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Plastic Additives Market size to reach $85 bn by 2032

  • Published Date: March 17, 2023

Plastic Additives Market size is poised to cross USD 85 billion by 2032, according to the latest research report by Global Market Insights Inc.

Robust sales of convenience food products and rising consumer spending on packaged retail items would foster market growth. The convenience food sector requires large quantities of food-grade plastic for packaging purposes. In recent years, the packaged food business has improved owing to the changing consumer behavior and adoption of modern lifestyle. Hectic urban standard of living has encouraged consumers to choose these foods as they are more convenient to prepare and consume. Apart from these factors, rapid globalization and growth in the e-commerce sector would facilitate plastic additives market growth.

Rising usage of plastic additives in the agriculture sector

The agriculture end-use segment is slated to observe around 5.5% gains from 2023 to 2032. Farmers employ plasticultures in greenhouse coverings, nets, silage film, mulch, and other products to increase crop production efficiency and quality while using lesser precious resources. These are used to fulfill important needs like high opacity, high extrusion temperature, strength, UV stability, cheap cost, high chemical resistance, etc. With the rising demand for various additives added to these plasticultures, the market is set to grow exponentially.

Flame retardant plastics recording high demand

The plastic additives market from the flame retardants segment is projected to record about 6% growth up to 2032. Flame-retardant plastic items are highly recommended in cases of fire and other risks. Polymers often spread or start fires, as they are organic substances and break down into volatile flammable products when exposed to heat. Materials and products should be made of flame-retardant chemicals or materials to prevent or slow the spread of fire. Efforts are currently made towards creating more environmental and long-lasting flame-retardant materials. Bio-based organizations have gotten a lot of attention when it comes to novel flame retardants. Such development activities are predicted to influence market growth.

Browse key industry insights spread across 200 pages with 254 market data tables & 26 figures & charts from the report, “Plastic Additives Market - By Type (Antioxidants, Plasticizers, Stabilizers, Flame retardants, Rheology), By End Use (Automotive, Construction, Textiles, Agriculture), By Plastic type (Polystyrene, PVC, polypropylene, others) - Global Forecasts to 2032” in detail along with the table of contents:

Demand for engineering plastic across multiple sectors

The engineering plastics is estimated to witness approximately 7% CAGR through 2032. Engineering plastic is used extensively in a variety of sectors, including automotive, consumer goods & appliances, electronics, and recyclable plastics. In order to increase performance, weatherability, impact resistance, processability, melt strength, lubricity, flow control, and cost efficiency, a broad variety of additives are added to engineering plastic, which is increasing product demand.

Advancements in the automotive sector across Europe

Europe plastic additives market is expected to grow at a nearly 7% growth rate from 2023 to 2032. The demand for plastic additives in the automotive sector of Europe will be driven by the increasing usage of polypropylene for parts and components of vehicles that focus on lowering the weight of the vehicle. Europe being a significant car manufacturing hub, has cutting-edge production methods. Research activities for the development of lightweight vehicles and electric vehicles are anticipated to drive the market.

Mergers and acquisitions to outline the competitive landscape

BASF, Kaneka Corp., LANXESS AG, Clariant Ltd., Albemarle Corporation, Evonik Industries AG, Nouryon, Songwon Industrial Co., Ltd, EXXON MOBIL CORPORATION, and DOW Plastic Additives are some of the leading players in the global plastic additives market. In September 2022, Evonik Industries opened a new innovations hub at its Allentown site. The aim is to facilitate the testing and processing of plastics for medical implants, 3D printing, and much more. Such initiatives help improve the scope and standing of the companies in the global market.

Authors: Kiran Pulidindi, Kunal Ahuja