The global plastic additives market is anticipated to grow significantly at a CAGR of 4.5% over the forecast period. The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and product innovation to remain competitive in the marketplace. For an instance, in April 2021, Songwon Industries Co. Ltd. expanded its Cheminox distribution relationship to encompass Bangladesh, Nepal, and Sri Lanka. Songflame WB 201, a solvent-free, aqueous flame retardant, was also launched by the company in March 2020. It is utilized in textile applications that require flame retardant qualities and is developed for coating, adhesives, sealants, and elastomers. To save fossil resources and cut CO2 emissions, BASF SE released biomass-balanced plasticizers with renewable raw materials in April 2021.
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The plastics industry’s largest end-user is the packaging. The packaging sector in China is predicted to grow rapidly during the forecast period, driven by consumer demand for lighter, cheaper, and more convenient packaging. This, in turn, is expected to enhance the plastic additives market. The COVID-19 spread has affected India’s automotive industry severely. The government’s policies, such as “Aatma Nirbhar Bharat” and “Make in India,” are expected to stimulate the industry. In the coming years, the Indian government will push for major projects. By 2022, the government’s “Housing for All” project aims to construct more than 20 million affordable dwellings for the urban poor. The smart cities program would receive INR 6,450 crore in the 2021-22 budget, compared to INR 3,400 crore in the revised estimates for 2020-21. During the forecast period, all of the aforementioned factors are likely to increase the demand for plastic additives in consumer products, construction, and automotive applications.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Plastic Additives Market – Segmentation
By Plastic Type
- Polyvinyl Chloride
- Polypropylene
- Polyethylene Terephthalate
- Polyethylene
- Others
By Type
- Lubricants
- Slip Additives
- Plasticizers
- Others
By Application
- Packaging
- Consumer Goods
- Automotive
- Others
Global Plastic Additives Market – Segmentation by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global plastic additives market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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