Global Plastic Additives Market Future Demand and Growth Analysis
Plastic additives are chemicals that are used to polymerize, process or help achieve desired properties in the end use of plastics. Plastic additives offer various characteristics such as improved resistance to chemicals, water, and scratches, reduced coefficient of friction, enhanced gloss, improved water repellency, suppression of shark-skin, and lowered surface roughness.
Plastic additives are also used to improve the ease of processing of plastics, by increasing its flowability. Internal lubricants help improve the melt flow of materials by lowering the heat dissipation and viscosity. Plastic additives in comparison to other additives, better prevent the risk of microbiological deterioration of plastic materials that are prone to staining, odor, discoloration, and aesthetic loss. These beneficial properties of plastic additives over other additives are responsible for boosting growth of the plastic additives market. Plastic additives are most importantly effective on materials with electrical insulating properties and mechanical properties.
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Plastic additives are widely used in the automobile and construction industries, owing to properties such as improved strength of impact, improved coupling, higher elongation, reduced brittleness, and higher plasticity. In the automotive industry, these additives have gained increased acceptance in applications such as interior scratch resistance in trims or panels for interior scratch resistance, and in high glossy panels for the decoration of middle consoles. Growing popularity of cost-effective automotive interiors, in turn, is expected to fuel growth of the plastic additives market. The consumer goods industry employs these additives due to the easy process involved in its recycling. In the construction industry plastic additives are used to maintain appearance and properties, thermal protection, long-term durability, and for maintenance of integrity of polymer properties during processing. Plastic additives also extend the lifetime of UV sensitive construction applications. Growing construction industry around the globe, is in turn, expected to boost growth of the market for plastic additives.
Plastic Additives Market Outlook – Increasing Demand for Recyclable Materials to be the Major Market Driver
Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the growth in various end-use industries such as automotive and construction, especially in emerging economies such as China and India. According to IBEF, US$ 300 billion is projected to be generated by the Indian automotive industry by 2026. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India, with the aim to promote and create international awareness of goods manufactured in India. On the other hand, Europe also provides lucrative opportunities for plastic additive manufacturers due to increasing use of plastic material in automobile, consumer goods, and construction industries.
Reusable property of plastic is fueling the demand for plastic additives, especially in the Asia Pacific and Middle East regions. However, stringent rules and regulations on the use of plastic products is expected to be a major restraining factors for growth of the plastic additives market over the forecast period. The U.S. Food and Drug Administration (FDA) has implied safety concerns with the use of recycled plastic materials in food-contact for contaminants occurring from the post-consumer material in the final food-contact product made from the recycled material.
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Developing plastic additives adhering to environmental concerns is a key strategy adopted by the major players. Some of the major companies operating in the global plastic additives market are BASF SE, Songwon Industrial Co. Ltd., Clariant AG, Albemarle Corporation, and The Dow Chemical Company.
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