Global plastic additives market
is expected to grow significantly at a CAGR of 4.5% from 2015 to 2022, owing to
their ability to enhance performance, appearance, and processability of various
polymers. Increasing demand for these additives is directly proportional to the
growing consumption of polymers across the globe.The global plastic additives
market size was 13.18 million tons in 2014.
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Additives are used with different polymers in order to result in maximum output and increase the life span of the product. Plastic additives are increasingly being used for variety of functions that include extenders, processing aids, property modifiers, and stabilizers in industrial applications.
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Extended consumer base, rapid urbanization and increasing disposable income
across various parts across the globe has led to an increase in the overall
usage of plastic additives. Rapid industrializations coupled with increasing
focus on maximizing industrial output, particularly in emerging economies
including China, India and Brazil, is expected to drive the market at a fast
pace over the forecast period. The global plastic additives industry is
anticipated to reach USD 62.50 billion by 2022.
Plasticizers dominated the global market accounting for 51.7% of the volume
share in 2014. However, they are expected to lose significant market over the
forecast period owing to their carcinogenic properties. The product is being
banned from its usage in child care articles and toys, across numerous regions
including Europe due to its toxic nature. This may result in moderate growth of
the segment over the forecast period.
Property stabilizers accounted for over 35% of the overall market in 2014.
These products are used for improving physical and thermal stability of the
base material. Moreover, they help in prevention of oxidation, uncontrolled
recombination and cross-linking reactions. The segment is estimated to be worth
USD 4.34 billion by 2022, growing at a CAGR of 4.0% from 2015 to 2022.
On the other hand, processing aids are anticipated to grow by 7.6% from 2015
to 2022. These aids improve fusion between two or more different polymers,
enhance melt strength and reduce surface defects, resulting in easy workability
and good finishing to the finished product. Increasing manufacturing output of
finished plastic products in Asia Pacific is expected to drive growth.
Rising awareness regarding safety coupled with increasing incidents of fire
accidents has resulted in a rising demand for flame retardants and this segment
is expected to grow at 4.8% from 2015 to 2022. Moreover, introduction and implementation
of numerous regulations and norms is expected to drive demand.
Developments of plastic additive products and their variants having
application according to their functionality and performance qualities are
major drivers of the market. Emerging economies including India and China are
setting up new plants and facilities to mark a global presence to cater to the
rising demand for these products.
Asia Pacific dominated the global market in 2014 valued at USD 15.70
million. Increasing industrial output in Malaysia, India, Indonesia, and China
is expected to drive the regional demand over the next few years. Germany, the
U.S., France, and UK are anticipated to create high demand for plasticizers,
flame retardants, UV stabilizers, and other additives. North American industry
is expected to grow at a CAGR of 4.1%, while Europe is likely grow at a CAGR of
3.9% from 2015 to 2022, in terms of volume.
Key players present within the market include BASF SE, DuPont, SABIC,
ExxonMobil Chemical, The Dow Chemical Company, Mitsui Chemical, and
Biesterfield Plastic GmbH.
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