The plastic additive market in Asia Pacific has shown good growth despite of global recession and is further anticipated to grow in future. The plastic additive market in economies including China and India is showing great opportunities for investors due to cost competitive labor and high domestic consumption. The plastic additives demand in China and India has been growing in electronic, automobile, construction equipment, and toy industry. The increasing demand for high performance and ecofriendly plastic from developed economies is putting pressure on plastic additive manufacturers in Asia Pacific to produce ecofriendly and high-performance plastic if they want to export it. The end-user plastics manufacturing plants from Korea, Japan and Taiwan have relocated, owing to higher plastic additives demand in internal as well as external market. Regions including North America and Europe are likely to generate high demand for plasticizers, stabilizers and flame retardants which shall propel plastic additives demand in future.
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Global Plastic Additives Market size shall grow with prominent CAGR over the forecast timeframe. Plastic additives are the substances which are added in polymer reaction or chemical process. These additives help to improve the polymer characteristics such as shine, strength, heat sensitivity and durability. Decrease in mineral ore sources has raised the metal equipment cost, which has triggered the plastic applications to replace metal equipment. The low cost of plastic and properties similar to metal shall fuel plastic additives market growth rate in the coming years.
The plastic additives market is primarily driven by growing plastic consumption across the globe which is directly influenced by rising applications and increasing disposable income of consumers especially in developing economies. Growing packaging industry and increasing product usage in medical and agriculture sector are anticipated to increase plastic additives consumption globally. The potential to modify polymers by using plastic additives has allowed the packaging industry to produce stronger and better materials, for instance, molded containers, films and cushioning. Shifting consumer preferences to plastic product due to its low cost and high durability is another factor which is likely to increase plastic additives consumption in the coming years. However, the stringent environmental regulations and growing awareness about hazardousness of plastic shall hamper the product demand over the forecast timespan. Oscillating raw material prices was another factor which hindered the product demand in last few years.
The plastic demand is increasing with every passing day due to its multiple, cost efficient and effective applications. Plastic products are used in various forms and these forms are derived through additives addition. The plastic additives act as a catalyst or fillers which help to increase the plastic properties which are useful in variety of applications. Additives enhance the plastic properties and make it safer, tougher, cleaner, heat & UV resistant and antimicrobial.
The plastic additives market is segmented into six categories namely, plasticizers, stabilizers, flame-retardants, impact modifiers, antioxidant and others. The global plastic additive market was led by plasticizers in 2017, owing to its extensive use in polymers and are comparatively cost-competitive to other additives. The product is widely used in commodity plastics to derive various end-use products. Some of the commodity plastics are polypropylene, polyethylene, polystyrene, polymethyl methacrylate and polyvinyl chloride.
Packaging sector accounted for a major market share in plastic additives market in 2017 and is likely to continue to do so in the coming years. Packaging is widely used for household and industrial purposes. Globalization and change in lifestyle have triggered the product demand in packaging industry. Increasing plastic use in consumer goods shall propel the plastic additive market growth in near future. Commercialization of automobile industry and increasing plastic additives applications in construction sector may fuel the plastic additive market growth during the forecast timespan.
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Plastic additives market is highly fragmented and major international players are operating in the industry which includes, BASF SE, Clariant AG, Bayer AG, Songwon Industries Co., Ltd, DowDuPont, Albemarle Corporation, Evonik Industries AG, Kaneka Corporation, Lanxess, Sabik Imprint, Exxon Mobil Corporation, Mitsui Chemicals, Inc. and Biesterfield Plastic GmbH. In March 2017, BASF SE announced to increase its plastic additives production network. It will invest USD 236 Million globally and as a part of this announcement, BASF will invest in a new plastic additive plant at its Caojing site in Shanghai, China. This plant will have an annual capacity of 42,000 tons and shall produce associated forms and blends, antioxidants. It is expected that plant will be fully operational from 2020.
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