Packaging additives are what makes plastics, polymers and resins better in terms of packaging materials which are used for food, beverages, cosmetics and pharmaceuticals. They can both harden and soften a polymer. These are thus valuable for manufacturers who used these to better material characteristics of these materials.
Some of the factors that are driving the market include a growth in food and beverages industry. As work days have gotten longer and more stressful, time to prepare elaborate meals have decrease. In fact, it has let too a demand for ready-to-cook and easy-to-eat variants of food items which can even be had on the go.
This is also observed in place where nuclear families are now becoming a norm. It is pertinent to note here that this is happening even in regions where joint family was the traditional family set-up. To compound this situation, there are dual income families coming up now where both adults of the family earn, neither up to the task of cooking after a hard day’s work
This is thus good news for processed and packaged food which not just solves the issue of what to eat and who will cook but also has a decent shelf-live to be popular in such homes and more.
Besides, as disposable incomes see an increase worldwide, particularly in developing economies, more and more people are getting products shipped. Be it pharmaceuticals, food, or electronics. This requires packaging that fits the bill, propelling growth in the global packaging additives market.
Thus, it comes as no surprise to anyone the market is set to chart a healthy CAGR (Compound Annual Growth Rate) over the forecast period of 2019 to 2027. This will create ample growth opportunities for market players.
Packaging additives are added to plastics, polymer, and resins to improve their properties. These additives are used to enhance polymers for effective packaging of food, beverages, cosmetics, and pharmaceuticals. Packaging additives are plasticizers, which either soften to make the polymer flexible or rigid. These additives are adopted by major manufacturers to enhance mechanical characteristics and external protection properties of packaging products. Packaging additives are used to guard against light exposure, oxygen, outer moisture, and microorganisms. Packaging additives possess antimicrobial, UV stabilizing, and antioxidant properties. Food & beverages and health care industries require excellent antimicrobial and antioxidant properties for packaging of products.
Increase in demand for packaged food products owing to the changing consumer lifestyle is a key factor anticipated to propel the packaging additives market during the forecast period. Packaging additives are widely used due to their excellent antimicrobial properties in various food products. Rise in demand for energy and aerated drinks across the globe is projected to boost the packaging additives market in the near future. Bottle manufacturers add plasticizer additives during the manufacture of beverage bottles. This is likely to drive the demand for packaging additives in the next few years. High volatility in prices of raw materials due to the dependency on crude oil and stringent regulations on plastics are major factors expected to hamper the packaging additives market during the forecast period.
Packaging Additives Market: Segmentation
Based on type of functional additive, the packaging additives market can be segmented into antioxidants, UV stabilizers, antistatic additives, oxygen scavengers, and antimicrobial additives. In terms of revenue, the oxygen scavenger segment is expected to hold dominant share of the market during the forecast period. In terms of end-user industry, the market can be divided into food, beverages, pharmaceutical & health care, cosmetic, and others. The food segment is expected to account for significant share of the market during the forecast period due to the rise in demand for fast food products across the globe. Thus, growth in the food industry is anticipated to fuel the demand for high-performance packaging additives in the next few years.
Packaging Additives Market: Region-wise Outlook
Based on region, the global packaging additives market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to constitute dominant share of the global packaging additives market during the forecast period. China is one of the prominent producers of plastic products in Asia Pacific. Strong presence of manufacturers using packaging additives in China, Japan, and India is likely to fuel the packaging additives market in Asia pacific during the forecast period. After Asia Pacific, Europe is projected to hold major share of the global packaging additives market during the forecast period. Prominent presence of manufacturers such as BASF, Clariant, and Akzo Nobel is boosting the packaging additives market in the region. Increase in demand for high-quality protection agents is estimated to boost the packaging additives market in the next few years. The market in North America is expected to expand at a moderate pace compared to that in Asia Pacific during the forecast period. Vast population in the U.S. is dependent on fast food and ready-to-eat products. This is projected to propel the demand for antimicrobial packaging additives in the next few years. The market in Latin America and the Middle East is projected to expand at a sluggish pace vis-à-vis that in Europe and North America during the forecast period. Rise in investments in packaging and polymer industries is anticipated to boost the demand for high-quality packaging additives.
Packaging Additives Market: Key Players
Large numbers of companies operate in the global packaging additives market. Leading global manufacturers of packaging additives market include BASF SE, V Clariant AG, AkzoNobel N.V., SABO S.p.A, Milliken & Company, Addivant LLC, Milliken & Company, and Americhem.
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