[FURL=https://www.industryarc.com/Research/Plastic-Color-Concentrates-Market-Research-502870?utm_source=briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Plastic Color Concentrates Market[/FURL] size is forecast to reach $7.5 billion by 2026, after growing at a CAGR of 5.4% during 2021-2026. Globally, the increasing usage of solid masterbatches and liquid concentrates for improved colour dispersion and rapid colour development in the polymeric resins have raised the growth of the market. The increasing use of plastic color concentrates in the automotive industry, to meet economic and environmental needs by lowering vehicle weight and thereby ensuring fuel efficiency, is anticipated to create new opportunities for the growth of the plastic color concentrates industry in the forecast era. Furthermore, stringent regulations regarding plastic usage and challenges faced by companies in recycling of plastics is anticipated to hinder the growth of the market over the forecast period.Key Takeaways
Rising demand for plastic packaging in the emerging economies of Asia Pacific region such as China, India, Japan, and South Korea is estimated to drive the growth of the market.
Increasing usage of plastic color concentrates make automobiles more resistant to harsh environmental conditions, as well as more appealing and robust. Thus, due to such it is increasingly being used in the automotive industry.
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Plastic Color Concentrates Market Segment Analysis - Geography
Asia Pacific held the largest share with 35% in the plastic color concentrates market in 2020.Growing demand for plastic color concentrates in the form of solid masterbatches and liquid concentrates from various end use industries such as building and construction, automotive, packaging, and others. Also, rise in consumption of packaged food products in various Asia Pacific countries has raised the demand for packaging which has further drives the plastic color concentrates market growth. According to the India Brand Equity Foundation, domestic car production in India increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic car sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20.
Plastic Color Concentrates Market Drivers
Increasing Use of Plastic Color Concentrates in the Packaging Industry will Drive the Market Growth
Rising Demand for Bioplastics will Drive the Market Growth
Plastic color concentrates market top 10 companies are Clariant, BASF SE, Plastics Color Corporation, A. Schulman, Inc. (LyondellBasell Industries Holdings B.V.), Ampacet Corporation, Cabot Corporation, PolyOne Corporation, Colortech Inc., Penn Color Inc., and Mexichem Specialty Compounds Inc. among others.
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