Plastic Additives Market is Projected to Reach $45.5 Billion by 2019

Date: 2015-08-20

“Additives are added in plastics to improve its impact strength, chemical and heat resistance, clarity, weather resistance and color preservation properties. Plastic additives are used to add volume in order to control costs, modify the physical or chemical properties of the polymer, or reinforcing the polymer’s mechanical properties to make it stronger and better for end-use applications.  Plastics Additives are used in a variety of applications ranging from construction, packaging containers to consumer & electronics appliances, business machines and automotive parts.

The market for plastic additives is estimated to grow on account of increasing disposable income especially in Asia-Pacific region and growing plastic consumption. The flourishing packaging application in emerging economies and increasing use of additives for agricultural and medical applications are expected to act as budding opportunities for this market.

Region-wise, Asia-Pacific is estimated to be the leading plastic additives market. Growth in Asia-Pacific is led by the rising demand for plastics due to increasing population and improving standard of living of the people in the region. North America is estimated to be the second largest market for plastic additives and is projected to have a steady growth rate between 2014 and 2019. Packaging application is projected to have the biggest market of plastic additives as a result of rapid urbanization and increasing demand for packaging materials from consumer goods and food packaging industries. Commodity plastics segment is anticipated to have the largest market size in 2013 and will continue to dominate till 2019 on account of its economic commercial availability and wide-spread applications in several end-use industries. 

The plastic additives market is projected to register a CAGR of 5.0% between 2014 and 2019 to reach $45.5 billion by 2019. The packaging application is anticipated to constitute a major part of the overall plastic additives market. The packaging and automotive segments are projected to witness a high growth rates between 2014 and 2019. 

The plastic additives industry is moving towards new product developments to expand their product portfolio to meet the different requirements of the end-use industries. The companies involved in this market are extensively engrossed into new product developments and facility expansions. The company profiled in this report includes Albemarle Corporation (U.S.), AkzoNobel N.V. (The Netherlands), BASF SE (Germany), Bayer AG (Germany), Chemtura Corporation (U.S.), Clariant AG (Switzerland), The Dow Chemical Co. (U.S.), Evonik Industries AG (Germany), Kaneka Corporation (Japan), Lanxess AG (Germany), and Songwon Industrial Co. Ltd. (South Korea) among others.

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