Specialty Plastic Additive Market - Forecast(2023 - 2028)
Specialty Plastic Additive Market Overview
- Asia-Pacific is the fastest-growing region for specialty plastic additive market.
- Replacement of conventional materials by plastics in several applications.
- Increasing performance requirements across various applications are accelerating the adoption of specialty plastic additive in both automotive and aerospace industries.
Specialty Plastic Additive Market Segment Analysis - By Type
Plasticizers segment held a significant share in specialty plastic additive market in 2019. On the basis of type, plasticizers account for a major share of the plastic additives market as it is extensively used to process polymers and are less expensive than other additives. They are usually combined with PVC or other polymers to impart unique physical and technological properties for use in various applications such as cable jacketing, floor & wall coverings, and coating fabrics.
On the basis of types of plastic, commodity plastic dominates the consumption of plastic additives. Commodity plastics include polyethylene, polypropylene, polystyrene, Polyvinyl chloride, polymethyl methacrylate, and others. These are used to impart specific resin properties to processed polymers. Polyethylene products are mostly used in various end-use applications such as packaging bags, general plastic films, medical packaging, mulch films, green house & tunnel films, and pipes
Specialty Plastic Additive Market Segment Analysis - By Application
Polyvinyl chloride segment held a significant share in specialty plastic additive market in 2019. Due to its versatile nature, PVC is used extensively across a broad range of industrial, technical and everyday applications including widespread use in building, transport, packaging, electrical/electronic and healthcare applications. PVC is a very durable and long-lasting material which can be used in a variety of applications, either rigid or flexible. In addition, phthalates are used in other non-PVC applications such as paints, rubber products, adhesives and some cosmetics. PVC has excellent electrical insulation properties, making it ideal for cabling applications. Its good impact strength and weatherproof attributes make it ideal for construction products.
The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics.
Specialty Plastic Additive Market Segment Analysis - By End-User Industry
Specialty Plastic Additive Market Segment Analysis - Geography
Specialty Plastic Additive Market Drivers
Excess usage of plastic products
The increase in cost of natural metal ore is shifting the trend of metal product to plastic products. Plasticizers in such cases are providing effective platform to plastic industries through their flexible properties. In addition, increasing awareness for the conservation of limited resources and other environmental factors such as forest protection has reduced and replaced the wooden products to plastic products. This increase in usage of plastic products has increased the demand for the specialty plastic additives that are used in the manufacturing of end user plastic products. These products are replaced by the plastic products that are widely used as raw materials in automotive, construction, industrial manufacturing equipment, and mechanical engineering.
The commercial usage of plastic is exponentially increasing due to its lower prices, high performance and higher durability. The global market for specialty plastic additive also got the necessary boost with this increase in application of plastics as these additives provide different type of plastics that replaces the conventional materials. Thus, excess usage of plastic product is positively influencing the specialty plastic additive market and expected to have a greater impact in the future.
Specialty Plastic Additive Market Challenges
Product Launch/ Acquisition
- In June 2016, Lanxess AG introduced Stabaxol P 110, a new hydrolysis stabilizer. It has high performance when used in thermoplastics such as PET and PBT. With the addition of this product the company has increased its offering for hydrolysis stabilizers for various applications such as engineering injection molding, cable sheathing, and paper machine screens.
- In June 2016, Songwon Industrial Co. Ltd. introduced SONGXTEND 2124, a stabilizer solution for the automotive industry. With this addition, the company has increased its offering for unfilled, talc, and glass-filled polypropylene (PP).
- In May 2016, Evonik Industries AG (Germany) acquired the specialty & coating additive business of Air Products and Chemicals, Inc. (U.S.). The acquisition has helped the company to strengthen its position in the market for specialty & coating additives.