Plastic Additives Market growth Factors, Technological Advancements, Types, and Functions| BASF SE, Songwon Industrial Co. Ltd., Clariant AG

 

Plastic Additives Market

Plastic additives are compounds that are used to polymerize, process, or aid in the attainment of desirable qualities in the final application of plastics. Plastic additives provide benefits such as better chemical, water, and scratch resistance, reduced coefficient of friction, enhanced gloss, improved water repellency, suppression of shark-skin, and reduced surface roughness.

Plastic additives are also used to increase the flowability of polymers, which makes them easier to process. Internal lubricants increase material melt flow by minimising heat dissipation and viscosity. Plastic additives, as opposed to other additives, help to reduce the danger of microbiological degradation in plastic materials that are prone to stains, odour, discoloration, and aesthetic loss. These advantages of plastic additives over other additives are driving the growth of the plastic additives market. Plastic additives are more effective on materials that have electrical insulating qualities as well as mechanical properties.

Plastic additives are widely utilised in the automotive and construction sectors due to features such as increased impact strength, enhanced coupling, increased elongation, decreased brittleness, and increased flexibility. These additives have achieved recognition in the automobile industry for applications such as interior scratch resistance in trims or panels for interior scratch resistance, and high glossy panels for the decorating of centre consoles. The growing popularity of low-cost automobile interiors is predicted to boost expansion in the Plastic Additives Market.

Types of Plastic Additives-

·        Impact Modifiers

·        Antioxidants

·        Antimicrobials

·        Plasticizers

·        Flame Retardants

·        UV Stabilizers

Various functions of Plastic Additives-

·        Property Modifiers

·        Property Extenders

·        Property Stabilizers

·        Processing Aids

Because of the ease with which these chemicals may be recycled, the consumer products sector makes use of them. Plastic additives are used in the construction sector to preserve appearance and characteristics, thermal protection, long-term durability, and the integrity of polymer properties throughout processing. Plastic additives also help UV-sensitive building applications survive longer. Growing construction industries throughout the world are likely to drive expansion in the market for plastic additives.

Asia Pacific and North America are considered to be the most promising markets for makers of plastic additives. Over the projection period, Asia Pacific is expected to see relatively strong value growth. This is mostly due to expansion in end-use sectors such as automotive and construction, particularly in rising nations such as China and India. The Indian automobile sector is expected to earn $300 billion by 2026, according to IBEF.

The India Brand Equity Foundation (IBEF) is a Trust created by the Ministry of Commerce and Industry, Department of Commerce, in partnership with the Government of India, with the goal of promoting and raising international awareness of Indian-made goods. However, due to the rising usage of plastic materials in the car, consumer goods, and construction sectors, Europe also presents attractive potential for plastic additive makers.

Major Companies included are- BASF SE, Songwon Industrial Co. Ltd., Clariant AG, Albemarle Corporation, and The Dow Chemical Company.