Masterbatch Market size is anticipated to reach over USD 18 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
A steady transition from metal to plastic-based automotive components will expand masterbatch applications. As the automotive sector turns to sustainable alternatives to achieve zero-emission goals, the need for advanced composite formulations is soaring. Manufacturers are focusing on the development of high-performance color masterbatches to address the growing demand for superior formulations. Additionally, the advent of next-generation mobility such as hybrid and electric vehicles will pave the way for plastic and masterbatch applications in the automotive sector.
Increasing use of color masterbatches to create metallic & fluorescent colors
In terms of revenue, the color masterbatch segment is estimated to surpass USD 3.2 billion by the end of 2032. Color masterbatches are widely used to impart a wide variety of colors to plastic products, allowing customers to choose what is favorable to their manufacturing requirements. Flexible packaging solutions, automotive products, electronic appliances, medicines, and food and beverages are some of the critical manufacturing products with high-end color needs to attract consumers. These masterbatches are easily compatible with other materials, which helps users create new colors and patterns for unique appearance characteristics. Trending specialty colors such as metallic, fluorescent, and pearlescent will also showcase lucrative demand for color masterbatches.
Growing use of different masterbatches to aid demand from agricultural applications
Masterbatch market size from the agriculture end-use sector is anticipated to record over 5% CAGR between 2023-2032. Plastic plays a critical role in farming and agricultural activities with increasing use in building greenhouse films & frames, mulch films, and irrigation systems. These plastic products must showcase high light stability as they are exposed to direct sunlight for a considerably longer period of time. Therefore, the agricultural sector is accelerating the demand for black and white masterbatches as they ensure exceptionally high ultraviolet light stability as compared to color masterbatches. However, color masterbatches are extensively used in indoor agriculture films and farming tools, whereas additive masterbatches are used as antimicrobial solutions to protect crops.
Browse key industry insights spread across 250 pages with 153 market data tables and 25 figures & charts from the report “Masterbatch Market Size, By Type (Black, White, Color, Additive), By End-user (Automotive, Consumer Goods, Packaging, Agriculture, Construction), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Rise in biodegradable masterbatch development initiatives to bolster Europe market size
Europe masterbatch market is poised to exceed USD 3.5 billion by 2032. The presence of very strict environmental regulations associated with plastic production and consumption will encourage the development of masterbatches that are more sustainable and eco-friendly.
For instance, in February 2022, Ampacet launched BioRange+ masterbatch solutions for compostable plastic applications with OL Compost INDUSTRIAL certification from the TUV Austria, the EU bioplastics agency. Several EU countries are fostering demand for masterbatches, for example, Germany has a substantial need for the product due to the large pool of plastic production facilities in the country. Furthermore, the automotive and packaging companies in the region are scaling up efforts to boost R&D and new product development for the growing demand in Europe.
Mergers & acquisitions to boost masterbatch industry expansion
Clariant AG, Cabot Corporation, PolyOne, RTP Company, Ampacet Corporation, Plastika Kritis S.A., Tosaf Group, A. Schulman, Inc. (LyondellBasell), Hubron International, Penn Color, Inc., and Plastiblends are some of the leading companies in the global masterbatch market. These participants are focusing on mergers and acquisitions to strengthen their product portfolios.