The plastic additives market is anticipated to contact an income of USD 900 billion before the finish of 2023. The market is expected to extend at an amazing CAGR over the appraisal time frame (2018-2023) inferable from the expanding attention to the shoppers in regards to food tainting, attests Market Research Future (MRFR). Plastic additives are huge compound segments which are added to polymer or plastic to change, adjust, and upgrade its substance and actual properties. The final result which is gotten after the expansion of additives display actual properties like expanded thickness, lower glass progress temperature, and diminished weight.
Drivers and Restraints Impacting the Market
Plastic additives serve practically all end-client businesses where polymer items are being used. With the developing shopper mindfulness in regards to food pollution from compartments alongside free sold food items are driving the market development over the estimate time frame. Likewise, the moving buyer pattern from inactive to a better way of life with regards to devouring better food is preferring the development for bundling industry. With the developing utilization of eco-accommodating bundling materials, the worldwide Plastic Additives Market Size is relied upon to animate over the appraisal period. Besides, the quick urbanization alongside changing way of life of individuals is expected to trigger the interest for plastic additives over the appraisal time frame.
On the other side, broad assembling of such items may hinder the market development partially over the appraisal period. Also, severe government intercessions and developing natural attention to manage business utilization of plastic item may affect the market development contrarily throughout the long term.
Some of the important players operating the global market for plastic additives are AkzoNobel NV (the Netherland), L. N. Chemical Industries (India), Solvay SA (Belgium), SONGWON (South Korea), Evonik Industries AG (Germany), PMC Group Inc. (the U.S), Clariant AG (Switzerland), Albemarle Corporation (US), BASF SE (Germany), Styro Chemical Industries (India), and more
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Global Plastic Additives Market: Segmental Analysis
The global plastic additives market has been segmented on the basis of end-use industry, type, and region.
By mode of type, the global plastic additives market is segmented into impact modifiers, antioxidants, UV-stabilizers, plasticizers, flame retardants, antimicrobials, and others. Among these, the plasticizers segment was estimated to lead the market. Use of plasticizers is banned in toys and childcare articles due to their carcinogenic nature. Growing regulations regarding workplace safety has boosted the flame retardants industry growth.
By mode of end-use industry, the global plastic additives market is segmented into automotive, packaging, agriculture, electrical & electronics, building & construction, consumer goods, and others. Among these, the packaging industry holds the largest share owing to its properties such as low reactivity, lightweight, availability in various colors, moisture and chemical resistance, and others.
Geographically, the plastic additives market spans across regions namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to dominate the market globally due to the growing demand for the product from the packaging industry along with the increasing population. Moreover, Japan, China, and India are the major contributors due to the presence of end-use industries such as building and construction, packaging, and consumer goods.
The North American region is estimated to hold the second-largest share owing to the growing demand for packaging in industrial and household applications. The US is the major contributor in this region owing to the presence of high technological advancements and presence of major market players.
Europe also holds a significant market share owing to the growing R&D activities in plastic materials. The U.K, Belgium, Germany, and the Netherlands are the major economies in this region contributing to the market growth. Meanwhile, the Latin American region along with the Middle East and Africa holds relatively less market share.
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