Plastics additive market new trends and growth forecast

The "Plastics Additives Market" report has been added to ResearchAndMarkets.com's offering.

The Plastics Additives Market was valued at USD 61.5 billion in 2024, and is projected to reach USD 80.7 billion by 2029, rising at a CAGR of 5.6%. This growth is driven primarily by growing demand for plastics additives in a wide range of application areas, from construction, automotive and healthcare to electronics. Plastic additives are versatile materials that provide a range of benefits to plastic products, including easy processing, enhanced flexibility, thermal stability and heat resistance, among others. This makes them desirable in many applications. Plasticizers, which are widely responsible for the ease of use and flexibility of plastic materials, such as polyvinyl chloride (PVC) and its products, are the most widely used type of additive.

The markets for various plastics additives have expanded significantly because of the expansion or growth of industries such as construction, automotive and electronics, among others. The building and construction segment of the global plastics additive market is significant due to the increase of infrastructure projects and buildings. These projects and buildings use construction materials such as insulation and piping systems whose quality is enhanced by plastics additives. Companies like BASF SE and Evonik Industries are venturing creatively in this arena by creating products that improve the properties of a material while also protecting the environment. This interest in the use of "natural" materials has led to an increase in the number of bio-based additives.

Numerous industries are supported by technology development in plastics, and there is a growing need for robust and durable solutions. In the automotive industry, there is an increasing demand for plastic additives in different components, including engine covers, internal and external coatings, and adjunct accessories, as they enhance performance and offer better lightweight characteristics than conventional parts.

In 2023, the Asia-Pacific region dominated the global plastics additives market, accounting for 56.2% of the market. The world's leading manufacturers and exporters of automobiles, building and construction, electronics, and household commodities are China and the U.S. These countries also serve as the primary drivers of the global plastics additives market. In addition, the influence of this market on the economies of these two countries is significant and anticipated to grow in the coming years.