Masterbatch Market Size, Share and Industry Analysis Report by Type (Black, White, Color, Additive) and End-user (Automotive, Consumer Goods, Packaging, Agriculture, Construction), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
Global masterbatch market size will grow at a considerable pace over the forecast timeframe 2022-2028 with increasing consumption across packaging, consumer goods, agriculture and other applications. A rise in the use of plastics in manufacturing of distinct products has fueled the material adoption to impart specific color and other key properties. Robust growth in the construction sector in developing regions across the world will augment masterbatch demand to great extent.
White masterbatch segment held nearly 33.24% share of the global market in 2021, due to widespread application areas. The substance is used in non-woven and fiber, extrusion coating, injection molding process, protective films, among other products. White masterbatch is also beneficial in the production of LLDPE films, films that need to have high opacity as well as in thermoforming applications, indicating a significant potential for demand over the years ahead.
It is projected that global masterbatch industry share from packaging applications could witness around 5.6% CAGR through 2028. A rapid growth of the packaged food and e-commerce sectors has led to a tremendous demand for packaging materials adhering to different grades and safety requirements. Various color and additive masterbatches can be used to produce plastics suitable for specific packaging needs. Introduction of bio-compatible masterbatch products to make compostable packaging materials will bolster the industry outlook.
Construction applications accounted for nearly 10.73% share of masterbatch market in 2021. Many emerging economies are witnessing increased spending on buildings and public infrastructure, driving the consumption of plastic components. Plastics are used in manufacturing door and window panels, pipes, roofing, water tanks and other construction materials, boosting masterbatch consumption across the sector.
Some of the major applications of masterbatch, apart from the construction and packaging sectors, include consumer goods, automotive, agriculture, and others. Masterbatch industry share from others application segment is expected to witness close to 4.9% CAGR over 2022-2028, owing to significant demand for plastics globally.
Latin America accounted for more than 5.68% share of global masterbatch market during 2021. The region has witnessed high growth in construction, food packaging and other areas over the past few years. Agriculture is also a strong component of the LATAM economy, particularly in countries like Brazil, Chile and Argentina. Automotive production is growing across the region, augmenting plastics consumption. It is anticipated that LATAM masterbatch industry size will expand at around 5.3% CAGR through 2028.
The Middle East and Africa (MEA) region will hold a notable share of masterbatch market over the projected timeframe, owing to high construction expenditure across the region. For instance, Saudi Arabia has seen more than USD 1 trillion worth of infrastructure deals since 2016, after announcing its Vision 2030. Other countries such as UAE, Egypt and Qatar are also seeing increased constructure spending, which set to drive the demand for plastic components, invariably strengthening the regional masterbatch industry forecast.
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