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IN THE NEWSThe global slip additives market is estimated to garner a substantial CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the ongoing advancement in packaging industry backed by the growing food & beverage packaging industry. Slip additives are used to manufacture thin films and sheets in order to prevent friction between the films, and between the film and the machines, and get the desired properties in packaging material. Slip additives enhance the strength and durability of the films, and reduce handling problems. These also reduce a film’s resistance to sliding over itself or over the parts of converting equipment. Such features are estimated to boost the demand for slip additives amongst the manufacturers of packaging solutions.
The global slip additives market is segmented by type into fatty acid amides, waxes, and others, out of which, the fatty acid amides segment is anticipated to hold the largest share in the market during the forecast period on account of its easy availability, lower coefficient of friction (COF), and affordable prices, as compared to waxes and other additives. These are excellent in reducing friction in thinner films, which is estimated to further boost the growth of the segment. On the basis of application, the packaging segment is estimated to hold the largest market share during the forecast period, owing to the increasing use of slip additives to improve the quality of packaging films, including polyolefins, polyethylene terephthalate (PET), and others. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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:
Our in-depth analysis of the global slip additives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for durable and cost-effective packaging solutions among various end-user industries is one of the major factors driving the market growth.
The market is anticipated to attain a substantial CAGR over the forecast period, i.e., 2021-2029.
Environmental concerns over the use of plastic for packaging is a major factor estimated to hamper the market growth.
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.
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.
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.
The market is segmented by type, PPM slip content, carrier resin, application, and by region.
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.
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