Global Plastic Additive Market to Surpass $ 56 Billion by 2023

Strong growth of packaging, automotive and construction industries coupled with technological advancements and rising demand for high-efficiency polymers to fuel global plastic additive market through 2023

According to TechSci Research report : “Global Plastic Additive Market By Type, By Function, By Plastic, By End Use Industry, By Region, Competition Forecast & Opportunities, 2013 – 2023’’, the global plastic additive market is forecast to reach $ 56.7 billion by 2023, on the back of increasing demand for plastic products across various downstream applications. Increasing number of smart building projects coupled with commercialization in automotive and construction industries is boosting the application of plastic products, thereby propelling the demand for plastic additives to improve their performance. Plastic additives enhance the performance of plastic products by imparting various functional properties. Growing urbanization and increasing investments in industrial sector is boosting the consumption of a wide range of plastic additives.

Plastic additives majorly find application in packaging, automotive, consumer goods, construction and other end use industries. Packaging industry accounts for the largest share in the global plastic additive market, backed by the high consumption of polymer compounds in packaging application, owing to their lightweight, high environmental resistance, low reactivity and availability in a wide range. Also, use of plastic additives in combination with these polymers improves their physical and mechanical properties. On the basis of type, global plastic additive market is segmented into plasticizers, stabilizers, flame retardants, impact modifiers, antioxidants, antimicrobials, lubricants, antistatic agents, blowing agents and others. Plasticizers dominate the market, owing to high demand from PVC manufacturers. Moreover, augmenting demand for plasticizers in construction, electronics, consumer goods and other applications is likely to fuel the growth of global plastic additive market. Flame retardant is the fastest growing type of plastic additive across the globe, backed by rising demand for temperature resistant polymers.

“Asia-Pacific is the largest demand generating region for plastic additives, globally, owing to robust economic growth of South Asian countries combined with high production and demand for plastic products, majorly in China. Increasing government investments to strengthen the industrial growth and rising automotive production base in Asian countries is expected to augment sales of plastic additives in the region during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm

“Global Plastic Additive Market By Type, By Function, By Plastic, By End Use Industry, By Region, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of plastic additive market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global plastic additive market.

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