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Plastic Additives Market to showcase significant growth via packaging sector

Author : Ronak Bora | Published Date : 2019-04-16 

Global Market Insights, Inc. newly added the Plastic Additives Market Report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.

Packaging sector accounted for a major market share in plastic additives market in 2017 and is likely to continue to do so in the coming years. Packaging is widely used for household and industrial purposes. Globalization and change in lifestyle have triggered the product demand in packaging industry. Increasing plastic use in consumer goods shall propel the plastic additive market growth in near future. Commercialization of automobile industry and increasing plastic additives applications in construction sector may fuel the plastic additive market growth during the forecast timespan.

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Global Plastic Additives Market size shall grow with prominent CAGR over the forecast timeframe. Plastic additives are the substances which are added in polymer reaction or chemical process. These additives help to improve the polymer characteristics such as shine, strength, heat sensitivity and durability. Decrease in mineral ore sources has raised the metal equipment cost, which has triggered the plastic applications to replace metal equipment. The low cost of plastic and properties similar to metal shall fuel plastic additives market growth rate in the coming years.

The plastic additives market is primarily driven by growing plastic consumption across the globe which is directly influenced by rising applications and increasing disposable income of consumers especially in developing economies. Growing packaging industry and increasing product usage in medical and agriculture sector are anticipated to increase plastic additives consumption globally. The potential to modify polymers by using plastic additives has allowed the packaging industry to produce stronger and better materials, for instance, molded containers, films and cushioning. Shifting consumer preferences to plastic product due to its low cost and high durability is another factor which is likely to increase plastic additives consumption in the coming years. However, the stringent environmental regulations and growing awareness about hazardousness of plastic shall hamper the product demand over the forecast timespan. Oscillating raw material prices was another factor which hindered the product demand in last few years.

The plastic additive market in Asia Pacific has shown good growth despite of global recession and is further anticipated to grow in future. The plastic additive market in economies including China and India is showing great opportunities for investors due to cost competitive labor and high domestic consumption. The plastic additives demand in China and India has been growing in electronic, automobile, construction equipment, and toy industry.

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Plastic additives market is highly fragmented and major international players are operating in the industry which includes, BASF SE, Clariant AG, Bayer AG, Songwon Industries Co., Ltd, DowDuPont, Albemarle Corporation, Evonik Industries AG, Kaneka Corporation, Lanxess, Sabik Imprint, Exxon Mobil Corporation, Mitsui Chemicals, Inc. and Biesterfield Plastic GmbH.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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