Global Plastic Additives Market is poised to expand considerably through 2032 owing to the surging demand for convenience food which is in turn propelling the preference for food-grade plastic deployed for packaging.
The packaged food business has expanded significantly in recent years because of the consumers’ quick move to packaged food consumption as a consequence of changing lifestyles and globalization. As per reports, the consumption of packaged foods in the United States is 31% more than that of fresh foods.
Major players in the industry are focusing on building on their corporate social responsibility by deploying sustainable packaging. Moreover, companies are investing in new product development that can help lower the environmental impact. For instance, in April 2021, BASF launched a biobased plasticizer centered on sustainable raw materials with the purpose of reducing its carbon footprint.
The plastic additives market has been divided in terms of end-use, type, plastic, and region.
Based on end-use, the construction segment is estimated to grow at 4.5% CAGR from 2023 to 2032. Antioxidants and stabilizers used in plastic components are proceeding to replace traditional construction materials such as wood and metal, which is changing the need for the construction and building industry. Antioxidants and stabilizers additives offer advantages such as simple manufacture, increased durability, low cost, and simple installation.
With respect to type, the stabilizers segment is expected to expand through the review years. All phases of the polymer life cycle involve the usage of stabilizers. Plastics call for stabilization to stop them from degrading when exposed to heat, cold, and ultraviolet light. They enable faster production with fewer flaws of plastic products, fueling the plastic additive stabilizers business over the years.
In terms of plastic, the polystyrene segment is set to depict 4% CAGR from 2023 to 2032 due to its ability to speed up the biodegradation of plastic by including hydrophilic elements into the polymer chain.
From the regional front, the North America plastic additives market is anticipated to grow substantially over the next 10 years, driven by the rising demand for plastic packaging in construction, aerospace, food and drinks, as well as military sectors. Plasticizers, UV stabilizers, flame retardants, along with other additives are anticipated to be in high demand from developed countries including the U.K., U.S., France, and Germany.