Global Plastic Additives Market TOC
Plastic Additives Market size is set to cross USD 56.97 billion by the end of 2035, growing at a CAGR of 5.86% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of plastic additives was USD 27.45 billion. Significant factor includes research and development activities in the field of plastic additives, increasing use of plastic additives in the healthcare sector, and growing demand for additives in making lightweight and durable vehicle components.
In addition, the expansion of the market is being fueled by the increasing initiatives towards plastic waste transformation into plastic additives among the market's key players. For instance, Evonik launched a wide variety of additives under the trade name TEGO Cycle to assist its clients in streamlining processes and raising the final quality of recycled plastics. The TEGO Cycle array of additives, which is intended to reduce energy consumption during mechanical recycling and improve polymer quality, enables the transformation of the plastics value chain into a value cycle.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
5.86% |
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Base Year Market Size (2022) |
USD 27.45 Billion |
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Forecast Year Market Size (2035) |
USD 56.97 Billion |
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Regional Scope |
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Type (Plasticizers, Flame Retardants, Impact Modifiers, Heat Resistant, Compatibilizer)
By the end of 2035, the plasticizers segment in the plastic additives market is projected to garner the largest revenue of USD 19.11 billion. Significant factor includes increasing application in the production of PVC and automotive plastics. Plasticizers are chemical additives that soften and increase the flexibility of plastics, which increases their use in the production of many different items. The need for plasticizers is fueled by their mechanical qualities and ability to modify plastics since they can increase a product's longevity. The increased demand for plasticizers in the manufacturing of plastic supports segmental growth.
Plastic Type (Commodity, Engineering, High-Performance)
Plastic additives market from the commodity segment is projected to garner the largest revenue of USD 25.53 billion by the end of 2035. Commodity plastics are easily processed into items of everyday use and are utilized in great volume in an extensive variety of applications. Commodity plastics find usage in textiles, packaging, healthcare, and electrical applications. Thus, the high production volume and low cost that has ensured commodity plastic's widespread adoption in the various end-user sectors would fuel the need for plastic additives.
Our in-depth analysis of the global plastic additives market includes the following segments:
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Type |
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Plastic Type |
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Application |
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APAC Market Forecast
The Asia Pacific plastic additives market is poised to hold the largest market share and account for USD 33.87 billion by the end of 2035. Significant factor includes growth in growing investment in infrastructure development. According to the Asian development bank, the emerging economies in the Asia Pacific region are investing USD 881 billion annually in infrastructure development. Moreover, the growing automotive industry across China and India is driving the product demand in the region as plastic additives play an important role in automotive component manufacturing. According to the Society of Indian Automobile Association, the automotive sector produced 25.93 million units from April 2022 to March 2023, as against 23.04 million units from April 2021 to March 2022.
European Market Statistics
The Europe plastic additives market is projected to hold the second-largest market share and account for USD 9.63 billion in 2035. Significant factor includes higher penetration of chemical companies, and growing chemical and plastic resin exports across the region. Moreover, growing R&D by major players as well as strategic collaborations made by major regional players backed market growth. For instance, BASF and Zhejiang REEF Technology Co., Ltd. announced a strategic partnership agreement in order to create cutting-edge recyclate formulations for use in the consumer, packaging, and automotive industries. According to the agreement, BASF plans to provide technical advice and assistance for recycled polymer formulations carried out at BASF's test facilities together with its recently released IrgaCycle additive solutions.
Author Credits: Smruti Ranjan, Rajrani Baghel
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