Mumbai, India – May 21, 2014 - Estimated at 12.6 million tons in 2013, the plastic additives market is forecasted to reach 17.1 million tons by 2020. This will mean that the industry will be growing at a CAGR of 4.4% during the 2013-2020 phase.
Fuelling this growth is the decreasing amounts of mineral ore that have moreover increased the prices of metal equipment. This further boosted the use of plastics wherever it is possible. The other aspects that are driving this growth are the low cost of the plastic equipment and properties that match with metal equipment. Leading to higher adoption of plastics in a wide range of applications, the auxiliary market – plastic additives industry is also on the rise. These additives are added to plastics to enhance their quality.
However, despite the rapid replacement of metals by plastics, the growth of plastic additive market has been dampened by the strict government regulations that exist for certain additives like the chlorinated flame retardants. It is already banned in Canada, European Union and US. Other than this, companies also face legal suits in the form of patent imitation, commercial applications of the banned product, etc.
The manufacturers are however, currently eyeing the emerging economies mainly due to various economic advantages. The Asia Pacific is the biggest revenue generating region mainly due to cheap labor and low cost of raw materials. Africa is another such country. Furthermore, the increase in the consumption of plastic products and the recent awareness about the depletion of mineral ores are some factors that are propelling growth in these regions.
The plastic additives market can be categorized into flame-retardants, impact modifiers, anti-microbial, UV stabilizers and plasticizers. Currently, the plasticizers are ruling the segment. Valued at USD 21.4 billion in 2013, this market segment is expected to grow very fast because of its vast applications in manufacturing various plastic products. The flame retardant plastic additives and the anti-microbial additives closely follow this segment.
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