Advantages of plastic additives in the construction industry and developments in the sector drive the growth of the global plastic additives market.
Allied Market Research published a report, titled, “Plastic Additives Market by Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, and Others), Plastic Type (Commodity Plastic, Engineering Plastic, and High-Performance Plastics), and Application (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electrical & Electronics, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030.”
According to the report, the global plastic additives industry was estimated at $48.6 billion in 2020, and is expected to hit $79.1 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.
Drivers, restraints, and opportunities
Advantages of plastic additives in the construction industry and developments in the sector drive the growth of the global plastic additives market.
On the other hand, disadvantages associated with lubricants in the industry impede the growth to some extent.
However, effective solutions for waste management and use of lubricants promoted by several government bodies in the APAC region are projected to pave the way for lucrative opportunities in the industry.
Covid-19 scenario
The outbreak of the pandemic gave way to disruptions in the production activities in various industry verticals such as electronics, construction, automotive, textiles, and others, which gave way to lowered demand for plastic additives, thereby impacting the growth of the market negatively, especially during the initial phase.
However, the market has already started recovering and is anticipated to get back on track soon.
The plasticizers segment to retain the lion’s share
On the basis of type, the plasticizers segment held the major share in 2020, garnering nearly one-third of the global plastic additives market, due to the fact that these additives are used in PVC plastics as it softens the polymer bonding in the plastics and increase the flexibility, durability and ductility of products.
The antioxidants segment, on the other hand, is projected to cite the fastest CAGR of 5.7% throughout the forecast period.
The high-performance plastics segment to dominate by 2030
On the basis of plastic type, the high-performance plastics segment contributed to the lion’s share in 2020, holding around three-fifths of the global plastic additives market. Increasing demand for advanced medical devices from the aging population and growing healthcare investments in emerging economies such as China & India propel the segment growth.
However, the commodity plastic segment is projected to manifest the fastest CAGR of 6.0% from 2021 to 2030.
Rise in use of plastics in the packaging industry as well as other end-use sectors with multiple applications such as photographic, electronics, and pharmaceuticals, and increase in demand for consumer goods fuel the growth of the segment.
Asia-Pacific, followed by Europe and North America, held the major share in 2020
By region, Asia-Pacific, followed by Europe and North America, dominated in 2020, garnering nearly three-fifths of the global plastic additives market. The same region is also expected to cite the fastest CAGR of 5.7% throughout the forecast period. Growing demand for plastic products in India and China boosts the market growth.
About Us:
