating in the plastic additives market are developing new products, such as biomass balance approach plastic additives, to gain a competitive edge in the market. The biomass balance approach creates plastic additives with a reduced carbon footprint by incorporating renewable resources. For instance, in September 2023, BASF SE, a Germany-based chemical company, launched a range of biomass-balanced plastic additives, including Irganox 1010 BMBcert and Irganox 1076 FD BMBcert, which are certified by TÜV Nord for mass balance according to the international sustainability and carbon certification (ISCC PLUS). These innovative solutions promote the use of renewable resources to replace fossil feedstocks, enabling BASF’s customers to reduce their carbon footprint by up to 60% compared to conventional products.
The plastic additives market covered in this report is segmented –
1) By Type: Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, Ultra-Violet (UV) Stabilizers, Other Types
2) By Plastic Type: Polystyrene, Polyvinyl Chloride (PVC), Polypropylene, Polyethylene, Engineering Plastics, Other Plastic Types
3) By Application: Packaging, Automotive, Agriculture, Building And Construction, Consumer Goods, Electrical And Electronics, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the plastic additives market in 2023. The regions covered in the plastic additives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the plastic additives market are ExxonMobil Corporation, BASF SE, Dow Inc, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries NV, Evonik Industries AG, Solvay S.A., Mitsui Chemicals Inc., Arkema S.A., AkzoNobel N.V., Eastman Chemical Company, Albemarle Corporation, Lanxess AG, Lubrizol Corporation, Clariant AG, Avient Corporation, Adeka Corporation, Kaneka Corporation, Chemtura Corporation, Ferro Corporation, Ampacet Corporation, Songwon Industrial Co. Ltd., Baerlocher GmbH, Valtris Specialty Chemicals, PMC Group
Table of Contents
- Executive Summary
- Plastic Additives Market Characteristics
- Plastic Additives Market Trends And Strategies
- Plastic Additives Market – Macro Economic Scenario
- Global Plastic Additives Market Size and Growth
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- Key Mergers And Acquisitions In The Plastic Additives Market
- Plastic Additives Market Future Outlook and Potential Analysis
- Appendix
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