A consistent surge in disposable income of the working class, coupled with a growing demand for packaging in maintaining proper functionality of supply chain management system are together driving the global color masterbatch market, according to a market intelligence report published by polymer industry experts at IndustryARC. According to the analyst, textile industry is a leading segment and will increment with an outstanding compound annual growth rate (CAGR) of 17.1% during the forecast period of 2018-2023. In the year 2023, the market revenue that is estimated to be obtained from this segment will be $677.39 million.
The report is titled as, ‘Color Masterbatches Market: By Type (Color, White, Black, Special Effect, Filler); By Carrier Resins (Polyethylene, Polystyrene, Acrylonitrile Butadiene Styrene, Ethylene-Vinyl Acetate, Polypropylene, Polybutylene Terephthalate, Polyvinyl chloride, Acrylate Copolymers, Ethylene Methyl Acrylate); By Process (Blow Molding, Film Extrusion, Injection Molding, Pipe, Conducit &Tubing, Extrusion Coating, Sheet and Thermoforming, Wire and Cable and Rotational Molding); By End-User (Automotive, Medicine Packaging, F&B Packaging, Building & Construction, Consumer Goods, Textiles, Agriculture) Geography - Forecast (2018-2023)’ In this report, polymer analysts have explained the color masterbatch market through various aspects including disruptive trends, global opportunities, market entropy, and geographical analysis.
Global Color Masterbatch Market: Leading Segments
Asia Pacific is currently the largest producer of automobiles in the world. Countries such as China and Japan have been exceedingly involved in the rapid production of the automotive industry, especially with the advent of factory automation. With such a massive scale of manufacturing occurring in this region, increased transportation of goods to convenient and wholesale stores, as well as warehouses is inadvertent. Due to plastic’s lightweight characteristics, it is the primary choice for packaging, thereby colossally impacting demand of color masterbatch in this region. Automotive industry has also embraced liquid color because plastic based color tends to protect the vehicle in harsh environments and maintains the aesthetic appearance of a vehicle. This factor coupled with plastic color’s ability to protect from corrosion while driving has increased production and sales of color masterbatch. According to the analyst, in the year 2018, color masterbatch market revenue in APAC region stood at $3489.7 million.
Color Masterbatch Market Analysis and Disruptive Trends
Key market players operating in the market of color masterbatch have increasingly spent the last few years on research and development of the product. As per the report, BASF, one of the most important companies have spent a whopping $2.1 billion across all its divisions to increase organic growth. In the same way, market players have engaged in mergers and acquisitions to strengthen their relationships and collectively contribute to the growth of this market. Two of the major driving forces of the market have been increased consumption of plastics around the world, and low cost production of packaging material especially for the food and beverage industry.
Major Disruptive Trend
Bioplastics are essentially plastics or polymers that have been obtained from organic sources such as woodchips, corn starch, food waste, fats and oils procured from vegetables, etc. These plastics are also the ones obtained after recycling already used plastics, thus conserving the environment. Due to plastic waste having accumulated beyond the possibility of recycling, bio polymers demand is contributing noticeably to the global color masterbatch market.
Global Color Masterbatch Market: Competitive Landscape
According to IndustryARC analysts, many key market players have contributed to the recent developments in the color masterbatch market including BASF SE, Tosaf Compounds Ltd., Cabot Corporation, PolyOne Corporation, Ampacet Corporation, Polyplast Muller GmbH, Milliken & Company Inc., Plastika Kritis S.A., A. Schulman, Inc., and Clariant AG. All these companies after experience a rather sluggish growth in the color masterbatch market have resorted to investing time and resources in bio polymers which has helped the market in retaining back its growth and progressing at a fast pace.
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