The global plastic additives market size was US$ 25,814.1 million in 2021. The global plastic additives market is forecast to grow to US$ 35,314.4 million by 2030 by growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The demand for plastics is growing steadily owing to its wide application in the packaging industry. Furthermore, the surging demand for electronics, pipes, cosmetics, and other products will also drive the global plastic additives market forward.

The benefits of plastics, such as lightweight, high strength, cost-efficiency, and ease of use, will boost the growth of the global plastic additives market. In addition, the growing urban population and increasing demand for efficient pipes, cosmetic articles, electronics, storage containers, cables, roofing, safety gear, toys, kitchenware, and household products, will benefit the overall market during the forecast period. On the contrary, strict regulations in numerous countries restricting plastic waste may limit the growth of the global plastic additives market during the forecast period.

COVID-19 Impact Analysis

The global plastic additives market was negatively impacted by the COVID-19 pandemic. The wake of the pandemic impeded the growth pace of various industries, resulting in a significant drop in the plastic additives market as well. The automotive and electronics industry is among the largest end-users of the plastic additives market. However, the wake of the pandemic negatively impacted these sectors. Therefore, it hampered the growth of the overall plastic additives market.

On the flip side, the market witnessed numerous growth opportunities in the medical and food &beverage segment. These two sectors witnessed a significant jump in terms of revenue, which also propelled the plastic additives market forward during the study period.

Regional Analysis

The Asia-Pacific plastic additives market is forecast to emerge as the largest market. It is owing to the steadily growing automotive and packaging industry. Furthermore, the growing population and the fact that plastics are a lighter, cheaper, and more convenient form of packaging will drive the overall industry forward. The automotive industry is growing at a rapid pace in India and China. Furthermore, growing initiatives by governments, such as Aatma Nirbhar Bharat and Make in India programs, will benefit the Asia-Pacific plastic additives market during the forecast period.

Competitors in the Market

Chemtura Corporation
Exxon Mobil Corporation
Bayer AG
Clariant Ltd.
Axel Plastics Research Laboratories Inc.
Kaneka Corp.
LANXESS AG
DOW Plastic Additives
Zeon Chemicals L.P.
Other Prominent Players
Market Segmentation

The global plastic additives market segmentation focuses on Type, Plastic, Application, and Region.

By Type Outlook

Lubricants
Processing Aids
Flow Improvers
Slip Additives
Antistatic Additives
Pigment Wetting Agents
Filler Dispersants
Anti-fog Additives
Plasticizers
Stabilizers
Flame Retardants
Impact Modifiers
Other Plastic Additives
By Plastic Type Outlook

Polyethylene (PE)
Polystyrene (PS)
Polypropylene (PP)
Polyamides (PA)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
Polycarbonate (PC)
Other Plastic Types
By Application Outlook

Packaging
Consumer Goods
Construction
Automotive
Other Applications
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America