The global plastic additives market is expected to reach USD 62.50 billion by 2022, according to a new report by Grand View Research, Inc. Increasing plastics demand across key end-use industries such as construction and automotive is expected to remain a key driving factor for global plastic additives market over the forecast period. Rising demand for conductive plastics has prompted industry participants to develop nanotubes and nanofibers. This trend has remained crucial in determining companies’ product portfolio, thereby a vital determinant for market competition. Increasing industrial output in emerging economies, coupled with economic growth is also expected to fuel global demand.
Property stabilizers were the leading functional segment and accounted for over 35% of total market volume in 2014. Rising demand for plastic stability in terms of chemical bonding, physical and thermal properties are expected to drive the segment’s growth. Processing aids are expected to witness the highest growth of 7.6% from 2015 to 2022.
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Further key findings from the report suggest:
- Global plastic additives market size was 13.18 million tons in 2014 and is expected to grow at a CAGR of 4.5% from 2015 to 2022.
- Plasticizers were the leading product segment and accounted for over 50% of total market volume in 2014. Flame retardants are expected to witness the highest growth of 4.8% from 2015 to 2022. Rising incidences of fire accidents and safety concerns have sparked the demand for flame retardants in plastic components and products to enhance heat resistance.
- Asia Pacific emerged as the leading consumer with demand share estimated at 36.5% in 2014. Growing plastics demand on account of growth of key end-use such as transportation, construction and packaging particularly in India, China and Indonesia is expected to drive the regional growth.
- Recovery of construction and automotive industries from economic recession in the U.S. is expected to spur plastics demand which in turn is expected to drive plastic additives demand in North America. The region is bound by U.S. EPA regulations regarding plasticizers usage in toys and child care products. FDA has formulated the Federal Code of Regulations to regulate plasticizer, flame retardants and other additives application in the U.S.
- Global plastic additives market share is highly concentrated among integrated companies who are involved from feedstock production to plastics manufacturing. Major industry participants with global presence include BASF, DuPont, Evonik, PolyOne Corporation, The Dow Chemical Company and Blackwell Plastics.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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