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Asia Pacific Plastic Additives Market

Market Insights on Asia Pacific Plastic Additives covering sales outlook, demand forecast & up-to-date key trends

Asia Pacific Plastic Additives Market by Product Type, Application, Plastic Type & Region - Forecast 2022 - 2032

Asia Pacific Plastic Additives Market Snapshot (2022-2032)

The Asia Pacific Plastic Additives Market share is projected to reach US$ 34.9 Bn in 2032. The growing demand from various end-use industries such as pharmaceutical, cosmetics, food and beverages, and industrial manufacturing.

According to FMI, the Asia Pacific Plastic Additives market is estimated to be valued at US$ 21.6 Bn in 2022 and is projected to increase at a CAGR of 4.9 % in the forecast period from 2022 to 2032.

Market Size (2021)

US$ 20.7 Bn

Market Size 2022

US$ 21.6 Bn

Market Size 2032

US$ 34.9 Bn

Value CAGR (2022-2032)

4.9%

Plastic additives are generally called substances that are added in the manufacturing process to extend the procedure's efficacy so that the object performs at its absolute best when molded and after that utilised. Plastic additives may also be utilized to modify the physical and chemical qualities of the polymer in an attempt to create plastic as demanded for a particular purpose.

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Historic Market Outlook for Asia Pacific Plastic Additives Market

The analysis of Plastic Additives Market demand from 2017 to 2021 showed a historical growth rate of less than 4.3% CAGR, with the general expansion of the e-commerce, mobile, automotive, plastic industry due to an increase in consumer income, urbanization as well a growing population.

The COVID-19 pandemic first caused recessionary downturns that temporarily dashed growth expectations through fewer industrial manufacturer sales, retail closings, production cycle interruptions, and stringent regulations.

However, since infection curves have flattened from 2022, industrial production activity in important markets has restarted. As a result, FMI’s Asia Pacific Plastic Additives Market demand projection predicts a CAGR of 4.9% by 2032. Additionally, it is employed in many different fields, including packaging, construction, automotive, consumer goods industries, and utilized in several other industries across the Asia Pacific.

What are the Various Factors Driving the Asia Pacific Plastic Additives Market?

Due to the large number of manufacturers in the area, Asia Pacific is expected to account for a significant portion of the market share. With approximately 30% of the world's production, China is one of the biggest manufacturers of plastics and polymers. The nation is a global leader in the production of affordable, lightweight consumer products. Currently, plastic is one of the main materials used for packaging, and the packaging industry is expanding throughout Asia-Pacific.

The online economy is rapidly expanding, which is contributing to the enlargement of the local packaging industry, which in turn is being a catalyst for the expansion in the local economy. Also, when customer demands increase, they dramatically increase their spending on household furniture, home accessories, and more luxurious goods. Thus, leading to increased demand for plastics and plastic additives.

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Which Factors May Hinder the Asia Pacific Plastic Additives Market Growth?

Among the most commonly used plasticizers, phthalates increase the transparency, flexibility, and durability of materials. They are largely used to melt PVC and as additives because of lower costs. However, phthalates may have various negative impacts on human health and the environment. From July 2022, all of India will be prohibited from manufacturing, importing, stocking, distributing, selling, and using certain single-use plastic goods that have been classified as having a high potential for littering and poor utility.

Increased research and development activities by market players aiming to develop advanced and diversified product portfolios may provide new opportunities for the growth of the Plastic Additives market.

What are the Sales Prospects of Natural Asia Pacific Plastic Additives Market in the forecast period?

Over the past few decades, there has been growing consumer demand for packaging that can only meet the highest food quality standards. This is driving market demand and contributing to higher market growth for packaging items such as food-grade plastic. Another influential factor contributing to market growth is the growth of the e-commerce industry worldwide.

As plastic production techniques become more advanced, automobile parts and other products and materials are created with increasingly less weight and at lower cost. The increasing demand for automotive products, packaging and building industries, as well as consumers' growing interest in commodities of lasting value will boost the usage of plastic additives.

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What is the size of the market share for Country-wise Analysis of Plastic Additives?

The Asia pacific region anticipated with 51% of global plastic market. China will dominant the overall Asia pacific region with more than 31% of value share from the Asia Pacific region. Japan is anticipated with 11% of value share from Asia pacific region.

Moreover, Implementation of government regulations that limit use of plastics is expected to act as one of the major restraints of plastic demand in the Asia Pacific region. Increased investments in manufacturing activities in developing countries like India are expected to boost the demand for plastic additives in the upcoming forecast period. Also, increasing consumption of packaged items, light weight products is expected to boost market growth in the region.

Market Competition

Key players operating in the Asia Pacific Plastic Additives Market include

The plastics additives market is highly concentrated, with only a few large companies being responsible for market leadership. The primary business strategies employed by the market leaders in the retail, automotive, packaging and plastic additives industries include product development and mergers and acquisitions.

They also engage in partnerships and collaborations while obtaining regulatory permissions. Some instances of such developments are cited below

  • The resin and functional material businesses, as well as the production of additives, advanced solar coating, and the Niaga innovation project, were all bought by Covestro in September 2020 from Koninklije DSM N.V.
  • BASF, introduced a bio based plasticizer based on renewable raw materials in April 2021 with the aim of reducing carbon footprint.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 4.9% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in US$ Billion, Volume in Tons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Product Type
  • Application
  • Plastic Type
  • Country

Regions Covered

  • Asia & Pacific

Key Countries Covered

  • China
  • India
  • Japan
  • ASEAN
  • Oceania

Key Companies Profiled

  • BASF SE
  • Mitsui Chemicals
  • Clariant AG
  • Albemarle Corporation
  • Songwon Industrial Co., Ltd
  • Nouryon
  • LANXESS AG
  • Evonik Industries AG
  • Kaneka Corporation
  • Dow
  • SABIC
  • Exxonmobil
  • Badische Anilin- und SodaFabrik SE
  • Others

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Key Segments Profiled in the Asia Pacific Plastic Additives Market

By Product Type, Asia Pacific Plastic Additives Market is segmented as:

  • Plasticizers
  • Stabilizers
  • Flame Retardants
  • Impact Modifiers
  • Fillers and Thickeners
  • Nucleating Agents
  • Antioxidants
  • Others

By Application, Asia Pacific Plastic Additives Market is segmented as:

  • Packaging
  • Consumer Goods
  • Construction
  • Automotive
  • Others

By Plastic Type, Asia Pacific Plastic Additives Market is segmented as:

  • Polyethylene
  • Polypropylene
  • Ethylene Vinyl Acetate
  • PVC
  • Polystyrene
  • Polyethylene Terephthalate
  • Engineering Plastic
  • Thermosets
  • Others

By Region, Plastic Additives Market is segmented as:

  • Asia & Pacific

Frequently Asked Questions

In 2021, the value of the Asia Pacific Plastic Additives market reached over US$ 20.7 Bn.

During the forecast period, the Asia Pacific Plastic Additives market is estimated to expand at a CAGR of 4.1% during 2022-2032.

The Asia Pacific Plastic Additives market is projected to reach US$ 34.9 Bn by the end of 2032.

China is projected to lead the Asia Pacific Plastic Additives market in the forecast period.

The key players operating in the Asia Pacific Plastic Additives are BASF SE, Mitsui Chemicals, Clariant AG, Albemarle Corporation, Songwon Industrial Co., Ltd, Nouryon, LANXESS AG, Evonik Industries AG and Others

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Nikhil Kaitwade
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Asia Pacific Plastic Additives Market