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 Industry 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. The soaring demand for this equipment has triggered innovation not only in large companies but also among small, emerging players.
As per the report, the global market value stood at USD 46.59 billion in 2019. The report also features the following:
- Holistic assessment of the factors driving and restraining the market;
- Comprehensive analysis of all possible market segments;
- Careful evaluation of the key market players and their strategies; and
- Detailed research into the regional dynamics shaping the market growth.
Staggering Plastic Pollution Levels Worldwide May Limit Market Growth
The plastic additives market growth is likely to be inhibited owing 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.
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.
Exciting Collaborations among Key Players to Enhance Market Potential
To meet the rising demand for bio-based polymers and plastics, key players in this market are entering into exciting partnerships to develop and market eco-friendly plastic materials. Furthermore, a few companies such as BASF are expanding the applicability of plastic additives in less-explored domains such as infrastructure and construction.
List of Key Companies Profiled in the Plastic Additives Market Report:
- Mitsui Chemical (Tokyo, Japan)
- SABIC (Riyadh, Saudi Arabia)
- Kaneka Corporation (Tokyo, Japan)
- Dow Chemical Company (Michigan, U.S.)
- Clariant AG (Muttenz, Switzerland)