Due to the growing population, rapid urbanization, and rising middle-class incomes, APAC countries will witness robust demand for plastic additives from end markets.
Plastics have become an inseparable part of modern lifestyle since their inception. To make plastics usable and to increase their processability, plastic additives are required to modify polymer resin. This helps in enhancing several characteristics that manifold the value of plastic materials. Various types of additives such as flame retardants, heat stabilizers, lubricants, and slip additives, blowing agents, antistatic agents, antioxidants, and light stabilizers are used for the modification of polymer resins.
Due to the growing population, rapid urbanization, and rising middle-class incomes, APAC countries will witness robust demand for plastic additives from end markets. Thus, vendors should keep their focus on emerging countries in coming years to find opportunities and thrive. The global plastic additives market is expected to reach USD 38.77 billion by 2026, growing at a CAGR of 5.24%. To increase the innovative applications and for bioplastics, there will be heavy investments in the research and development of plastic additives during the forecast period. Thus, their growth is expected to remain stable and rising.
Rising demand for biobased adhesives
Various regulations for low VOCs adhesives and toxic elements in plastics have made it a necessity for vendors and manufacturers to invest in bio-based plastics. Plasticizers are one of the most common and preferred functional bio-based additives that improve the properties of plastics. The major end-users of plastics that employ these additives include packaging, electronics, automotive, and construction. The rising awareness of the use of non-environmental products is expected to strengthen the demand for green and bio-based plastic additives through the years.
Due to rigorous research and development, bioplastics have become more enhanced in their applications and now be easily employed for even manufacturing aerospace parts for extreme environments beyond the initial plain packaging applications. Due to their pivotal role in developing a sustainable and circular economy, this sector has gained popularity in recent years. In the future, the use of bioplastics will be essential to reduce greenhouse gas emissions and will also help reduce the dependence on fossil fuels.
A Word for Vendors
As the adhesives and sealants market is highly diversified, a resilient and innovative business model will enable competitors to witness considerable growth. The impact of COVID-19 on the market cannot be neglected as it altered the market dynamics, which will last until a few quarters from now. Companies are focusing on various business strategies, such as investing in new products and their research and development, partnerships & mutual agreements, acquisitions, and strategic expansions, to expand their global footprint.
To tackle the environmental challenges and to survive several regulations that will be in place soon, OEMs have been focusing on zero waste initiatives, recycling plastics, and product developments. This has been followed by the introduction of eco-friendly additives and resins in production facilities. Best practices such as the incorporation of bio-resins that are obtained from plant/vegetable or renewable extracts have dropped global carbon footprint, safe disposal of waste plastic material, and energy-efficient manufacturing. Key vendors in the plastic additives market are Songwon, Clariant, Evonik, BASF, Kaneka, Dow, LANXESS, Albemarle, ExxonMobil, Nouryon, Adeka, Dupont, Mitsui Chemical, and SABIC. More and more companies are shifting their focus on such innovative and sustainable product development. Therefore, advances in plastic additive and plastic production technology will help the market for plastics and plastic additives in the long run.
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