September 20, 2021 04:00 ET | Source: Market Research Future Market Research Future

New York, September 20, 2021 (GLOBE NEWSWIRE) - Plastic additives market overview: According to a comprehensive research report by Market Research Future (MRFR), "Plastic additives market information: by type (plasticizer, flame retardant, impact resistance) Modifiers, antioxidants, antimicrobial agents, UV stabilizers), end-use industries (packaging, automotive, agriculture, building and construction, consumer goods, electrical and electronics), regions-the market size is expected to reach 658.5 by 2028 Billion US dollars in 2028, the compound annual growth rate during the forecast period (2021-2028) is 6.12%. The market value in 2021 is US$46.42 billion.

The plastic additives market is inherently highly competitive because it provides profitable opportunities for market participants. Companies in the global market are adopting a variety of new strategies, such as extensive research and development, acquisitions, strategic partnerships, and joint ventures. The leading entities in the plastic additives market are:

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Plastic additives refer to substances added to polymers during chemical processes or reactions. These additives help enhance polymer properties such as heat sensitivity, durability, gloss and strength. The reduction of mineral resources has increased the cost of metal equipment, thus triggering the application of plastics to replace this metal equipment. Plastic additives are used in many important industrial applications. It can be used as a strong chemical coating applied to polymers or plastic products. The goal is to make these items look more beautiful and stronger.

The COVID-19 pandemic that shocked the world had a positive impact on the plastic additive market because it made people pay more attention to the way food is packaged. Increasing awareness and growing demand for food in safe packaging and container packaging provide multiple opportunities for companies in the plastic additives market. Extensive research and development activities in this industry may contribute to market growth. The motivation is to adopt a new generation of more sterile and more effective packaging, which will keep food fresh and safe for a longer period of time, thereby driving the growth of the plastic additive market.

People are increasingly aware of the negative environmental impact of packaging containing plastic additives, which is expected to hinder market growth. Finding safer plastic additives at low prices is another major challenge faced by global market participants.

The COVID-19 pandemic has affected many industries, including the plastic additive market. The pandemic has adversely affected the plastic additives market. The shortage of raw materials and their high prices are one of the main challenges facing manufacturers. This is mainly due to blockades or work stoppages in various areas hinted by the government.

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The global plastic additives market has been divided into multiple market segments based on regions, types, and end-use industries.

According to the type, the global plastic additive market is divided into antibacterial agents, flame retardants, plasticizers, UV stabilizers, antioxidants, impact modifiers, etc. The plasticizer part is expected to dominate the market. This is mainly due to the increasing number of regulations regarding workplace safety.

According to the end-use industry, it is classified into consumer goods, construction and construction, electrical and electronics, agriculture, packaging, and automobiles. The packaging industry occupies a leading position in the global market with its largest market share with its characteristics such as moisture resistance and chemical resistance, availability of various colors, light weight, and low reactivity.

The global plastic additives market is divided into several regions, including Asia Pacific, North America, Europe, the Middle East and Africa. The Asia-Pacific region occupies the largest market share in the global market. The rapid growth of the middle class population in the region and the increasing demand for consumer goods are the main aspects of the development of the regional market. However, increased environmental awareness may hinder market growth. North America has the second largest market share of all regions. The compound annual growth rate of these regions is close to the compound annual growth rate of the Asia-Pacific region. This is mainly because there are many major manufacturers in the region. Heavy investment in polymer and green chemistry research is another aspect that is driving the growth of the regional market.

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The European Union has the third highest market share of plastic additives in the world. Government support measures and large investments in research and development are the main reasons for the surge in demand for plastic additives in the region. In the forecast era, the Middle East and Africa region is expected to record a considerable compound annual growth rate. This is mainly due to the accelerated economic growth and higher education levels in the region.

Market segments covered by the research:

Plastic additives market information: by type (plasticizers, flame retardants, impact modifiers, antioxidants, antibacterial agents, UV stabilizers), end-use industries (packaging, automotive, agriculture, construction and construction, consumer goods, electrical And electronics), region-forecast to 2028

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