Published: Apr, 2015
A recent study by Transparency Market Research (TMR) forecasts that the global plastic additives market will grow at a CAGR of 5.2% between 2013 and 2019. TMR, a market intelligence firm based in the U.S., states that the global plastic additives market will reach a market value of US$15.90 billion by 2019 from US$11.16 billion in 2012. The report, titled ‘Plastic Additives Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2011 - 2016’, is available for sale on the website. According to the TMR report, flourishing industries such as construction, consumer appliances, and automotive drive the global plastic additives market. Surging demand for plastics and rising energy concerns are the other significant factors stimulating demand for plastic additives. Extensive application of plastic additives in a range of end-use products can be attributed to the capacity of plastic additives to provide versatility to the products. The expanding plastic additives market has a positive impact on the oil and gas industry, since the former depends exclusively on the latter for the supply of raw materials.
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The research report segments the global plastic additives market on the basis of function, product, and geography. Product-wise, this market is segmented into UV stabilizers, antimicrobials, antioxidants, impact modifiers, flame retardants, and plasticizers. Property modifiers mostly include impact modifiers, biodegradable plasticizers, antioxidants, blowing agents, antimicrobials, and flame retardants. With a market share exceeding 50%, the segment of plasticizers dominates the global plastic additives market in terms of volume. One of the key restraints on the global plastic additives market is the high initial cost of investment. However, it is observed that the return on investment gradually makes up for the same in the subsequent years.
Geographically, this report segments the global plastic additives market into Asia Pacific, Europe, North America, and Rest of the World. Fuelled by the growth of the construction industry and the automobile industry, the Asia Pacific segment dominates the global plastic additives market in terms of both consumption and production. The automobile industry in India and China is expected to expand robustly in the forthcoming years, which in turn will increase the demand for plastic additives. Furthermore, the plastic additives market is anticipated to witness high demand from Europe and the U.S. because of the steady economic recovery taking place in these regions.The report states that the global plastic additives market is characterized by investment of huge funds in the area of product development. Of the key companies operating in the global plastic additives market, BASF continues to be the largest manufacturer of plastic additives in the global market.
Kaneka, Chemtura Corporation, Bayer AG, and Exxon Mobil Corporation are the other prominent companies in the global plastic additives market. Brazil, Korea, Saudi Arabia, Russia, India, China, and Iran are some of the lucrative regions in the global plastic additives market that will prosper significantly during the forecast period.
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