Market Size – USD 39.69 Billion in 2021, Market Growth – at a CAGR of 5.1%, Market Trends – Increasing demand for electric vehicles

VANCOUVER, BC, CANADA, April 10, 2023 /EINPresswire.com/ -- The global plastic additives market size reached USD 39.69 Billion in 2021 and register a revenue CAGR of 5.1% over the forecast period, according to the latest analysis by Emergen Research. Rapid urbanization has resulted in rapid growth of the building and construction industry in a number of developing countries, which is expected to continue to drive demand for plastic additives. Plastic additives enhance the performance and durability of polymers in a variety of building applications. Additives are used in paints and coatings to improve the performance of the coating film. In addition, rising demand for flame retardant additives used mostly in the interiors of buildings is further expected to drive revenue growth of the market going ahead.

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Some Key Highlights From the Report
On 27 November 2019, Evonik Industries AG engaged in research and development (R&D) to develop solutions for recycling plastics and rubber. It is currently working with a disposal company to optimize the recycling of polyethylene. The company used its product Vestoplast, which is an additive and primarily used as adhesives in the hot melt to improve the impact strength or flow properties of polyethylene, which can help in reusing recycled plastic.

The stabilizers segment is expected to register a robust revenue growth rate over the forecast period owing to rising demand as a polymer additive to prevent the degradation of polymers during processing and retain their physical properties. For instance, heat stabilizers are added to a polymer to protect the properties of the plastic from heat damage, during the manufacturing process. Heat-stabilizing additives are widely used in Polyvinyl Chloride (PVC) to preserve strength, durability, and performance of the polymer.

The high-performance plastics segment registered a significantly large revenue share in 2021 High-performance plastics are widely used for parts and components in electrical and electronics industries and aerospace and automotive industry. Rising demand for EVs and increasing adoption of third-generation semiconductors are some key factors expected to drive revenue growth of the segment.

The market in Asia Pacific is expected to account for largest revenue share during the forecast period. Rapid growth in the construction industry in countries of the region is expected to drive demand for plastic additives used in paints and coatings and flame retardants as well as in other construction activities.

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Major Players/Manufacturers profiled in the report are:

BASF SE, Clariant AG, The Dow Chemical Company, Albemarle Corporation, Songwon Industrial Co., Ltd., ExxonMobil Chemical, DuPont de Nemours, Inc., Nouryon, Lanxess AG, Evonik Industries AG, and Kaneka Corporation

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Global Plastic Additives Market Report - Segmental Analysis:

Type Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Plasticizers

Stabilizers

UV Stabilizers

Antioxidants

Flame Retardant

Blowing Agents

Nucleating Agents

Others

Plastic Type Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Commodity Plastics

Polyethylene (PE)

Polypropylene (PP)

Polystyrene (PS)

Polyphenylene Ethers (PPE)

Engineering Plastics

High-Performance Plastics (HPA)

Application Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Packaging

Consumer Goods

Construction

Automotive

Others

Key Geographies Profiled in the Report:

North America(the U.S., Mexico, and Canada)

Asia Pacific(China, Japan, India, and Rest of Asia Pacific)

Europe(the U.K., France, Germany, and Rest of Europe)

Latin America(Brazil and Rest of Latin America)

Middle East & Africa(GCC Countries and Rest of Middle East & Africa)

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Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs. Emergen Research also offers a country-wise customized report as per clients’ needs.

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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