Global plastic additives market size to expand at 5.1% CAGR through 2028
SKYLINE MARKET RESEARCH LLP
6 min read
SKYLINE MARKET RESEARCH LLP
The key goal of the current business intelligence report on 'Global Plastics Additives Market' is to provide data about the industry's growth model from 2022 to 2028. It anticipates market and sub-market growth rates using statistically verifiable data as well as experts' informed thoughts and opinions.
Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global plastic additives market is anticipated to record 5.1% CAGR during the analysis timeframe to amass a valuation of USD 35518 million by the year 2028.
Furthermore, the literature identifies growth drivers as well as bottlenecks that affect industry dynamics. It also contains in-depth studies on additive types, plastic terrain, end-users, and regional segmentation in order to discover the potential growth prospects. It then dissects the competitive landscape of the vertical by profiling the leading companies in terms of their product portfolios, market share, and financials.
The industry is primarily driven by beneficial properties of plastic additives in preventing microbiological deterioration of plastic materials that are prone to odor, staining, discoloration, and aesthetic loss.
For the unversed, plastic additives are chemical compounds that are added to polymers to increase their functionality, performance, and ageing properties. Flame retardants, plasticizers, antioxidants, lubricants, pigments, stabilizers, slide compounds, antistatic agents, and thermal stabilizers are the most often used additives. Each one contributes to the functional qualities of a plastic product in a different way.
Furthermore, UV-sensitive construction applications, along with flourishing construction as well as automotive sectors are expected to add to market remuneration.
COVID-19 impact:
The COVID-19 outbreak had negatively impacted the production, import & export activities, and supply chain, which in turn hampered the worldwide plastic additives marketplace in the recent past.
However, revival of industrial operations and construction activities as well as rising demand for PPE kits to prevent the spread of COVID 19 are expected bolster market trends in the coming years.
Based on plastic type, the high-performance plastics segment is slated to grow significantly over the analysis timeframe, owing to properties like stability in high temperature condition, chemical resistance, and superior mechanical strength.
In terms of end-user terrain, the building & construction segment is anticipated to expand considerably during the forecast period, due to growing construction industry.
As per additive type, plasticizers segments is poised to gain traction over 2022-2028, on account of its usage in producing high-volume flexible PVC products.
Regional scope:
Asia Pacific industry held a major revenue share in the recent past and is slated to grow substantially at an improved CAGR throughout 2028, with China at the forefront, due to availability of low-cost raw materials and labor.
Competitive dashboard:
UPC Technology Corporation, The Dow Chemical Company, Songwon Industrial Co. Ltd, Perstorp AB, OQ Chemicals GmbH, LG Chem Ltd., Lanxess AG, ICL Group Ltd., Grupa Azoty S.A., Ferro Corporation, ExxonMobil Chemical Company, Evonik Industries AG, Eastman Chemical Company, Clariant AG, BASF SE, Arkema S.A, Albemarle Corporation, AEKYUNG Industrial Co. Ltd., and ADEKA Corporation are the leading players in global plastic additives market.
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The global additives market for deodorants and antiperspirants application is anticipated to witness significant growth over the coming time period due to the increasing adoption of high-quality ingredients, new technologies, and rising awareness about personal hygiene among the population. Deodorant and antiperspirant and commonplace in todaya??s society and are a part of our daily routine. These personal hygiene products use various additives to be able to function as intended. From a regional frame of reference, LATAM will witness around 4.4% CAGR over the forecast time period owing to rising personal hygiene awareness among population. Further, the region is considered a surging cosmetics and personal hygiene market, owing to the rapidly increasing adoption of personal care and cosmetics products by the regional consumer population.
Europe Antimicrobial Additives Market, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2025
The Europe antimicrobial additives market for personal care application is driven by the increasing use in personal care products such as perfumes, hair care, and skin care, among others. An antimicrobial additive is a substance containing appropriately registered antimicrobial agent. The additives effectively inhibit the growth of microbes like algae, fungi, and bacteria. Antimicrobial agents are immensely used in the cosmetics sector as ingredients that can help prevent the growth of undesirable microorganisms within the products to further improve its shelf life. On the regional front, Spain antimicrobial additives industry from personal care application may witness gains of 4% by the end of the analysis time period. Benelux antimicrobial additives sector through personal care application might exceed a valuation of $80 million by end of the analysis timeline.
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