Strong growth of packaging, automotive and
construction industries coupled with technological advancements and rising
demand for high-efficiency polymers to fuel global plastic additive market
through 2023.
According
to TechSci Research report, “Global Plastic Additive Market By Type, By Function, By Plastic, By End Use Industry,
By Region, Competition Forecast & Opportunities, 2013 – 2023’’, the
global plastic additive market is forecast to reach $ 56.7 billion by 2023, on
the back of increasing demand for plastic products across various downstream
applications. Increasing number of smart building projects coupled with commercialization
in automotive and construction industries is boosting the application of
plastic products, thereby propelling the demand for plastic additives to
improve their performance. Plastic additives enhance the performance of plastic
products by imparting various functional properties. Growing urbanization and
increasing investments in industrial sector is boosting the consumption of a wide
range of plastic additives.
Plastic
additives majorly find application in packaging, automotive, consumer goods, construction
and other end use industries. Packaging industry accounts for the largest share
in the global plastic additive market, backed by the high consumption of
polymer compounds in packaging application, owing to their lightweight, high
environmental resistance, low reactivity and availability in a wide range. Also,
use of plastic additives in combination with these polymers improves their
physical and mechanical properties. On the basis of
type, global plastic additive market is segmented into plasticizers,
stabilizers, flame retardants, impact modifiers, antioxidants, antimicrobials,
lubricants, antistatic agents, blowing agents and others. Plasticizers dominate
the market, owing to high demand from PVC manufacturers. Moreover, augmenting
demand for plasticizers in construction, electronics, consumer goods and other
applications is likely to fuel the growth of global plastic additive market. Flame
retardant is the fastest growing type of plastic additive across the globe,
backed by rising demand for temperature resistant polymers.
“Asia-Pacific
is the largest demand generating region for plastic additives, globally, owing
to robust economic growth of South Asian countries combined with high
production and demand for plastic products, majorly in China. Increasing
government investments to strengthen the industrial growth and rising
automotive production base in Asian countries is expected to augment sales of
plastic additives in the region during the forecast period.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm
“Global Plastic Additive Market By Type, By Function,
By Plastic, By End Use Industry, By Region, Competition Forecast &
Opportunities, 2013 – 2023” has evaluated the future growth potential of plastic
additive market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers to take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global plastic additive market.
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