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Plastic Additives Market

Analysis by Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, and Others); by Plastic Type (Commodity, Engineering, and High-Performance); and by Application (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electronics, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4662 | Published On: Feb 22, 2023
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Global Plastic Additives Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global plastic additives market is estimated to garner a revenue of USD 70 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 40 billion in the year 2022. The primary factor attributed to the plastic additives market growth is the expansion of the plastic industry across the world owing to rising applications in food preservation and automobiles. Plastic is used in the food industry for packaging. Plastic packaging helps reduce food waste by preventing spoilage from physical damage and increasing shelf life. The spoiled food releases methane, which is a greenhouse gas. Packaging acts as a physical barrier to protect food from environmental factors such as oxygen and humidity. Rigid plastic aids to pack delicate food products such as eggs. The right packaging design and selection help reduce most food spoilage and environmental impact. The increasing benefits of plastic in turn rises the use of plastic additives is driving the market growth. Recent reports suggest that the total value of the United States plastic shipments was around USD 400 billion in 2020. 

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The recent industrialization across the globe is propelling the population to replace conventional materials used in the production of consumer goods and various textiles, and agricultural products with plastic additives. This trend is expected to provide a boost to market growth. The advantages of plastic additives which include enhanced mechanical and electrical properties, are expanding the production of plastics, which in turn, is anticipated to increase the production rate of plastic additives in the upcoming years. As of 2019, it was estimated that in the United States, almost 40 million tons of plastic were used every year.


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Global Plastic Additives Market: Key Insights
cscs

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~ USD 40 Billion

Forecast Year Market Size (2033)

~ USD 70 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Plastic Additives Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in the Production Rate of Plastic Owing to the Several Advantages of Plastic Additives Over Other Conventional Methods - It is expected that the application of plastic additives in large-scale sectors such as packaging, electronics, and automotive is anticipated to increase in the forecast period.  As a result, the rate of plastic is also anticipated to augment in the forecast period. As per the latest reports by the Organization for Economic Co-operation and Development, it was estimated that global plastic production rose from 2000 to 2019 and stood at approximately 460 million tons. 

  • High Demand for Plastic Products Owing to its Flexibility and Durability – According to a report from 2022, it was estimated that around one million plastic bottles are purchased every minute and that around five trillion plastic bags are used every year across the world.

  • Increasing Use of Plastic in Healthcare and Hospitals – During COVID-19, the World Health Organization estimated a need for about 89 million medical masks, 1.6 million goggles, and 76 million gloves for one month, which raised the disposable personal protective equipment waste by 40% in 2020.

  • Expansion of the Automotive Industry with Rising Preference for Personal Vehicles - As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach USD 9 trillion.

  • Notable Elevation in the Packaging Industry Owing to Increasing eCommerce Deliveries and Transports - The latest reports, revealed that the packaging industry in the United States was valued at USD 190 Billion in 2021 and is forecasted to reach USD 220 Billion by 2027.

Challenges

  • Side Effects on Humans and Environment

Plastic additives can have a great impact on humans, marine animals, and environmental health. Plastic additives can cause cancer, damage the immune response, affect the reproductive system, cause impairment in intellectual functions, and delay development. Bisphenols, phthalates, perfluorinated chemicals, flame retardants, and nonylphenols are harmful additives that are used in toys, textiles, furniture, food packaging, and electronics. All these factors are estimated t0 hinder the market growth as per the market analysis.

  • Rising Awareness About Plastic Waste
  • Stringent Governmental Rules Regarding Environmental Protection


Market Segmentation

The global plastic additives market is segmented and analyzed for demand and supply by application into packaging, automotive, agriculture, building & construction, consumer goods, electronics, and others. Out of these, the automotive segment is expected attributed to garner the highest market share by 2033, owing to the high demand and production of vehicles by the burgeoning population. Plastics are used in the automotive industry to improve fuel efficiency, sustainability, innovation, design, safety, and weather resistance. The use of plastic polymers reduces weight, which reduces fuel cost; shaping plastic into certain designs is easy compared to metal. Furthermore, the airbags and seatbelts of vehicles are made of polyester, a type of plastic. Plastic additives play a huge role in the manufacturing of all these products, thereby boosting the growth of the market segment. According to the Organization of Motor Vehicle Manufacturers (OICA), the global production of vehicles reached 80 million in 2021 up from 77 million units in 2020.

The global plastic additives market is also segmented and analyzed for demand and supply by type into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others. Among these, plasticizers are estimated to garner a noteworthy market share by 2033 owing to their increasing use in the manufacturing of PVC (polyvinyl chloride) and the automotive industry. The mechanical properties and modifying capacity of plasticizers are what drives their demand as they can enhance the durability of the end product. PVC is utilized in making drainage pipes, water service pipes, roofing membranes, blood storage bags, medical devices, wire insulation, fashion and footwear, seat covers, and resilient flooring. Plasticizers improve the efficiency of plastic by adding softness and flexibility to the material, increasing its adoption in the manufacturing of various products. The rising demand for plasticizers increases their use in the production of plastic, thereby driving the growth of the market. As per the reports, in 2018 about 45 million metric tons of PVC was produced across the world.

Our in-depth analysis of the global plastic additives market includes the following segments:

 

 

 

       By Type

  • Plasticizers
  • Flame Retardants
  • Impact Modifiers
  • Lubricants
  • Antioxidants
  • Antimicrobials
  • UV Stabilizers
  • Others

 

       By Plastic Type

  • Commodity
  • Engineering
  • High-Performance

       By Application

  • Packaging
  • Automotive
  • Agriculture
  • Building & Construction
  • Consumer Goods
  • Electronics
  • Others


Global Plastic Additives Market Regional Synopsis

The Asia Pacific plastic additives market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The increased production rate of plastic in the region owing to increasing demand for plastic additives from end-users or consumers. In 2019, Asia accounted for approximately 50% of the total global production of plastic materials. Further, the high consumption rate of plastics with growing utilization in food packaging to pack food products i.e., ready-made or fast-food items, is a major factor that is anticipated to bring lucrative growth opportunities in the plastic compounding market. Most food items today are packed in plastic wrappers or covers, making them lightweight and easy to carry. It was estimated that the volume of plastic used in China amounted to more than 90 million metric tons in 2019. Additionally, rapid growth in the construction sector of China rises the production of special plastic products used for windows, roofs, doors, and furniture, and a boom in end-use industries is projected to increase the market size.

Plastic-Additives-Market-share

Plastic-Additives-Market-share
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Top Featured Companies Dominating the Global Plastic Additives Market

    • Akzo Nobel N.V.

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Albemarle Corporation
    • BASF SE
    • Clariant Ltd
    • DuPont de Nemours, Inc.
    • The Dow Chemical Company
    • Evonik Industries AG
    • Kaneka Corporation
    • LANXESS
    • SONGWON   

     


In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the plastic additives market?

Ans: The increasing demand of plastic and plastic products is expected to fuel the market growth in the forecast period.

2) What would be the CAGR of plastic additives market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the plastic additives market growth?

Ans: The rising awareness of plastic waste along with the possibility of adverse effect on health and environment and stringent rules by government to protect the environment is expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of plastic additives market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the plastic additives market?

Ans: The major players in the market are Akzo Nobel N.V., Albemarle Corporation, BASF, Clariant Ltd, DuPont de Nemours, Inc., The Dow Chemical Company, Evonik Industries AG, Kaneka Corporation, SONGWON, LANXESS, and other key players.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the plastic additives market?

Ans: The market is segmented by type, plastic type, application, and by region.

8) Which segment captures the largest market size in application in the plastic additives market?

Ans: The automotive segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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