Global plastic additives market is expected to grow significantly at a CAGR of 4.5% from 2015 to 2022, owing to their ability to enhance performance, appearance, and processability of various polymers. Increasing demand for these additives is directly proportional to the growing consumption of polymers across the globe.The global plastic additives market size was 13.18 million tons in 2014.
Additives are used with different polymers in order to result in maximum output and increase the life span of the product. Plastic additives are increasingly being used for variety of functions that include extenders, processing aids, property modifiers, and stabilizers in industrial applications.
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Extended consumer base, rapid urbanization and increasing disposable income across various parts across the globe has led to an increase in the overall usage of plastic additives. Rapid industrializations coupled with increasing focus on maximizing industrial output, particularly in emerging economies including China, India and Brazil, is expected to drive the market at a fast pace over the forecast period. The global plastic additives industry is anticipated to reach USD 62.50 billion by 2022.
Plasticizers dominated the global market accounting for 51.7% of the volume share in 2014. However, they are expected to lose significant market over the forecast period owing to their carcinogenic properties. The product is being banned from its usage in child care articles and toys, across numerous regions including Europe due to its toxic nature. This may result in moderate growth of the segment over the forecast period.
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Property stabilizers accounted for over 35% of the overall market in 2014. These products are used for improving physical and thermal stability of the base material. Moreover, they help in prevention of oxidation, uncontrolled recombination and cross-linking reactions. The segment is estimated to be worth USD 4.34 billion by 2022, growing at a CAGR of 4.0% from 2015 to 2022.
On the other hand, processing aids are anticipated to grow by 7.6% from 2015 to 2022. These aids improve fusion between two or more different polymers, enhance melt strength and reduce surface defects, resulting in easy workability and good finishing to the finished product. Increasing manufacturing output of finished plastic products in Asia Pacific is expected to drive growth.
Rising awareness regarding safety coupled with increasing incidents of fire accidents has resulted in a rising demand for flame retardants and this segment is expected to grow at 4.8% from 2015 to 2022. Moreover, introduction and implementation of numerous regulations and norms is expected to drive demand.
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Developments of plastic additive products and their variants having application according to their functionality and performance qualities are major drivers of the market. Emerging economies including India and China are setting up new plants and facilities to mark a global presence to cater to the rising demand for these products.
Asia Pacific dominated the global market in 2014 valued at USD 15.70 million. Increasing industrial output in Malaysia, India, Indonesia, and China is expected to drive the regional demand over the next few years. Germany, the U.S., France, and UK are anticipated to create high demand for plasticizers, flame retardants, UV stabilizers, and other additives. North American industry is expected to grow at a CAGR of 4.1%, while Europe is likely grow at a CAGR of 3.9% from 2015 to 2022, in terms of volume.
Key players present within the market include BASF SE, DuPont, SABIC, ExxonMobil Chemical, The Dow Chemical Company, Mitsui Chemical, and Biesterfield Plastic GmbH.
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