A USD 68.86 Billion Opportunity in Plastic Additives
According to Research & Markets, the Global Plastic Additives market accounted for USD 39.25 billion in 2017 and is expected to reach USD 68.86 billion by 2026 growing at a CAGR of 6.4 percent from 2017 to 2026. The market is majorly driven by factors such as growing consumption of plastics driven by the rising applications and increasing disposable earnings of the people from emerging economies. The affluent packaging application in emerging countries and increasing usage of additives in medical and agricultural applications are some of the factors fueling the market growth. However, factors such as unpredictable prices of raw materials and stringent governmental regulations are hindering the market growth. Amongst Type, the Plasticizers segment accounted for significant market share during the forecast period. The plastic additive market as it is extensively used to process polymers and is less expensive than other additives. They are usually combined with PVC or other polymers to impart unique physical and technological properties for use in various applications such as cable jacketing, floor and wall coverings, and coating fabrics. Asia-Pacific is the largest market for plastic additives. The growing packaging industry coupled with the increased demand from the retail industry drives the market of plastic additives in the region. Polymer industries are witnessing high growth in developing nations such as India and Brazil due to their growing economies.