The plastic additives market is estimated to grow from USD 43.5 billion in 2023 to USD 57.0 billion by 2028, at a CAGR of 5.6% in terms of value. Industry which is driving the plastic additives market is automotive and packaging. Additionally, the increasing manufacturing sector is expected to grow in the plastic additives market during the forecast period.
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Based on type, the plastic additives market is segmented as plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, nucleating agents, and others (antimicrobial agents, antistatic agents, and fillers). Plasticizers stand out as the largest segment in terms of value, globally. This dominance is attributed to the rising demand for plasticizers, particularly in packaging, construction, consumer goods, automotive, and other applications. The plasticizers segment is sub-segmented into phthalate and non-phthalate. On the other hand, the flame retardants, stabilizers, and impact modifiers segment are also experiencing rapid growth.
Based on plastic type, the plastic additives market is segmented as commodity plastics, engineering plastics, and high-performance plastics. Commodity plastics stands out as the largest segment in terms of value, globally. Commodity plastics have a dominant presence in the plastic additives market for several reasons such as high consumption volume and diverse applications. On the other hand, engineering plastics and high-performance plastics segment is also experiencing rapid growth.
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Based on application, the plastic additives market has been categorized into various segments, including packaging, construction, consumer goods, automotive, and others. Notably, the packaging segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the consumer goods segment is forecasted to exhibit the second highest CAGR in terms of value between 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to the growing manufacturing and consumer goods industry. In consumer goods, plastic additives play a significant role in the consumer goods industry by enhancing the performance, appearance, and safety of plastic materials used in a wide range of products.
Based on region, Asia Pacific stands out as the fastest growing market for plastic additives. This is primarily attributed to the increasing demand for consumer goods and its packaging. Asia Pacific is a powerhouse of different manufacturing industries such as packaging, construction, consumer goods, automotive, and others.
Manufacturing industry growth and developing infrastructure have generated a substantial demand for plastic additives, thereby boosting the growth of the plastic additives market in the Asia Pacific region.
The key players in this market are BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (US), Songwon Industrial Co., Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and Dow Inc. (US). They have implemented strategies such as new product launch, acquisition, and collaboration to enhance their competitors.
