What is Plastic additives?
Plastic additives are chemicals used to polymerize, treat, or modify the end-use properties of plastics. Plastic additives are stabilizers or anti-oxidant which reduce the deterioration of the plastic and help to extend the durability of the final product. Plastics are used in each and every sector including FMCG, construction, textile, automobile, packaging, electronics, and industrial equipment. Hence additives in the plastics are very must for the longer shelf life of the product. Additives used with plastics are masterbatches, fillers, flame retardants, plasticizers, softeners, extenders, anti-aging additives, colorants, blowing agents, and degradants. Increasing demand for FMCG, automobile, construction, and other industries is likely to drive the Plastics Additives market.
Here are some of the driving factors that are increasing opportunities for the Plastics Additives market growth:
Growing demand for plastic in the end-use industry:
According to the Statista Research Department, global plastics production was estimated at 390.7 million metric tons in 2021, an annual increase of four percent. This shows the growing demand for plastics by end-use industries. The use of plastics is maximum for the packaging industry. Increasing demand for fast-moving consumer goods is likely to boost the plastics market. The plastics are used in large amounts by FMCG, construction, textile, automobile, packaging, electronics, and industrial equipment. Hence increasing the use of plastics by end-use industries will drive the Plastics Additives for raising the safety, shelf-life, and durability of products.
Growing e-commerce sector across the world:
Every day we are moving one step closer to the convenient future. Each and everything is made available at our doorstep by e-commerce. According to the India Brand Equity Foundation, India’s e-commerce market is expected to reach US$ 111 billion by 2024. Hence the growth of the e-commerce industry will increase the demand of the packaging industry. As the packaging industry will grow, the demand for the Plastic Additive market will ultimately increase. Hence growing the e-commerce sector worldwide will drive the Plastic Additive market in the upcoming years.
Here are some of the restraining factors for Plastics Additives market growth:
Harmful effect of plastics on the environment:
Plastics are bio-degradable in nature which decreases soil fertility. The consumption of improperly disposed plastic bags causes ill effects and even death of animals as well as marine species. The waste from the plastic manufacturing industry is thrown in the water resources which causes water pollution. The toxins like phthalates and bisphenols released after plastic burning increase heart diseases, and disrupt neurodevelopment and reproductive function. To reduce plastic pollution, The Plastic Waste Management (Amendment) Rules, 2022, came into effect on July 1, 2022. The rule banned the nationwide manufacture, import, stocking, distribution, and sale of plastic and also bans the use of specific single-use plastic items that have low utility and high littering potential. Hence declining use of plastics hindered the Plastic Additive market. Reducing, reusing, and recycling will again boost the plastic demand and ultimately drive the Plastic Additive market.
Conclusion:
Plastic additives extend the lifespan of the products. LANXESS, Interface Polymers Ltd., Polytives, Wacker Chemie AG, MCC, Addivant, Clariant AG, and BASF SE are some of the key players in the Plastics Additive market. Growing demand for plastic in end-use industries like FMCG, construction, textile, automobile, packaging, and electronics and also the growing e-commerce sector across the world will drive the Plastic Additive market.
Author's Detail:
Manoj Phagare /
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Manoj Phagare is a dynamic and results-driven research analyst with a passion for transforming raw data into actionable insights. Armed with a solid foundation in market research and data analysis and working in various domains including chemical & materials and paints & coatings. He thrive on the challenge of uncovering patterns, trends, and opportunities that drive strategic decision-making.His analytical mindset, coupled with effective communication skills, allows him to bridge the gap between data analysis and practical business applications.
In his current role, Manoj is a key player in market research and competitive analysis. He have a proven track record of synthesizing disparate data sources, employing statistical models, and delivering comprehensive insights. He have played a pivotal role in shaping evidence-based strategies that fueled the success of key business initiatives and Collaborating with cross-functional teams.Manoj remains an invaluable asset in the dynamic landscape of market research.
