Global High-Performance Plastic Additives Market Report 2023-2031: Burgeoning Opportunities in Growing Demand for Sustainable High-Performance Plastic Additives
DUBLIN, Feb. 28, 2023 /PRNewswire/ -- The "High-Performance Plastic Additives Market - A Global and Regional Analysis: Focus on End User, Plastic Type, Additive Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global high-performance plastic additives market is projected to reach $2,839.3 million by 2031 from $1,239.3 million in 2022, growing at a CAGR of 9.6% during the forecast period 2022-2031.
The demand for high-performance plastic additives is anticipated to grow with the increasing demand from end-user industries such as transportation, medical, electricals and electronics, packaging, and others.
Furthermore, it is anticipated that during the projected period (2022-2031), the increasing adoption of high-performance plastics in the electrical and electronics industry and the growing green transportation technologies in several emerging economies, including China, India, and Thailand, are expected to further fuel the advancement of the global high-performance plastic additives market.
However, the rigorous environmental standards regarding the hazardous compounds in plastics are anticipated to hinder market growth in the upcoming future.
Market Lifecycle Stage
The global high-performance plastic additives market is in the growth phase. Increased investment and research and development activities are expected to boost the market.
Furthermore, due to high demand from end-user industries and rising public concerns, government regulations related to hazardous and non-degradable polymer compounds are expected to increase the demand for eco-sustainable polymers, thereby bolstering the global high-performance plastic additives market.
Moreover, the global high-performance plastic additives market is expected to benefit from the growing implementation of high-performance plastics such as polytetrafluoroethylene (PTFE) for metal replacement, which promotes market expansion.
Industrial Impact
High-performance plastic additives continue to improve the supreme sliding friction, weight-saving capabilities, rigidity, high stiffness, and durability of the materials to which they are applied.
As a result, these materials are gaining prominence in a variety of industries, including transportation, medical, aerospace, and electricals and electronics. One area where implementation has been significantly greater is the electrical and electronics industry, which has created opportunities for both existing market participants and market entrants.
Furthermore, high-performance plastic additives have a moderate to high impact on end-user industries; however, in the upcoming future, with increasing penetration of electrical and electronics, transportation, and other industries, the impact is anticipated to increase.
Impact of COVID-19
COVID-19 had an immediate and significant impact on the global high-performance plastic additives market because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.
The lockdowns imposed by the governments significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. The electrical and electronics, transportation, and other end-user sectors have been in a slowdown for the last couple of years.
The global demand for high-performance plastic additives has been severely impacted by these market downturns in the end-user industries. However, the market is anticipated to recover and is expected to rise gradually over the forecast period.
Region
In the global high-performance plastic additives market, Asia-Pacific and Japan and China are anticipated to gain traction in terms of high-performance plastic additives production, owing to the continuous growth in electrical and electronics production and the presence of key manufacturers in the regions.
Recent Developments in the Global High-Performance Plastic Additives Market
In September 2022, SABIC unveiled the LNP THERMOCOMP AM DC0041XA51 compound at InnoTrans 2022 in Berlin, Germany. It is an innovative carbon fiber-reinforced, flame-retardant (FR) substance appropriate for pellet-fed additive manufacturing (PFAM/), which is fully complied with E.U. and U.S. rail fire safety requirements.
In September 2021, 3M expanded its line of boron nitride cooling fillers with new product grades, i.e., boron nitride cooling filler agglomerates CFA 100 and boron nitride cooling filler agglomerates CFA 150. Both consist of soft boron nitride agglomerates, which are used to enhance isotropic thermal conductivity and have applicability in automotive, electrical, and electronic devices and components.
In October 2022, during K 2022 in Dusseldorf, Germany, Evonik Industries AG displayed its most recent viable strategies for the polymers and foam industries. INFINAM PA, a new and improved grade of PA-12 powders with drastically reduced CO2 emissions for fused deposition 3D printing technologies, was also displayed.
How can this report add value to an organization?
The study provides the reader with a detailed understanding of the global high-performance plastic additives market based on the end user (transportation, medical, electricals and electronics, packaging industry, and others). Additionally, high-performance plastic additives are gaining traction in end-user industries on the back of sustainability concerns and are also being used to modify the properties of different polymers.
The global high-performance plastic additives market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategy for the companies has been product developments, business expansions, and acquisitions to strengthen their position in the global high-performance plastic additives market.
Key players in the global high-performance plastic additives market analyzed and profiled in the study involve high-performance plastic additive manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the global high-performance plastic additives market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing companies' high-performance plastic additives coverage, product portfolio, and market penetration.
The global high-performance plastic additives market has been segmented into different additive types, among which flame retardants captured around 20.2% of the market as of 2021. The lubricants segment accounted for around 14.7%, antioxidant segment accounted for 10.0%, stabilizers accounted for 11.7%, plasticizers accounted for 3.7%, and other additive types accounted for 39.7% of the total demand in 2021 in terms of value.
Market Segmentation
- End User: The electrical and electronics industry is the prominent end-user segments in the global high-performance plastic additives market.
- Plastic Type: The global high-performance plastic additives market is estimated to be led by high-performance polyamide in terms of plastic type.
- Additive Type: The global high-performance plastic additives market is estimated to be led by flame retardants and others in terms of additive type.
Key Companies Profiled
- Solvay S.A.
- Evonik Industries AG.
- Colloids Ltd.
- SABIC
- Ensinger
- L.Brueggemann GmbH & Co. KG
- Americhem, Inc.
- Colortech Inc.
- Tosaf Compounds Ltd.
- Arkema
- BASF SE
- 3M
- SUQIAN UNITECH CORP., LTD.
- Nouryon
- Avient Corporation
- Kemipex
- Advanced Polymer Solutions, LLC
- NEWOS GmbH
- Ceramer GmbH
- Karan Industrial Group
Industry Outlook
Trends: Current and Future
- Rising Demand for High-Performance Plastic Additives in Batteries and Green Technology Applications
- Rising Demand for High-Performance Plastic Additives in Fuel Cells to Minimize Carbon Emissions
Ecosystem/Ongoing Programs
- Consortiums and Associations
- Regulatory Bodies
- Programs by Research Institution and Universities
Business Dynamics
Business Drivers
- Rising Demand from Automotive Industry.
- Replacement of Conventional Material in a Variety of Applications
- Development of Innovative Applications and Rising Demand from the Electronics Industry
Business Challenges
- Strict Government Regulations for the Plastic Industry
- High Cost and Rising Price Volatility of Raw Materials
Business Strategies
- Product Developments
- Market Developments
Business Opportunities
- Rising Research and Development Activities in the Market
- Growing Semiconductor Industry to Create Opportunities for High-Performance Plastic Additives
- Growing Demand for Sustainable High-Performance Plastic Additives
Startup Landscape
- Key Start-ups in the Ecosystem
Global High-Performance Plastic Additives Market (by End User)
- Transportation
- Medical
- Electrical and Electronics
- Packaging
- Others
- Demand Analysis of High-Performance Plastic Additives Market (by End User), Volume and Value Data
Global High-Performance Plastic Additives Market (Products and Specifications)
- Global High-Performance Plastic Additives Market (by Plastic Type)
- Fluoropolymers
- High-performance Polyamides
- Sulfone Polymers
- Liquid Crystal Polymers
- Polyimides
- Others
- Demand Analysis of High-Performance Plastic Additives (by Plastic Type), Volume and Value Data
Global High-Performance Plastic Additives Market (by Additive Type)
- Plasticizers
- Flame Retardants
- Lubricants
- Antioxidants
- Stabilizers
- Others
- Demand Analysis of High-Performance Plastic Additives (by Additive Type), Volume and Value Data
Patent Analysis
- Patent Analysis (by Status)
- Patent Analysis (by Organization)
For more information about this report visit https://www.researchandmarkets.com/r/6lr8o9-performance?w=5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
Share this article