MOSCOW (MRC) -- The global plastic additives market is estimated to grow from USD45,600 million in 2020 to USD 59,900 million by 2027, at a CAGR of 5.6%, according to SpecialChem.
Rising demand from the packaging sector is driving the growth of the plastic additives market.
Based on the application, the market is segmented into packaging, consumer goods, construction, automotive, flame retardants, others.
Packaging segment has largest market share during the forecast period polymers are widely used in the packaging and decoration of end-user items in the packaging industry.
Certain polymer features, such as lightweight, availability in a variety of colors, low reactivity, chemical, moisture and flame resistance, and so on, are driving the rising use of polymers in the packaging business.
The use of appropriate plastic additives helps to increased lifetime, appearance, thermal protection, clarity, reduced haze, and better mechanical qualities, all of which are critical elements in packaging.
Packaging is widely utilized for industrial and residential uses. Lifestyle changes and globalization have accelerated the growth of the packaging business, which has boosted the plastic additive market. The rising use of plastics in everyday applications is also driving the plastic additives market.
Roofing, storage containers, pipes, flame retardants, cables, electronics, toys, kitchenware, safety gear, cosmetic items, household products, seat belts, door panels, greenhouse films, and silage sheet are some of the main applications of plastic additives.
The COVID-19 epidemic in 2020 had a detrimental impact on the market. COVID-19 revealed a number of issues for a variety of businesses. The entire planet appears to have gone into lockdown in order to stop the spread of the COVID-19 virus. Markets were hampered by uncertainty and limitations. Furthermore, the pandemic reduces investment and delays ongoing initiatives in all countries around the world.
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Asia-Pacific region controlled most of the worldwide market. Due to low-cost raw materials and labor availability, China is one of the most profitable markets for plastic additives.
As MRC reported earlier, BASF, the world's petrochemical major, aims to display endless possibilities with innovative material solutions that improve energy efficiency, prolong product lifecycles, and enable recycling at CHINAPLAS 2022. Among the sustainable solutions to be shown at CHINAPLAS is IrgaCycle. Enabling recycling by improving the properties of recycled plastics is IrgaCycle, a new range of additive solutions that can help increase the percentage of recycled content in several end-use applications such as packaging, automotive & mobility, and building and construction.
We remind that Kraton Corporation has recently announced its CirKular+ performance enhancement series C2000 and C3000 have been approved as fully compatible with recycling of polypropylene (PP) containers in Europe.