Plastic Additives Market Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2027

 The global plastic additives market size is projected to reach USD 74.61 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period. Escalating demand for personal protective equipment (PPE) amid the COVID-19 pandemic is expected to propel the growth of this market, states Fortune Business Insights™ in its report, titled “Plastic Additives Market Size, Share & COVID-19 Impact Analysis, By Type (Plasticizers, Flame Retardants, Stabilizers, Impact Modifiers, Others), By End-Use (Packaging, Construction, Automotive, Consumer Goods, Others), and Regional Forecast, 2020-2027”. In March 2020, the World Health Organization (WHO) estimated that 89 million medical masks, 76 million disposable gloves, and 1.6 million goggles will be required each month to fight the pandemic. The need for PPE has only grown since March, with coronavirus cases surging in most countries. Plastic additives are playing a critical role in the manufacturing of PPE for frontline healthcare workers as these materials are easy to produce, are resistant to chemicals and toxic substances, and effectively prevent the transmission of the infection between health workers and patients.

List of the Leading Companies Profiled in the Global Plastic Additives Market are:

• Mitsui Chemical (Tokyo, Japan)
• SABIC (Riyadh, Saudi Arabia)
• Kaneka Corporation (Tokyo, Japan)
• Dow Chemical Company (Michigan, U.S.)
• Clariant AG (Muttenz, Switzerland)
• ExxonMobil Chemical (Texas, U.S.)
• Lanxess AG (Cologne, Germany)
• Evonik Industries AG (Essen, Germany)
• BASF SE (Ludwigshafen, Germany)
• Songwon Industrial Co. Ltd. (Ulsan, South Korea)

Restraining Factor

Staggering Plastic Pollution Levels Worldwide May Limit Market Growth

The plastic additives market growth is likely to be inhibited owing to the uncontrollable level of plastic pollution facing the world currently. According to the UN Environment Program (UNEP), at present, nearly 300 million tons of plastic waste is generated every year. A team of researchers led by the University of Leeds in the UK estimates that 1.3 billion tons of plastic will be dumped on land and in the oceans between 2016 and 2040. The researchers also point out that even if immediate measures are put in place, 710 million tons of plastic waste will still be discarded into the oceans and on lands worldwide. This may cast a dark shadow on the adoption of plastic additives in various end-use industries such as automotive and food & beverages as these industries are determinedly utilizing materials that are eco-friendly and biodegradable, in response to growing consumer awareness about sustainable development.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/plastic-additives-market-104448

Regional Insights

High Plastic Production in China to Stimulate Growth in the Asia Pacific Market

Asia Pacific, where the market size stood at USD 17.24 billion in 2019, is anticipated to hold a prominent position in the plastic additives market share during the forecast period. This is mainly attributable to the massive production of plastics and polymers in China, which accounts for roughly 30% of the global production of these materials. In addition to this, countries such as India and Vietnam are experiencing a rapid expansion of their domestic packaging industry, which is further augmenting the demand for advanced plastic derivatives in the region.

In North America, stringent regulations governing the production of plastics by the US Environmental Protection Agency (EPA) have forced companies to develop biodegradable plastic additives. Meanwhile, in Europe, the market is expected to undergo dynamic growth on account of the increasing demand for lightweight plastic materials in the region’s automotive industry.