Plastic additives market set to reach USD 66.6 billion
According to research by Future Market Insights (FMI), the plastic additives market will grow at 4.6% CAGR through 2032 amid surging demand from the packaging sector.
22 Jul 2022 | By Aultrin Vijay
The global market of plastic additives will reach a value of USD 66.6 billion by 2032, expanding at a 4.6% CAGR over the forecast period, a study by FMI has found. “Significant production volume of plastic all over the globe is driving sales of plastic additives to improve the quality and functionality of different materials,” the study found.
According to the research, expansion in the building and construction sector, rising electric vehicle production, and ongoing development in the packaging sector will augment the growth in the market. Surging demand for polyethylene, polypropylene, polyvinyl chloride, and other types of plastic for packaging applications will push sales of the plastic additives market.
With increasing investment by prominent players across emerging countries, rising inflow of foreign direct investment in the automotive and packaging sectors will bode well for the growth in the market over the forecast period, the research identified.
“Growing demand for packaging materials for various applications, along with increasing production of specialty chemicals across the globe will drive sales in the market in the forthcoming years,” an FMI analyst told WhatPackaging?.
Additionally, the study also found that by product type, the plasticiser segment is expected to account for about 31.6% of the overall market share. Based on the plastic type, the polyethylene and polypropylene segment is expected to account for more than 48% of the overall consumption.
In terms of end use, sales in the packaging segment will increase at a 4.9% CAGR over the assessment period. Also, India is set to emerge as a lucrative pocket in South Asia plastic additives market, accounting for 2/5th of the total market share. Sales in the China plastic additives market is also expected to gain traction at a 5.3% CAGR over the assessment period.