Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers, Blowing Agents, Flow Improvers, and Others), Plastic Type (Commodity Plastics, Engineering Plastics, and High-Performance Plastics), Application (Packaging, Consumer Goods, Construction, Automotive, and Others): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 46.01 billion mark in 2022 and is expected to hit US$ 72.23 billion by 2030, recording a CAGR of 5.8% during the forecast period.

Growing demand from the packaging industry

Plastic additives are materials added to modify or enhance the characteristics of plastics which improve their performance. Moreover, while processing, plastic additives improve the processability of the plastics and increase their flowability. Stabilizers, plasticizers, flame retardants, flow improvisers, blowing agents, among others are some of the widely used plastic additives. The growth of packaging industry is one of the significant drivers for plastic additives market. Plastic is the key material used in the packaging industry. There is a rising demand for flexible and effective packages that ensure the products are free from external damages while transporting and warehousing. Plastic additives improve the strength of plastic packaging. This factor is expected to drive their demand from the packaging industry over the forecast period.

Within the report, the market is segmented into type, plastic type, application, and geography. By type, the market is further segmented into plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, flow improvers, and others. On the basis of plastic type, the market is segmented into commodity plastics, engineering plastics, and high-performance plastics. Based on application, the market is segmented into packaging, consumer goods, construction, automotive, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Rising sustainability concerns is driving the development of sustainable plastic additives

Over the past few years, concerns related to sustainability and environment are increasing dramatically. Plastic waste is creating nuisance and hampering the overall ecosystem. According to the United States Environment Protection Agency, in 2018, 27 million tons of plastic was dumped into landfills. Governments of various countries such as India, China, and the US, and European nations are taking initiatives to reduce plastic waste and contribute to circular economy. Owing to these factors, manufacturers are also developing sustainable plastic additives that reduce the plastic waste generation and contribute to sustainable environment. For instance, manufacturers such as Solvay and BASF SE provide plastic additives made from recycled and renewable feedstocks. Such initiatives by the key players are expected to fuel the market growth over the coming years.

Rising demand from construction industry is accelerating the market growth.

Plastic additives such as stabilizers and antioxidants play a crucial role in improving the polymer performance and durability. In the construction industry, there is a high demand for plastics and polymers that retain their color and gloss even after excessive UV-light exposure and in extreme weather conditions. Plastic additives such as UV stabilizers and antioxidants retail the color and gloss of the plastics used in roofing and siding. Moreover, they improve the durability and strength of the plastic panels used in building and construction sector. Therefore, this has increased the demand for plastic additives in the construction industry, driving the market growth.

Recent strategic developments in plastic additives market

The plastic additives market has undergone several significant developments, and a few of these have been mentioned below:

• In April 2021, BASF SE launched biomass balanced plasticizers based on renewable feedstock under the names under the names Hexamoll DINCH BMB, Palatinol N BMB, Palatinol 10-P BMB, and Plastomoll DOA BMB. These materials are derived from organic waste and vegetable oils.
• In October 2019, Clariant AG partnered with Neste to offer a wide range of plastic additives derived from mass balance-certified ethylene and propylene, a renewable feedstock that delivers both high performance and sustainability.

The plastic additives market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Exxon Mobil Corporation, Dow, Clariant AG, and Evonik Industries AG are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Plasticizers and stabilizers providers
• Government bodies, such as regulating authorities and policy makers
• Additive suppliers
• Packaging, automotive, construction, and consumer goods manufacturers
• Plastic additives distributors and sales firms
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Type:
  • Plasticizers
  • Stabilizers
  • Flame Retardants
  • Impact Modifiers
  • Blowing Agents
  • Flow Improvers
  • Others
• Plastic Type
  • Commodity Plastics
  • Engineering Plastics
  • High-Performance Plastics
• Application:
  • Packaging
  • Consumer Goods
  • Construction
  • Automotive
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • BASF SE
  • Exxon Mobil Corporation
  • Dow
  • Clariant AG
  • Evonik Industries AG

Companies profiled
- BASF SE
- Exxon Mobil Corporation
- Dow
- Clariant AG
- Evonik Industries AG