Global Functional Additives Market 2017-2021
About Functional Additives
Packaging additives are chemical compounds used in packaging to provide manufacturing and processing performance improvements. They enhance the performance, processability, and the external appearance of the packaging. These additives are added to the packaging material during the polymer melt stage. Packaging additives are broadly classified based on their functionalities into two types: Functional additives and barrier coatings. Barrier coatings are commonly used to provide a physical barrier or an effective moisture barrier and smooth base for the packaging substrate.
Technavio’s analysts forecast the global functional additives market to grow at a CAGR of 4.27% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global functional additives market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Functional Additives Market 2017-2021
Technavio recognizes the following companies as the key players in the global functional additives market: Akzo Nobel, ALTANA, BASF, Clariant, and Solvay.
Other Prominent Vendors in the market are: ADEKA CORPORATION, Addivant, DuPont, Dynea, Milliken Chemical, PolyOne, SABO, SONGWON, and The Valspar Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand for reverse logistics in packaging. The food and beverages industry is one of the main sources of packaging waste. The packaging for foods is commonly done with plastic wrappers or containers. The non-biodegradable nature of plastics raises sustainability concerns.”
According to the report, one of the major drivers for this market is Growing demand from packaging industry. Packing materials are generally used to contain the product, increase its shelf life, preserve product quality, and for hassle-free transportation and distribution. An ideal packing material should extensively prevent food deterioration. The global packaging market is projected to grow from $897 billion in 2016 and reach $1.121 trillion by 2021, at a CAGR of 4.56%. Packaging is an effective tool for brand awareness and has a positive impact on market growth.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in raw material prices. Several chemicals that are used in the manufacturing of functional additives are derived from crude oil. The oil and gas industry is one of the principal suppliers of raw materials such as phenols and aromatic amines. These raw materials are mainly produced from the petroleum fraction downstream products. Fluctuations in the prices of crude oil have a severe effect on the prices of raw materials, which affects the costs of functional additives.
Akzo Nobel, ALTANA, BASF, Clariant, Solvay, ADEKA CORPORATION, Addivant, DuPont, Dynea, Milliken Chemical, PolyOne, SABO, SONGWON, and The Valspar Corporation.
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