Gurugram, India, April 25, 2023 (GLOBE NEWSWIRE) -- Driven by the Rising Adoption of Plastic Additives in the Packaging and Automotive Industries, the Global Market is Forecasted to Cross US$ 80 Bn by 2030 says Ken Research Study. Chemicals used to process, alter, or polymerize polymers' final qualities are known as plastic additives. To increase the strength, heat sensitivity, and durability of these items, they are added to polymers. In many industrial applications, plastic additives are utilized in a variety of kinds, such as stabilizers, processing aids, modifiers, flame retardants, and plasticizers. One of the key reasons for the high adoption of plastic additives is strict rules being introduced by the European Commission to control and regulate the use of chemicals and materials like plastics, due to their negative effects on the environment and human health.
Ken Research shares 5 key insights on this high-opportunity market from its latest research study.
1. Superior Properties of Plastic Additives over Synthetic Fiber Composites Boost their adoption
According to Research estimates, the Global Plastic Additives Market – which was valued at nearly US$ 50 Bn by 2022 – is expected to grow further to more than US$ 80 Bn opportunity by 2030. The mechanical and electrical qualities of plastics, especially engineering plastics, are superior to those of conventional materials like metals, glass, paper, and ceramics. It also has stronger abrasion resistance and chemical resistance due to which, plastic is replacing these conventional materials as a result of ongoing innovation and the requirement for lighter materials in several applications.
Plastic additives’ applications including packaging, food, consumer goods, construction, and automotive are increasing at a rapid pace. It is anticipated that a turnaround in these important market categories and the rising demand for additives in polymers for applications in these segments will significantly fuel growth in the market growth for plastic additives.
- Growth of the Plastic Industry Paving a way for the Usage of Plastic Additives
Plastic is growing in popularity all across the globe which is in turn increasing the demand for plastic additives due to increasing sustainability concerns. Plastic is widely used in both commercial and domestic applications, due to its lower cost than most raw materials like metal moldings and sheets. Customers can readily access it and fetch the benefits as it is one of the least expensive resources.
In addition, plastics are also being used more frequently in the industrial sector for a variety of purposes, like insulation. Since plastic sheets offer great protection from adverse weather, these are frequently utilized as insulators. To protect walls from temperature variations during extremely hot or cold weather, a plastic sheet is inserted between the walls to insulate containers for household or enterprise use in addition to acting as insulation in buildings. Therefore, increased adoption of plastic aids the growth of the plastic additives market in various parts of the world.
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3. Stringent Government Regulations Limit the Growth of Plastic Additives
Sales of plastic additives are anticipated to be impacted by several new restrictions and proposed limitations on the use of petroleum-based polymers. Numerous scientific investigations have backed limitations on various plastic additives, including specific types of plasticizers and flame retardants. For instance, in India, petroleum-based plastics are building up along the coast as a result of human activity, decreasing their aesthetic appeal and harming the environment.
With effect from the summer of 2004, the EU and two USA states Maine and California had enacted restrictions on items containing more than 1% of octa BDE or pentaBDE (for specific purposes in Europe). These types of regulatory standards are restricting the use of high-value flame retardants in the USA and Europe, such as brominated and chlorinated flame retardants.
4. Increased Adoption of Plasticizers as a Plastic Additive Propels the Market Growth
Plastic is treated with plasticizers to soften and make it more flexible. The efficiency of the plasticizer rises as its molecular weight falls within a certain series of esters that share an acid group. Also, the efficiency of plasticizers increases as the linearity of the alcohol chain likewise increases.
Furthermore, low molecular weight compounds called plasticizers are added to a polymer solution to enhance its plasticity and flexibility. Consequently, the plasticizers make the polymer solution more appropriate for the application and are, therefore, being increasingly adopted in various industries like the packaging and construction sector.
Few physical properties that affect the adoption of a plasticizer (Di-n-butyl phthalate, Di-iso-octyl adipate, Iso-octyl ester of saturated C4-C6 dibasic acid, and more) in an industry application include volatility percentage, water extraction percentage, iso-octane extraction percentage, etc. based on these properties the use of plasticizer varies in specific applications.
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5. Asia Pacific Holds the Largest Market Share in the Global Plastic Additives Market
Asia Pacific region is dominating the revenue share and is also expected to show high growth in the field of plastic additives market. This dominance is a result of the region’s robust organic growth, particularly for polyethylene and polypropylene. In the medium to long term, it is anticipated for the plastic additives market to exhibit enticing growth rates, driven by the ongoing substitution of plastics for other materials in the Asia Pacific, especially China and India. Nearly all end-use industries employ plastic additives, and the packaging, building and construction, and automotive sectors have the highest growth potential in the region.
Market Taxonomy
By Type
- Plasticizers
- Stabilizers
- Flame Retardants
- Impact Modifiers
- Others
By Plastic Type
- Commodity Plastic
- Engineering Plastic
- High-Performance Plastic
By Application
- Packaging
- Food
- Consumer Goods
- Construction
- Automotive
- Others
By Geography
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
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Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
- Rest of Asia Pacific
LAMEA
- Latin America
- Middle East
- Africa
Key Companies
- BASF SE
- The DOW Chemical Company
- AkzoNobel
- Clariant AG
- Nabaltec
- Mitsui Chemicals
- LANXESS AG
- Repi S.r.l.
- Songwon Industrial Co. Ltd.
- Albemarle Corporation
- Kaneka Corporation
For more insights on the market intelligence, refer to below link:-
Global Plastic Additives Market
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North America Biocomposites Market Outlook and Forecast to 2027 - Driven by Rise in Demand for Eco Friendly and Durable Manufacturing Materials
Over the next five years, the Biocomposites market in North America is forecasted to grow at least 12% CAGR, owing to the stable long-term usage among end-user industries and government efforts for use of more eco-friendly products, especially in developed countries such as the USA. Consumer products such as music instruments, casings and cases, furniture, tables, toys, combs, and trays are made from wood and natural fiber plastic granulates. Customer preferences for these products due to their distinct appearance and feel, great quality, and value will help the Biocomposites market to grow.
The India adhesive market shall witness negative growth in FY’2021, due to lockdown measures, restriction on various businesses and ban on transportation in the initial phase. India adhesives market is anticipated to get back to normal by first quarter of 2021. Over the forecast period FY’2020-FY’2026F, the India adhesives market is further anticipated to showcase a CAGR of 7.6%. India industrial adhesives market is anticipated to grow at a CAGR of 7.8% during the forecast period FY’20 to FY’26. Growth in the end user industries such as packaging, automotive and other is anticipated to lead to the growth of the industrial adhesives market. With high potential in the industrial adhesive market and ease of manufacturing, the country shall witness the entry of global players in this segment. India consumer adhesives market is anticipated to grow at a CAGR of 7.4% during the forecast period FY’20 to FY’26. The consumer adhesive companies in India will continue to expand their dealer and distribution network to reach to a larger target market which would help them increase their market share.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028. The COVID-19 outbreak had a huge impact on supply chains since key economies had to halt commerce. Additionally, the demand for composites had decreased across a range of end-use industries, including aerospace, automotive, and construction. However, the situation improved in 2021 due to the removal of trade barriers, which restored the market's growth trajectory.
According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The Oleochemical Market witnessed disruption in the value chain owing to COVID-19 and the lockdown in major countries. The outbreak of COVID-19 further increased the demand for oleochemicals as they are used in soaps and disinfectants. During the pandemic, the fatty acids market came under pressure due to sluggish demand owing to weak downstream sectors such as industrial lubricants and tires but the fatty alcohols fared better in because the majority of these go into the making of household and personal care products. Due to COVID-19, the demand for oleochemicals was shifted mostly to personal hygiene and the pharmaceutical sector.
The industry is expected to witness significant growth in terms of demand by FY’2025 with increasing number of applications of PVC paste and growth of end-user industries such as synthetic leather and automotive industry. The impetus of the government to proliferate domestic production by removing import duty on EDC import, increasing import duty on PVC from 7.5% to 10% and finished PVC products such as vinyl flooring from 10% to 15% is expected to positively impact the market in the future. Increasing demand for PVC emulsion for manufacturing coir mats, adhesives & sealants and conveyer belts among other products is further expected to stimulate industry growth.
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