NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global plastic additives market size is estimated to grow by USD 21.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.69% during the forecast period. Increasing demand for recycled plastics from packaging industry is driving market growth, with a trend towards increasing demand for bio-based plasticizers. However, harmful effects of plasticizers on environment poses a challenge. Key market players include ADEKA Corp., Albemarle Corp., Avient Corp., Baerlocher GmbH, BASF SE, Clariant International Ltd., Covestro AG, Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corp., Grafe Advanced Polymers GmbH, Kaneka Corp., Lanxess AG, Milliken and Co., Mitsui Chemicals Inc., Nouryon Chemicals Holding BV, PMC Group Inc., Sabo Spa, Sakai Chemical Industry Co. Ltd., and Songwon Industrial Co. Ltd..
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Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Type (Modifier, Stabilizers, Extenders, and Processing aids), Application (Packaging, Consumer goods, Automotive, Electrical and electronics, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) Region Covered APAC, North America, Europe, South America, and Middle East and Africa Key companies profiled ADEKA Corp., Albemarle Corp., Avient Corp., Baerlocher GmbH, BASF SE, Clariant International Ltd., Covestro AG, Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corp., Grafe Advanced Polymers GmbH, Kaneka Corp., Lanxess AG, Milliken and Co., Mitsui Chemicals Inc., Nouryon Chemicals Holding BV, PMC Group Inc., Sabo Spa, Sakai Chemical Industry Co. Ltd., and Songwon Industrial Co. Ltd.
Key Market Trends Fueling Growth
The plastic additives market is primarily driven by petrochemical-based plasticizers, such as phthalates, which are essential in plastic manufacturing, particularly for PVC. Phthalates-dominated plasticizer market is witnessing significant growth due to increasing demand for safe, non-phthalate, bio-degradable, and bio-based alternatives. Stringent environmental regulations and health concerns are fueling the need for bio-plasticizers globally. Emerging economies like India and China present lucrative opportunities for the bio-plasticizer market. Additionally, the ban on phthalates in food packaging, consumer goods, medical devices, and soft toys is further propelling market growth. Bio-based plasticizers, including sebacates and epoxides, are expected to grow at the fastest rate due to their superior properties, such as high efficiency, nontoxic nature, improved heat stability, and lower volatility. These materials are increasingly used in adhesives and sealants, automotive, paints and coatings, and various other applications.
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Market Challenges
Plastic additives, specifically plasticizers, are extensively used in the production of PVC, a non-biodegradable plastic material. Europe and North America have implemented stringent regulations, such as REACH, limiting the application of plasticizers in medical devices and food-contact products due to environmental concerns and potential health risks. The shift towards non-phthalate plasticizers is a response to these regulations. However, the high cost of production and limited recycling efforts pose challenges to the growth of the plastic additives market. Approximately 5% of global gas and oil production is used to manufacture plastics, leading to an accumulation of non-biodegradable waste in landfills and natural habitats. Despite the challenges, plastic additives continue to be in demand due to their essential role in enhancing the properties of plastics, such as flexibility and durability. The market's growth is expected to be influenced by factors such as increasing demand for sustainable alternatives, advancements in plastic recycling technologies, and regulatory compliance.
and have implemented stringent regulations, such as REACH, limiting the application of plasticizers in medical devices and food-contact products due to environmental concerns and potential health risks. The shift towards non-phthalate plasticizers is a response to these regulations. However, the high cost of production and limited recycling efforts pose challenges to the growth of the plastic additives market. Approximately 5% of global gas and oil production is used to manufacture plastics, leading to an accumulation of non-biodegradable waste in landfills and natural habitats. Despite the challenges, plastic additives continue to be in demand due to their essential role in enhancing the properties of plastics, such as flexibility and durability. The market's growth is expected to be influenced by factors such as increasing demand for sustainable alternatives, advancements in plastic recycling technologies, and regulatory compliance. The Plastic Additives market faces numerous challenges in various industries, particularly in consumer goods, manufacturing, and processing. Additives play a crucial role in enhancing the properties and performance of plastic materials. However, ensuring consumer safety and compliance with environmental regulations is a significant challenge. Stabilizers prevent degradation from chemical reactions, but their use raises concerns about environmental footprint. Fillers and reinforcements like glass fibers add strength and durability, yet their inclusion may impact the versatility and processing of plastics. Additives like antioxidants, ultraviolet stabilizers, and flame retardants contribute to the protective and thermal properties of plastics in various applications, such as packaging materials, cables, roofing materials, and plastic-based building materials. In the age of food delivery services and innovative packaging solutions, ensuring shelf life, product quality, and food safety is essential. Flame resistance and antimicrobial features are critical for plastics in various industries, including electronics and medical equipment. Biodegradable additives and sustainable packaging solutions are gaining popularity due to environmental awareness. Nano-additives offer advancements in thermal, electrical, and protective properties, but their long-term effects on the environment remain a concern. The plastic additives market continues to evolve, with factual developments and innovations shaping the future of plastics in various industries. Reliability and high-performance components are key priorities for manufacturers, and the industry must balance performance, versatility, and sustainability. Poly vinyl chloride, PVC, and other plastics remain in demand, but their environmental footprint remains a significant challenge.
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Segment Overview
This plastic additives market report extensively covers market segmentation by
Type
1.1 Modifier
1.2 Stabilizers
1.3 Extenders
1.4 Processing aids
Application
2.1 Packaging
2.2 Consumer goods
2.3 Automotive
2.4 Electrical and electronics
2.5 Others
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1 Modifier- Plastic additives play a crucial role in enhancing the properties of plastic molds and resins. Impact modifiers increase toughness and durability, while chemical blowing agents reduce weight and expand plastic molds. Plasticizers improve plasticity and viscosity, and coupling agents provide adhesion between different materials. Organic peroxides accelerate polymerization, and nucleating agents enhance physical properties. These additives are essential for manufacturing high-quality plastic products.
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Research Analysis
The Plastic Additives Market encompasses a wide range of chemical compounds that are added to polymers to enhance their properties for various applications. These additives include pigments for color, phthalates and bisphenol for plasticizers, heavy metals for coupling and impact strength, and plasticity enhancers. Governmental regulations play a significant role in the market, with stringent rules regarding the use of certain additives in industries such as aerospace, construction, automotive, and consumer products. Other factors driving demand include urbanization trends, energy efficiency, and the need for long-term durability and thermal protection. Discoloration and aesthetic loss are common challenges addressed by additives, as well as the requirement for low-cost automobile interiors and medical-grade plastics. UV sensitivity in construction materials and the production of PPE kits also contribute to the market's growth.
Market Research Overview
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Modifier
Stabilizers
Extenders
Processing Aids
Application
Packaging
Consumer Goods
Automotive
Electrical And Electronics
Others
Geography
APAC
North America
Europe
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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