Plastic Additives Market to be Worth $62.7 Billion by 2031

Plastic Additives Market Size, Share, Forecast, & Trends Analysis by Type (Plasticizer, Fillers, Flame Retardants, Colorants, Antimicrobials, Foaming Agent, Nucleating Agents, Others), Application (Building and Construction, Packaging, Automobile, Others), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Plastic Additives Market by Type (Plasticizer, Fillers, Flame Retardant, Colorants, Antimicrobials, Foaming Agent, Nucleating Agents, Others), Application (Building and Construction, Packaging, Automobile, Others), Geography - Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the plastic additives market is projected to reach $62.7 billion by 2031, at a CAGR of 3.6% from 2024 to 2031. The growth of this market is driven by the rising use of plastic in buildings and construction and the increasing use of plastic additives in packaging applications. In addition, the cost-effectiveness and commercialization of plastics and the rising expansion of the automotive and aerospace industries are expected to provide opportunities for market growth. However, stringent government regulations governing the plastic industry and the negative effect of plastic additives on health and the environment can restrain the growth of the market. The volatility of raw material prices poses a challenge to market growth.

The plastic additives market is segmented by type and application. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the plastic additives market is segmented into plasticizers, antioxidants, UV absorbers, heat stabilizers, light stabilizers, fillers, coupling agents, cross-linking agents, foaming agents, nucleating agents, colorants, antimicrobials, flame retardants, antistatic agents, and other plastic additives. In 2024, the plasticizers segment is expected to account for the largest share of above 52.0% of the global plastic additives market. The large market share of this segment is attributed to the increasing use of plasticizers to improve the flexibility, viscosity, softness, friction level, and plasticity of materials, rising demand for flexible PVC in different applications, increasing adoption of non-phthalate and high molecular weight phthalate plasticizers and growing packaging industry.

In addition, the rising focus of market players on strengthening their product offerings is expected to drive the segment growth. For instance, in January 2022, Evonik Industries AG (Germany) launched ELATUR® DINCD - a new plasticizer for durable products. ELATUR® DINCD is easy to process due to its low viscosity and is particularly suitable for demanding exterior and interior applications, such as textile fabrics, roofing membranes, floor coverings, adhesives, and sealants, as well as paints and coatings.

However, the antimicrobials segment is expected to register the highest CAGR during the forecast period. Rising use of antimicrobial additives to reduce illness and infection-causing bacteria, resisting the growth of unpleasant mold and mildew, minimizing stain and odor-causing bacteria, and inhibiting physical degradation from bacteria and fungi, which feed on plastics and their additives. In addition, the rising focus of market players on innovative product offerings is expected to drive segment growth. For instance, in February 2023, Microban International (U.S.) launched a new built-in antibacterial technology, MicroGuard, specially developed for polymer materials, including polyvinyl chloride (PVC), polyurethane (PU) and ethylene-vinyl acetate copolymer (EVA) foam.

Based on application, the plastic additives market is segmented into building and construction, packaging, automobile, home appliances & electronics, industrial machinery, personal care products, textile, public sector, and other applications. In 2024, the packaging segment is expected to account for the largest share of above 38.0% of the global plastic additives market. The large market share of this segment is attributed to the rising demand for plastic packaging for maintaining the quality of a wide range of products during shipping, handling, storage, and shelf time, increasing awareness of the benefits of using additives in packaging applications. In addition, due to increased awareness of the circular economy, manufacturers are turning to additives that allow recycling in packaging, which is also expected to drive the demand for plastic additives for packaging applications.

However, the home appliances & electronics segment is expected to register the highest CAGR during the forecast period. The rising need for plastic additives to provide a unique performance for home appliances & electronics products, such as lightweight, thermal management, and protecting critical assets, is expected to drive the segment growth.

Based on geography, the plastic additives market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 45.0% of the plastic additives market. The economic expansion is driving up demand for plastic products, which in return is driving up demand for plastic additives. The region is also rapidly urbanizing, with an increasing number of people moving to cities. This urbanization is driving up demand for plastic products in a wide range of industries, including packaging, construction, and consumer goods. Moreover, the Asia-Pacific region is expected to register the highest CAGR of above 5.0% during the forecast period.

Key Players:

The key players operating in the plastic additives market are Songwon Industrial Co. Ltd. (South Korea), Clariant AG (Switzerland), BASF SE (Germany), Dow Chemical Company (U.S.), Evonik Industries AG (Germany), Kaneka Corporation (Japan), LANXESS AG (Germany), Croda International PLC (U.K.), Exxon Mobil Corporation (U.S.), Mitsui Chemicals, Inc. (Japan), Nouryon (Netherland), ADEKA CORPORATION (Japan), Arkema (France), PMC Group, Inc.(U.S.), and Astra Polymers (Saudi Arabia)

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Key questions answered in the report-

Which are the high-growth market segments based on type and application?
What was the historical market for plastic additives?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the plastic additives market?
Who are the major players, and what shares do they hold in the plastic additives market?
How is the competitive landscape in the plastic additives market?
What are the recent developments in the plastic additives market?
What are the different strategies adopted by the major players in the plastic additives market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global plastic additives market, and how do they compete with the other players?