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.
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.
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Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
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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