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Plastic Additives Market Size

Report ID: GMI5471
Published Date: Mar 2023
Report Format: PDF

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Plastic Additives Market Size

Plastic Additives Market size surpassed USD 57.48 billion in 2023 and is poised to observe nearly 4.5% CAGR from 2024 to 2032. High adoption of plastic additives in the automotive sector will drive market development.

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Increasing use of plastic across various sectors due to its exceptional properties will influence market growth. Plastic is replacing traditional materials like metal, glass, and paper in these industries at a faster rate owing to its extraordinary attributes including strength, dependability, flexibility, and resistance to heat and pressure. Several sectors including automotive, construction, textile, electrical & electronic, agricultural, and packaging, use plastic additives for multiple purposes.

Plastic Additives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Plastic Additives Market Size in 2023:	USD 57.48 billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 85.6 Billion
Historical Data for:	2018 to 2023
No. of Pages:	200
Tables, Charts & Figures:	279
Segments covered:	Type, Plastic Type, End use and Region
Growth Drivers:	Increasing adoption of plastic is attributed to their exceptional properties is driving the demand for their derivatives in the market. Increasing demand for convenience food is increasing the demand for food-grade plastic used for packaging.
Pitfalls & Challenges:	Stringent government regulations governing the plastic industry may hamper industry growth

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New rules and restrictions on the consumption of petroleum-based polymers will have positive impact on the plastic additives market. The U.S. Environmental Protection Agency (EPA) states that the packaging materials like plastics, coatings, papers, etc. need to be deemed safe for food packaging usage. Numerous scientific studies have discovered limitations on various plastic additives, including specific kinds of plasticizers and flame retardants. Due to various laws, it is predicted that the market will gradually phase out these flame retardants.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of plastic additives exceeded USD 57.48 billion in 2023 and is poised to observe nearly 4.5% CAGR from 2024 to 2032.

The automotive end-use segment is expected to surpass USD 25 billion by 2032 as it has the ability to replace automated parts made of different materials including metals and aluminum.

Asia Pacific plastic additives market is predicted to record nearly 4% growth rate between 2023 and 2032 expanding population and construction activities across countries such as China, India, and Southeast Asia.

Clariant Ltd., Kaneka Corp., Songwon Industrial Co., Ltd, DOW Plastic Additives, LANXESS AG, BASF, Evonik Industries AG, EXXON MOBIL CORP., Albemarle Corporation, and Nouryon, are some of the leading companies in the global market.