By 2032, it is anticipated that the Asia Pacific Plastic Additives Market would be worth $34.9 billion. expanding demand from a variety of end-use industries, such as the pharmaceutical, cosmetics, food & beverage, and industrial manufacturing industries.
The Asia Pacific Plastic Additives market is anticipated to reach a value of US$ 21.6 billion in 2022 and expand at a CAGR of 4.9% from 2022 to 2032, according to FMI.
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What are the Various Factors Driving the Asia Pacific Plastic Additives Market?
Asia Pacific is predicted to account for a substantial chunk of the market share due to the huge number of manufacturers in the region. China is a major producer of plastics and polymers, accounting for around 30% of global output. The country is a global leader in the development of low-cost, lightweight consumer goods. Plastic is currently one of the most often used packaging materials, and the packaging business is booming throughout Asia-Pacific.
The internet economy is fast developing, which is contributing to the rise of the local packaging business, which is acting as a stimulus for local economic growth. Furthermore, when client demand rises, so does their expenditure on domestic furnishings, home accessories, and more premium goods.
Market Competition
Key players operating in the Asia Pacific Plastic Additives Market include
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
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.
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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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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