The Packaging Additives Market is expected to reach USD 2.16 Billion by 2028, according to a new report by Reports and Data. Packaging Additives are a type of non-ionic surfactants mostly used to reduce the formation of fog on the plastic sheets or films. Fog is formed due to the condensation of water vapor on the surface owing to the difference in temperature, humidity, or surface tension.
An increase in the income level of the middle-class population in the developing nations, economical manufacturing of Packaging Additives, and the growth of the food processing and food packaging industries are some of the significant drivers for the growth of the Packaging Additives market.
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Key participants include Croda International PLC, AkzoNobel N.V., Ashland Inc., Clariant AG, PolyOne Corporation, Evonik Industries AG, PCC Chemax Inc., DuPont, Emery Oleochemicals, and A. Schulman Inc. among others.
A rise in demand for Packaging Additives in the global market is attributed to an increase in demand amongst end-user. Packaging Additives are economical and henceforth are extensively used in the food packaging industry. This is the principal driver for the Packaging Additives market across the globe. Packaging used in the food industries is highly susceptible to the formation of the fog. As a result, these additives are extensively used in food industries, which is projected to propel the growth of the global market. Growing awareness about the application of Packaging Additives to preserve the quality of processed food products may further uplift the market growth in the forecast period.
Strict government regulation for the use of Packaging Additives may create hindrances in the growth of the market during the forecast period.
Asia Pacific is expected to register fastest revenue CAGR between 2021 and 2028. Rapid revenue growth is attributed to factors such as increasing investments in research and development activities, rapidly growing industrial sector and building and construction sector and high demand for raw material across various sectors.
Further key findings from the report suggest
- Glycerol esters occupied the largest market in 2020 with more than 30% of the market share. The dominance of glycerol esters in the market is due to its wide range of usage in the food packaging industry attributed to the low cost of production and its non-toxic characteristic.
- Food packaging films captured the largest market share with a revenue generation of USD 1.22 billion in 2020 and are expected to have a growth rate of 6.22% in the forecast period. The market dominance of Packaging Additives application in food packaging films is attributed to the improved transparency of packaging films along with the high longevity of the packed foodstuffs by the use of this product. Furthermore, better visibility and aesthetic appeal provided to the product will drive demand in the forecast period
- The Packaging Additives market in Asia Pacific region held the largest share of the global market with a revenue of USD 0.59 billion in 2020 and is expected to experience a growth rate of 6.3% over the forecast period. This is attributed to the booming food packaging and automotive sector in developing nations including India, China, and Vietnam. The rising demand for packaged food owing to rapid growth in population, a rise in the level of disposable income, and change in lifestyle would fuel the market growth in the forecast period.
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For the purpose of this report, Reports and Data have segmented global Packaging Additives market on the basis of product type, form, application and region:
Product Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Glycerol Esters
- Ethoxylated Sorbitan Esters
- Polyglycerol Esters
- Sorbitan Esters
- Polyoxyethylene Esters
- Others
Form Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Creams
- Gels
- Spray Solutions
- Wet Wipes
- Others
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Food Packaging Films
- Agricultural Films
- Others
Regional Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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