North America Masterbatch Market Revenue to cross US$ 3,467.24 Million by 2031

At 4.9% CAGR, North America Masterbatch Market is Projected to be Worth US$ 3,467.24 Million by 2031, says The Insight Partners

According to The Insight Partners' research, the North America masterbatch market was valued at US$ 2,367.76 million in 2023 and is expected to reach US$ 3,467.24 million by 2031, registering a CAGR of 4.9% from 2023 to 2031. Growing demand for plastic packaging in emerging economies and adoption of biodegradable and compostable masterbatch are among the critical factors attributed to drive the North America masterbatch market growth.

Bio-based polymers are environmentally friendly and are the subject of extensive research in various fields. Biodegradable materials exhibit sustainability, thereby driving their use in commercial applications. The easy availability of natural raw materials for the production of biodegradable polymers is an added factor fueling its supply and demand. Further, increasing awareness regarding environmental concerns such as plastic pollution and waste management propels the demand for sustainable alternatives to conventional plastics. Biodegradable and compostable masterbatch offer solutions to mitigate environmental impact by reducing plastic waste and promoting circular economy principles.

Stringent government regulations pertaining to the utilization of toxic chemicals across the world have encouraged many market players to develop nontoxic and biodegradable alternatives, aiding global sustainability goals. Key market players are also focused on the development of technology to produce a post-consumer recyclate carrier resin. Masterbatches can also be produced using a post-consumer recyclate carrier resin to enable recyclates and articles to be produced with the minimum virgin polymer content. In 2023, Braskem and Engeflex developed a masterbatch composed of 100% Wenew post-consumer recycled resin. By 2025, the company aims to enhance its product portfolio by ~300,000 metric tons of products with recycled content. In 2030, the company aims to dispose of ~1.5 million metric tons of plastic waste for incineration and landfills. Thus, the development of biodegradable and compostable masterbatch is expected to positively influence the North America masterbatch market in the coming years.

On the contrary, fluctuations in raw material prices hamper the growth of North America masterbatch market.

Based on type, the North America masterbatch market is divided into white, black, additives, color, filler, and others. The white segment held 27.6% market share in 2023, amassing US$ 654.18 million. It is projected to garner US$ 956.14 million by 2031 to register 4.9% CAGR during 2023-2031.

In terms of polymer, the North America masterbatch market is segmented into polyethylene, polypropylene, polyethylene terephthalate, polystyrene, and others. The polyethylene segment held 32.9% share of North America masterbatch market in 2023, amassing US$ 778.59 million. It is anticipated to garner US$ 1,122.50 million by 2031 to expand at 4.7% CAGR during 2023-2031.

By end-use industry, the North America masterbatch market is divided into building and construction, automotive, packaging, agriculture, electrical and electronics, and others. The packaging segment held 36.8% share of North America masterbatch market in 2023, amassing US$ 871.40 million. It is projected to garner US$ 1,314.83 million by 2031 to expand at 5.3% CAGR from 2023 to 2031.

Based on country, the North America masterbatch market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.3% share of North America masterbatch market in 2023. It was assessed at US$ 2,018.80 million in 2023 and is likely to hit US$ 2,971.72 million by 2031, registering a CAGR of 5.0% during 2023-2031.

Key players operating in the North America masterbatch market are Avient Corp, Ampacet Corporation, Cabot Corp, LyondellBasell Industries NV, Penn Color Inc, Americhem, FRILVAM SPA, and Polyvel Inc, among others.

• In December 2023, Ampacet Corporation introduced ColorMark, masterbatch additive technology that enables processors to create permanent lettering and designs in intricate detail on dark plastic surfaces. It is compatible with PP, PS, ABS, PC, PA and other engineered resins used in injection molding, thermoforming and sheet applications.
  
  
• In November 2023, Cabot Corporation announced the launch of its new REPLASBLAK product family of circular black masterbatches with certified materials. With this launch, Cabot introduced three products which will be sold as the company's first-ever International Sustainability & Carbon Certification (ISCC PLUS) certified black masterbatch products powered by EVOLVE Sustainable Solutions.

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