BASF SE (Germany), The Dow Chemical Company (United States), DuPont (United States), Evonik Industries (Germany), Exxon Mobil Corporation (United States), Mitsui Chemical Inc. (Japan), SABIC (Saudi Arabia), Chemtura Corporation (United States), Bayer AG (Germany) and Clariant (Switzerland) among others are some of the prominent players at the forefront of competition in the Global Plastic AdditiveMarket and are profiled in MRFR Analysis.
Plastic additive Market – Market Overview
Plastic Additive is added to polymer during chemical processing in order to enhance strength, gloss, durability and heat sensitivity. Depletion of mineral resources has led to increased cost of metal equipment’s which indirectly replaced metal parts with plastic components. Thus, cost effective and superior properties of plastic over metals are anticipated to drive the Plastic Additives Market. Plastic Additive such as antimicrobials, antioxidants, UV stabilizers, plasticizers are largely used in compound formulation to improve chemicals and physical properties.
The factors impacting the Global Plastic Additive Market are excessive usage of plastic components over metal ore, superior properties of plastic additives and increasing application scope. The Global Plastic Additive Industry is dominated by plasticizers as it helps the plastic to increase rigidity and acts as modifier. Further, flame retardant is leading with considerable CAGR owing to increased application in automotive, and consumer appliances. Growing environment concern over degradation of forest resources has also replaces wood products with plastic. Thus, increasing consumption of plastic product has led to increased demand of Plastic Additives over the forecast period.
The manufacturer of Plastic Additive is continuously under research and development in order to meet regulatory norms and lower down the toxic exposure of plastic product. Currently, development of special Plastic Additive product to enhance the quality of products such as electronic housing, printed circuit boards, wire and cables are expected to positively impact the market growth. Moreover, increasing demand of plastic components in transportation industry for lowering cost by augmenting fuel efficiency is anticipated to drive the market growth. However, increasing government regulations along with environmental awareness of plastic pollution is negatively impacting the market growth.
Asia Pacific region is leading in Plastic Additive Market owing to lenient government regulations and robust industry growth of automotive, electronic, packaging and consumer goods. Countries like China, Europe and United States banned the consumption of phthalates which negatively impacting the plastic additive market. However, the demand for bio based products over plastic additive is putting pressure on manufacturer to develop non-toxic products. Manufacturing plants in Taiwan, South Korea and Japan are relocating to China and India in order to meet both internal and external demand. Europe is anticipated to witness sluggish growth owing to strict environmental legislations and banned on plastic consumptions. UK, Germany and France are expected to generate high demand of plasticizers, flame retardants and other additives over the projected period.
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Plastic additive Market – Competitive Analysis
Plastic Additive Market is fragmented with major manufacturer from North America and some few from Asia Pacific region. Major players in market are adopting strategies such as acquisitions, partnerships, expansion and new technology development. The market participants are acquiring small players in the market in order to tap large market share. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period Manufacturers are focusing more on high performance plastic products by lowering of greenhouse gases along with development of bio based additive. Focusing upon the competitive edge, plastic additive manufacturers strive to develop products that can deliver optimal adhesion, convenience, reliability and flexibility. Manufacturer like BASF, Songwon and ADEKA are expanding their presence through joint venture and strengthening their market position in Asia Pacific regions.
Industry/ Innovation/ Related News:
November 14, 2016 – BASF invested into capacity expansion of plastic additive business across the globe. Along with this, company focus on strengthening its production facility in North America to enhance the market growth. This investment also increase capacity of Tinuvin product line in plastic additive. This would significantly align the existing capacity expansion in North America.
March 14, 2017– BASF is investing in new plastic additive plant at Shanghai, China. The plant has total capacity of 42,000 tons which will produces antioxidants along with associated forms and blends. This would help the industry to cater the growing demand of end use industries in Asia Pacific region.
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