Plastic Resins is fastest growing segment fueling the growth of Plastic Additives Market

 

The global Plastic Additives Market is estimated to be valued at US$ 45.94 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Plastic additives are used to enhance the properties and performance of plastics. They improve properties such as durability, heat resistance and lifespan of plastics. With growing demand for plastics in various applications, plastic additives play a vital role in modulating plastic's properties as per the application requirement.

Market key trends:

One of the key trends in the plastic additives market is the growing demand for bio-based plastic additives. Strict regulations regarding the use of phthalate plasticizers and environmental pollution caused due to plastics disposal have increased focus on development of sustainable alternatives. Bio-based plasticizers are plant-derived additives that enhance plastic's properties without harming the environment. Their growing popularity can be attributed to properties like biodegradability and compatibility with a wide range of polymers.

Segment Analysis

The plastic additives market can be segmented into plasticizers, stabilizers, flame retardants, impact modifiers, and others. Among these, the plasticizers segment accounted for the largest market share in 2022 owing to its wide application scope in PVC products manufacturing. Plasticizers improve flexibility, workability and durability of plastics. Growing consumption of PVC in construction, automotive and wires & cables industries is fueling demand for plasticizers.

Key Takeaways

The global plastic additives market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from the construction and automotive industries.

Regional analysis:

Asia Pacific dominated the global market in 2022 and is projected to retain its dominance during the forecast period, growing at a CAGR of around 6%. This can be attributed to rapid industrialization and urbanization along with increasing per capita disposable income in countries such as China and India.

Key players:

Key players operating in the plastic additives market are BASF SE, Songwon Industrial Co., Ltd., Clariant AG, and Evonik Industries AG. BASF SE is one of the leading players and offers a wide range of plastic additives including plasticizers, stabilizers, and flame retardants for applications in various end-use industries.