Comparing 20 vendors in Plastic Additives across 27 criteria.
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The Plastic Additives Companies quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Plastic Additives. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 70 Plastic Additives companies of which the Top 20 Plastic Additives Companies were categorised and recognized as the quadrant leaders.
According to the British Plastic Federation, all plastic products are made from the essential polymer mixed with a complex blend of materials known collectively as additives. These additives make plastics safer, cleaner, tougher, and more colourful. Plastic additives are ingredients that are added to polymers to improve their strength, durability, and heat sensitivity. They are added to enhance the processability, performance, or appearance of the polymer.
The 360 Quadrant efficiently maps the Plastic Additives companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Plastic Additives quadrant. The top criteria for product footprint evaluation included Type (Plasticizers, Stabilizers, Flame Retardants, and Impact Modifiers), Plastic Type (Commodity, Engineering and High-Performance) and Application.
Key trends highlighted in 360 Quadrants:
- The global Plastic Additives Market was valued at USD 48.13 billion in 2022 and is projected to reach USD 59.92 billion by 2027 growing at a CAGR of 5.6% from 2022 to 2026.
- Based on type, the plasticizers segment accounted for the largest share (nearly 45%) of the plastic additives market in 2022. The plasticizers segment is expected to grow due to increasing environmental restrictions and awareness. Plastic Additives companies are therefore expanding of the plasticizers category in the global market for plastic additives is driven by the production of several items including film and sheets, wire and cables, and bottles.
- In terms of plastic type, with a CAGR of 5.79% in terms of value from 2021 to 2026, commodity plastic is the largest and the fastest-growing category in the total plastic additives market. The widespread use of commodity plastic in a variety of applications, including carrier bags, PET bottles, caps and closures, medical equipment and packaging, and others, is responsible for this significant increase.
- Plastic Additives companies launch various types of plastics such as commodity plastics, engineering plastics and high-performance plastics. Commodity Plastics has been the fastest-growing market, accounting for 60% of the plastic additives market, followed by engineering plastic with a 23% share.
- The growth of the plastic additives market is attributed to the increase in demand for tougher, more durable, and more flexible plastic products and used in various applications such as plastic bags and sheets, plastic wraps, toys, lids and pipes.
- The packaging segments of the plastic additives market are anticipated to expand rapidly over the course of the forecast period. The global market for plastic additives is dominated by APAC. The region's plastic additives industry is driven by expanding consumer goods and packaging sectors. During the projected period, the demand for plastic additives in developing nations like India, Mexico, and Brazil is anticipated to increase due to the rising per capita consumption of plastics. Due to the widespread shift of manufacturing activity to low-cost nations in the APAC area, India and China are important marketplaces.
- Plastic Additives companies like BASF, Dow, Evonik, Lanxess, Clariant and Kaneka are the key market players and have undertaken various development strategies pertaining to the plastic additives market, where the cumulative share of these plastic additives companies was between 25 to 35% share in the plastic additives market.
- Some plastic additives companies are deploying different strategies to win the plastic additives market. For Instance, Dow Chemical mostly focused on the Americas and BASF, Evonik, and Lanxess are focused on Europe.
- Leading plastic additives companies adopted new product launches as the key growth strategy, along with expansions and acquisitions. In May 2023, Evonik introduced the TEGO Cycle additives line. In order to assist its clients in streamlining processes and raising the final quality of recycled plastics, Evonik has introduced a wide variety of additives under the trade name TEGO Cycle.
- Other leading plastic additives companies such as Clariant, Avient and others have also been actively involved in strategic growth activities to strengthen their footprint in the market. For instance, in October 2022, Clariant launched new additives at K 2022 to support plastics sustainable evolution.
- The replacement of conventional materials with plastic and the increasing use of plastic day by day is increasing the demand for plastic products. Plastic Additives companies are now offering options with several superior characteristics such as thermal protection, long-term durability, and maintenance of the integrity of products.
- Increasing demand for non-phthalates plasticizers due to rising environmental awareness and regulations, plastic additives companies are inclining towards adopting market trends. Some of the potential trends that might dominate the market in the near future include automotive and high-end applications that make up the majority of uses for high-performance polymers. High-performance polymers are used to create pricey plastic items with exceptional mechanical strength, chemical stability, and temperature stability. Plastic Additives companies are now rigorously putting efforts into exploring and innovating products based on these trends.
- Plastic Additives companies are now putting a lot of effort into finding ways to lower costs for common disposable items and durable products. In September 2021, IrgaCycle, a new line of additive solutions from BASF, was introduced to meet the urgent needs in plastics recycling. While dealing with rising consumer concerns and stricter regulatory requirements to limit plastic waste, the plastics sector is looking for ways to incorporate a higher amount of recycled polymeric material in all major applications.
The Full List
|Company||Headquarters||Year Founded||Holding Type|
|Astra Polymers||Dammam, Saudi Arabia||1993||Private|
|Avient||Avon Lake, USA||2000||Private|
|PMC||Mount Laurel, USA||1994||Private|
|Songwon||Ulsan, South Korea||1965||Private|