Plastic additives market to reach $69.36 billion by 2022

The global plastic additives market continues to surge, expanding annually by an average of 5.2%, according to a new market report published by Market Research Store titled “Plastic Additives Market Outlook - Global Trends, Forecast, and Opportunity Assessment (2014-2022)." The report further expects the plastic additives market to hit  $69.36 billion by 2020, up from the $46.24 billion recorded in 2014.

The market is majorly driven by factors such as increasing consumption of plastics driven by the growing applications and rising disposable income of the people from emerging economies. In addition, factors such as rising environmental awareness and government intervention to promote non-toxic plastic additives are boosting the market growth. The affluent packaging application in emerging countries and increasing usage of additives in medical and agricultural applications are anticipated to provide more opportunities for this market. Future growth in the market are gearing toward developing economies in Asia-Pacific, Europe, and South America.

 
The Asia-Pacific region remains the largest market due to large consumer coverage, and rapid urbanization in China and India. China is anticipated to be the top consumer growing at a highest CAGR. In the U.S., manufacturing of toys and other children's product by phthalates is banned under the regulation of Consumer Products Safety Improvement Act (CPSIA). Packaging tends to be the most promising application area followed by automotive segment driven by the new packaging technologies such as antioxidant, antimicrobial, heat and UV resistants over the past few years. Flame retardants segment is estimated to have the highest growth rate owing to growing demand by the consumer goods especially in Asia Pacific.

The key players in the Plastic Additives market include Chemtura Corporation, Akzonobel N.V., Albemarle Corporation, Clariant AG, BASF SE, Songwon Industrial Co. Ltd, The DOW Chemical Company, Bayer AG, Evonik Industries AG, and Lanxess AG.