Global Plastic Additives Market - Segmented by Type, Plastic Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global plastic additives market was estimated at USD 25049 million in 2017. Asia-Pacific is set to lead with a larger share of the global market owing to the growing packaging industry in the region. Polyethylene plastic type is expected to hold the largest share of the market.
Replacement of Conventional Materials by Plastics
Plastics are lighter and stronger than many other materials used for roofing, storage containers, pipes, cables, electronics, toys, kitchenware, safety gear, cosmetic articles, household products, etc. Plastic is an easy choice for saving weight and cost. In general, companies achieve an overall cost saving of 25% - 50% by converting to plastic parts.
Some of the major metal-based components that are being replaced by plastic include metal pipes and aluminum foils. Metal pipes are being replaced by PVC pipes and aluminum foils by plastic wraps. Moreover, plastic additives, like flame retardants, are now used to meet flammability standards in furniture, textiles, electronics, and building products, like insulation.
Rising demand for plastic components in the construction industry in the Asia-Pacific region is expected to propel the plastic additives market further.
Packaging Holds the Largest Share
The packaging industry mostly relies on polymers for packaging and decoration of final products. Factors leading to the use of polymers in the packaging industry are its properties, like being lightweight, availability in different colors, low reactivity, chemical and moisture resistance, etc. The use of suitable plastic additives contributes toward extended lifetime, appearance, thermal protection, clarity, low haze, and improved mechanical properties.
One of the main application of packaging is in the food industry. In the Asia-Pacific region, there is a slow increase in the acceptance of packaged food. The packaging industry is also poised to grow, thus, supporting the growth of plastic additives in the region. With the continuous increase in the demand from the global market, the packaging industry is expected to expand in regions, such as Asia-Pacific and North America.
China Set to Lead the Global Market
China is the largest in terms of purchasing power parity and the second-largest economy in nominal GDP. China is one of the lucrative markets for plastic additives, due to the availability of low-cost raw material and labor.
Packaging is the largest end-user for the plastic industry, accounting for more than one-quarter of total plastic usage. The Chinese packaging industry recorded a growth of 4.5% during 2011–2016. With the rise in demand for lighter, cheaper, and more convenient packaging from consumers, the packaging sector in China is set to experience rapid growth during the forecast period, which, in turn, is expected to boost the plastic additives market.
Notable Developments in the Market
December 2017: BASF increased prices of additives for plastic applications.
Major players include BASF SE, ExxonMobil, AkzoNobel N.V., and Evonik Industries, amongst others.
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