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.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
Find your sweet spots for generating winning opportunities in this market.
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.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
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
Customization & Pricing
Available upon Request
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
- Request for Table of Contents -
Complete the form below and we'll get back to you shortly
