The masterbatch market size is projected to reach USD 14.0 billion by 2023, at a CAGR of 5.0%, from an estimated USD 11.0 billion in 2018. Masterbatch is a blend of pigments, additives, and polymer materials (carrier resin). It is used to impart color and strengthen the properties of plastic for applications such as packaging, building & construction, consumer goods, automotive, textile, and agriculture. Color, white, black, additive, and filler are the different types of masterbatches based on the properties and functionality. The polymer-based masterbatch is used for easy processing with different plastics.
The market in the automotive application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. Plastics provide superior mechanical, physical, thermal, and electrical properties than those of metals. Engineering plastics are widely used in the automotive application for various components such as steering wheel, airbags, seatbelts, bumpers, and dashboards. Continuous innovation and demand for lightweight materials in the automotive industry are leading to the replacement of metals with plastics.
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The masterbatch market has been segmented on the basis of type into color, white, black, additive, and filler. The color segment is expected to lead the market during the forecast period, in terms of value. This is because of the increasing use of color masterbatch in various applications such as packaging, building & construction, automotive, consumer goods, agriculture, and textile among, others.
The masterbatch market has been studied for North America, Europe, APAC, South America, and the Middle East & Africa. The APAC market is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the masterbatch market in the region is attributed to the increased demand for packaging products, along with the increasing middle-class population which ultimately drives the masterbatch market.
The key players in the masterbatch market include Clariant AG (Switzerland), Ampacet Corporation (US), A.Schulman, Inc. (US), Polyone Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US).
Clariant AG (Switzerland) is the largest player in the masterbatch market. The company mainly focuses on expansion and new product launch to strengthen its product portfolio. It offers masterbatches which are used in various applications such as packaging, consumer goods, automotive, agriculture, and textile. It has a strong geographical presence as it operates in five regions, APAC, Europe, North America, South America, and the Middle East & Africa with more than 50 production plants. The company has adopted an expansion strategy for the growth of its business. For instance, in February 2019, the company expanded its masterbatch production facility in Maine, Sweden, and Singapore. This expansion will help the company to meet the increasing demand from customers.
Ampacet Corporation (US) is the leading manufacturer of masterbatch. The company offers masterbatch for various applications such as building & construction, packaging, and consumer goods. It has a strong geographical presence. The company operates 25 manufacturing sites in 18 countries. As per business strategy is concerned, the company is continuously launching new products. For instance, in March 2019, the company launched a new product called Blue Edge masterbatch, designed for use in recycled PET.
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