Regionally, the global slip additives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing food packaging industry in countries, such as, India, China, and Japan, backed by the rising economic development and growing population. Moreover, the changing lifestyle of the middle class is estimated to boost the market growth in the region. The market in the North America is anticipated to hold major share in the market during the forecast period, owing to the increasing demand for ready-to-eat food, convenience food, and processed & semi-processed food in countries, including, the U.S. and Canada, backed by increasing disposable income and busy lifestyle of the masses. Moreover, rising manufacturing industry, along with an export-oriented market in the region, is estimated to boost the demand for slip additives. According to the World Bank, the goods and services export in the U.S. valued USD 3.068 trillion, in the year 2019.
The global slip additives market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global slip additives market includes the following segments:
By PPM Slip Content
By Carrier Resin
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.
Ans: Growing demand for durable and cost-effective packaging solutions among various end-user industries is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a substantial CAGR over the forecast period, i.e., 2021-2029.
Ans: Environmental concerns over the use of plastic for packaging is a major factor estimated to hamper the market growth.
Ans: The market in the Asia Pacific will provide the highest growth opportunities for the market during the forecast period owing to the presence of major food & beverages manufacturers in the region.
Ans: The major players in the market are Lonza Group Ltd., PMC Group, Inc., Croda International Plc, Ampacet Corporation, Palsgaard A/S, Thermo Fisher Scientific Inc., Purolite Corporation, Emery Oleochemicals, Evonik Industries AG and others.
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.
Ans: The market is segmented by type, PPM slip content, carrier resin, application, and by region.
Ans: The fatty acid amides segment is anticipated to hold the largest market size during the forecast period on the back of its lower coefficient of fraction (COF), and affordable prices.