In 2014, Plastic additives market was valued over 13 million tons. Usage of plastic additives has increased for varied function such as extenders, stabilizers, processing aids and property modifiers in industrial applications.
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Additives like impact modifiers, antimicrobials, UV stabilizers, antioxidants and plasticizers are majorly utilized in compound formulations to enhance the physical and chemical properties. Increasing economic activity and increasing industrial output in developing markets of South America& Asia is likely to boost the overall market over the coming years.
The overall market is distinguished by stringent environmental regulations coupled with unpredictable raw material prices for manufacturing UV stabilizers, manufacturing plasticizers and other additives.
Based on function, the worldwide market has been segregated into processing aids, property extenders, property stabilizers and property modifiers. Property stabilizers led the market in 2014, contributing around 36% of the global market share.
Property stabilizers are mostly used to augment firmness in terms of chemical bonding, physical and thermal properties .This segment is estimated to contribute over USD 4,300 million by 2022 at a growing CAGR over 4% from 2015 to 2022.
Rising application to improve plastic extrusion ability will help processing aids to reach maximum volume expansion over the coming years. Manufacturers favor these aids to enhance superiority and output of pipes, PE films, tubs and other finished products. It will extremely influence processing aids demand over the coming years.
Antioxidants, plasticizers, UV stabilizers, impact modifiers and antimicrobials are the product used in plastic additives market. In 2014, plasticizers led the product segment contributing over 51% of the worldwide market volume. This product segment is likely to undergo moderate growth due to decreasing market share.
Middle East, North America, Asia Pacific and Europe are the regional market studied in the report. In 2014, Asia pacific contributed around USD 15,700 and is expected to grow at CAGR over 4% during 2015 to 2022.Growing economic growth and industrial output in regions like China, India and Malaysia and Indonesia is projected to boost regional demand over the coming years.
Mitsui Chemical, Biesterfield Plastic GmbH, DuPont, BASF SE and The Dow Chemical Company are the leading players in global plastic additives market.
Information Source: Radiants Insights