Industry

Global Plastic Additives Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Plastic additives are chemical compounds incorporated into polymer materials to enhance their properties, processing, or performance. These additives can improve characteristics such as flexibility, durability, color, thermal stability, and resistance to UV radiation. By modifying the properties of the base polymer, plastic additives help tailor materials for a wide range of applications and environmental conditions.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The plastic additives market report table of contents includes:

1. Executive Summary
2. Plastic Additives Market Characteristics
3. Plastic Additives Market Trends And Strategies
4. Plastic Additives Market – Macro Economic Scenario
5. Global Plastic Additives Market Size and Growth
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32. Global Plastic Additives Market Competitive Benchmarking
33. Global Plastic Additives Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Plastic Additives Market
35. Plastic Additives Market Future Outlook and Potential Analysis
36. Appendix