Market Size of Plastic Additives Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Plastic Additives Market Analysis
The plastic additives market is estimated to reach over USD 6,200 million by the end of this year and is projected to register a CAGR of around 3.5% during the forecasted period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period. An increase in house sales, new project launches, and increasing demand for automotive and packaging have been leading the market recovery over the last two years.
- The replacement of conventional materials with plastics in several applications and increasing demand for plastics due to rapid urbanization and rising purchasing power among consumers are expected to drive the market's growth.
- On the flip side, stringent governmental regulations on plastic usage are restraining the plastics industry's growth globally, which is directly affecting the plastic additives demand on the global front.
- Nevertheless, the rising research activities to develop bio-based plastics and innovative product applications will likely create lucrative growth opportunities for the global market soon.
- Asia-Pacific emerged as the largest market and is expected to witness the highest CAGR during the forecast period. This dominance of Asia-Pacific is attributed to the high demand in countries such as China, Japan, and India.
