Plastic Additives Market worth $57.0 billion USD by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 15, 2023 /PRNewswire/ -- The report "Plastic Additives Market  by Type (Plasticizers, Stabilizers, Flame Retardants), Plastic Type (Commodity Plastics, Engineering Plastics, High Performing Plastics), Application (Packaging, Construction, Consumer Goods), and Region - Global Forecast to 2028", size was USD 43.5 billion in 2023 to USD 57.0 billion by 2028, at a CAGR of 5.6% from 2023 to 2028.

Plastic additives are a wide set of chemical chemicals or substances that are used with polymers to modify and improve their properties. These additives play an important role in defining the properties and performance of plastic materials, making them safer, more durable, and adaptable to a variety of applications. Plastic additives are utilized in a variety of plastic applications, including packaging, construction, automotive, consumer goods, and others. Plastic additives are necessary components in the manufacture of plastic products. During the production process, they are mixed with the base polymer to obtain specified results. Plastic additives' principal role is to improve the mechanical characteristics of polymers.

Browse in-depth TOC on "Plastic Additives Market"

291 – Tables
65– Figures
275 – Pages

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"Plasticizers estimated to be the largest type of plastic additives market during the forecast period, in terms of value."

The plastic additives market is experiencing significant growth driven by several key factors. Plasticizers are the most used form of plastic additive.  The plasticizers segment is the largest in the plastic additives market because of the broad range of applications, the adaptability of plasticizers to meet regulatory and environmental requirements, and the significant demand from industries like construction, automotive, and packaging. These factors collectively contribute to the prominence of plasticizers in the plastic additives market.

"Commodity plastic estimated to be the largest plastic type of plastic additives market during the forecast period, in terms of value."

The commodity plastics dominate the plastic additives market due to their widespread use in everyday products, versatile applications across multiple industries, cost-effectiveness, and ongoing innovations in plastic additives to enhance their properties and meet regulatory and environmental demands. These factors collectively contribute to the large market share of commodity plastics in the plastic additives market.

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"Packaging was the largest application in plastic additives market in 2022, in terms of value."

Packaging is estimated to be the largest application in plastic additives market in the forecasted year due to several factors. Plastic packaging is the most common type of packaging on the entire globe. This is because plastic packaging is lightweight, sturdy, and reasonably priced. Plastic additives are used in many different types of plastic packaging, including food and beverage packaging, pharmaceutical packaging, and personal care packaging. The plastic additives market in the packaging segment is predicted to rise in the forecasted year, owing to rising demand for plastic packaging, increased knowledge of the benefits of leveraging plastic additives in packaging applications, and significant trends.

"Asia Pacific estimated to account for largest market share in plastic additives market during the forecast period, in terms of value."

The North America region is a significant market for automotive films, driven by rising automotive production, rapid urbanization, and climate conditions. With its large population, expanding industrial base, and rising consumer demand, the region represents a substantial market for automotive films. The market is expected to continue growing due to infrastructure projects, urbanization, and industrialization across countries in the region.

The Asia Pacific region is dwelling to some of the world's fastest-growing economies, including China, India, and Indonesia. This economic expansion is driving up demand for plastic products, which in return is driving up demand for plastic additives. The region is also rapidly urbanizing, with an increasing number of people moving to cities. This urbanization is driving up demand for plastic products in a wide range of industries, including packaging, construction, and consumer goods. The Asia Pacific region is a key global manufacturing powerhouse. The Asia Pacific region's industrial industry uses a large range of plastic items, and plastic additives are required for their production. Specifically, China is the largest market for plastic additives in the Asia Pacific region. This is because of China's vast manufacturing sector and its expanding customer base. China is also a significant producer of plastic additives, giving it a competitive advantage in the worldwide market.

Market Players

The key market players identified in the report are BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (US), Songwon Industrial Co., Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and Dow Inc. (US).

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