Global plastics additives market to reach US$80.7 billion by 2029

According to the latest study from BCC Research, "Global Markets for Plastics Additives" is expected to grow from US$61.5 billion in 2024 to US$80.7 billion by 2029, at a compound annual growth rate (CAGR) of 5.6% from 2024 through 2029.

The market's growth is propelled by the ability to enhance the properties of plastic products, such as durability, flexibility and thermal stability. This report segments the market by product type, application, and end user. It also covers market dynamics, key manufacturers, ESG trends and the regulatory landscape. The market is analyzed by region into North America, Europe, Asia-Pacific, and the Rest of the World, with market estimates provided in millions of dollars.

The demand for plastics is increasing as environmental concerns push for additives that make plastics more recyclable and eco-friendlier. There is also a need for antimicrobial and hygienic plastic products. New regulations on plastic use are driving the development of better additives. The move towards a circular economy encourages using recycled plastics in valuable applications, meeting environmental and market needs.

The factors driving the market include:

• Industrial Demand: Packaging, automotive, and construction industries need enhanced plastic properties. Additives improve plastics' durability, stability, and appearance, driving demand as these industries grow.

• Emerging Economies: Rapid industrialization in emerging economies, especially Asia-Pacific, boosts plastic consumption. Increased purchasing power and urbanization increase demand for plastic products and packaging.