Wide range of industrial application and economic activity in growing Asian and South American nations are likely to boost the global Plastic Additives market during the forecast period.
JERSEY CITY, N.J., Oct. 6, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Plastic Additives Market” By Product Type (Plasticizers, Flame Retardants, Impact Modifiers), By Application (Plasticizers applications, Flame Retardants applications, Impact Modifiers applications), and By Geography.
According to the extensive research done by Verified Market Research experts, the Plastic Additives Market size was valued at USD 43.36 Billion in 2020 and is projected to reach USD 68.05 Billion by 2028, growing at a CAGR of 5.88% from 2021 to 2028.
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Browse in-depth TOC on “Plastic Additives Market“
202 – Pages
126 – Tables
37 – Figures
Global Plastic Additives Market Overview
Plastics Additives Market refers to the substances added to polymers during the reaction or chemical process. These additives aid in the improvement of polymer properties like strength, gloss, durability, and heat sensitivity. A decline in mineral ore supplies has increased the cost of metal equipment, prompting the use of plastics to replace this metal equipment. The low cost of plastic equipment and metals with similar chemical properties are driving the additives market. Plastic additives are used to enhance the qualities of plastics that are necessary for desired plastic products. Companies involved in the production of additives are mostly focused on specialty chemicals used in construction and vehicle equipment.
Over the projected period, the global plastic additives market is anticipated to be driven by rising industrial output and rising economic activity in emerging economies in Asia and South America. Because flame retardants, plasticizers, and other additives have negative impacts on both human health and the environment, regulatory authorities like the European Commission revised laws like the Restriction of Hazardous Substances to regulate and control them. plastics replacing traditional materials in a variety of uses, rising disposable affluence, and quick urbanization. The rising expense of natural metal ore is shifting the trend away from metal and toward plastic. Plasticizers, in such instances, provide an effective platform for the plastic industry due to their flexible qualities.
Partnerships, Collaborations and Agreements
- On January 2021, Songwon Industrial Co. Ltd signed an exclusive distribution agreement for PVC additives in India with Mumbai-based Makwell Plastisizers Pvt Ltd to expand our product availability and increase our level of service to our customers in India.
Mergers and Acquisitions
- On September 2020, Covestro acquired the resin and functional material business from Koninklije DSM N.V. This transaction includes additives manufacturing, advanced solar coating, and the Niaga innovation project
Product Launches and Product Expansions
- On April 2021, BASF SE launched biomass balanced plasticizers with renewable raw materials saving fossil resources and reducing co2 emission.
The major players in the market are Songwon Industrial Co., Ltd., Albemarle Corporation, BASF SE, Clariant AG, The DOW Chemical Company, AkzoNobel NV, Bayer AG, Chemtura Corporation, Evonik Industries AG and Kaneka Corporation.
Verified Market Research has segmented the Global Plastic Additives Market On the basis of Product Type, Application, and Geography.
- Plastic Additives Market, by Product Type
- Flame Retardants
- Impact Modifiers
- UV Stabilizers
- Plastic Additives Market, by Application
- Plasticizers applications
- Flame Retardants applications
- Impact Modifiers applications
- Antioxidants applications
- Antimicrobials applications
- UV Stabilizers applications
- Other applications
- Plastic Additives Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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