[FURL=https://www.industryarc.com/Report/11654/plastic-additives-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Plastic Additive Market [/FURL] size is forecast to reach $60.5 billion by 2026, after growing at a CAGR of 5.1% during 2021-2026. Plastic additives are ingredients that are added in the polymers to improve the strength, durability, heat sensitivity, to enhance process-ability, and appearance of the polymer. Due to increase in demand for electric vehicles especially in the APAC region, is boosting the demand for the plastic additive market as they are used in automobile components. Furthermore, increase in population have boosted the demand for residential building and need for consumer durable goods further drive the growth of plastic additives market size. Whereas, owing to the stringent environment norms, there is a growing demand of conventional and biodegradable plastics in several industrial applications, which in turn also drive the growth of plastic additive market share during the forecasted period.Key Take away
In North America region, the US dominate the market throughout the forecast period due to high demand from the automotive and packaging industries.
Increasing demand for plastics components due to rapid urbanization and rising purchasing power among consumers further boost the markets growth.
The rapid industrialization across the all the economies is one of the key factors driving the growth of the market.
Furthermore, the change in the application of conventional materials for the production of consumer goods and various textiles, agricultural, and medical products will also provide a boost to the market.
Volatile crude oil prices and emergence of COVID-19 acts as a restraining factor to the growth of this market.
Segment Analysis
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Plastic Additive Market Drivers
Replacement of Conventional Plastic with Eco Friendly Plastic
Growing awareness about the impact of chemicals on the environment and ecosystem has propelled the demand for eco-friendly plastic. Moreover, the stringent regulation regarding plastic uses from the Europe and North America region further pushed the manufacturers to develop environmentally friendly additives such as starch, bioaugmentation, and Pro-oxidant for plastic products.
Developing Urbanization drive the demand for plastic
According to UN report, around 55% of global population resides in urban areas, and is expected to increase to 68% by 2050.
Plastic Additives Market are PMC Group, Inc., E.I. DuPont de Nemours, Solvay SA, ExxonMobil Chemical, Biesterfield Plastic GmbH., Chemtura Corp., Amfine Chemical Corp, BASF SE, Croda International PLC, Songwon Industrial Co. Ltd., Albemarle Corp., Clariant AG, Evonik Industries AG, and Forecast 3D (GKN Powder)
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