Plastic additives are widely used in the automotive and construction industries due to properties such as increased impact strength, improved coupling, greater elongation, decreased brittleness, and increased flexibility. These compounds have found widespread acceptance in the car industry for uses such as interior scratch resistance in trims or panels, and high glossy panels for central console décor. As the popularity of low-cost automotive interiors develops, the market for plastic additives is expected to grow. Plastic additives are widely utilised in the automotive and construction industries due to features such as increased impact strength, enhanced coupling, increased elongation, decreased brittleness, and increased flexibility. These additives have achieved recognition in the automotive industry for applications such as interior scratch resistance in trims or panels for interior scratch resistance, and high glossy panels for the decoration of middle consoles. The growing popularity of low-cost automobile interiors is predicted to boost expansion in the plastic additives market. Due to ease with which these chemicals may be recycled, the consumer goods industry makes use of them. Plastic additives are used in the construction sector to maintain appearance and characteristics, thermal protection, long-term durability, and the integrity of polymer properties during the construction process.

Region Analysis:

The Asia-Pacific region controlled the majority of the worldwide market. Due to low-cost raw materials and labour availability, China is one of the most profitable markets for plastic additives. China is one of the world's leading producers of plastic materials, accounting for 30% of worldwide plastics production. The plastics industry's largest end user is packaging. With rising consumer demand for lighter, cheaper, and more convenient packaging, China's packaging sector is predicted to expand rapidly throughout the forecast period, boosting the plastic additives market. The automotive industry in India is in a crisis state, exacerbated by the COVID-19 spread.

Key Highlight:

• SABO signed a distribution agreement with the RNM Group, one of the major chemical businesses in the Portuguese market, in March 2021. RNM Group will be in responsibility of distributing SABO Polymer Additives goods sold under the brand names SABOSTAB, SABOSTAT, and SABOFOG across Portugal.
• Lanxess boosted its growth trajectory in February 2021 by signing a formal agreement to buy 100 percent of Emerald Kalama Chemical. The US-based company is a global leader in the production of specialty chemicals (including preservatives, flavours, aroma chemicals, plasticizers, antioxidants, and vulcanization accelerators), primarily for the consumer market, and is majority-owned by affiliates of the American Securities LLC private equity firm.

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Key Market Insights from the report:

Global Plastic Additives Market accounted for US$ 50.29 billion in 2020 and is estimated to be US$ 85.70 billion by 2030 and is anticipated to register a CAGR of 5.52%.  The Global Plastic Additives Market report segments the market on the basis of type, plastic type, application and region.

• Based on Type, Global Plastic Additives Market is segmented into Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, and Others.   
• Based on Plastic Type, Global Plastic Additives Market is segmented into Commodity Plastic, Engineering Plastic, and High-Performance Plastics.
• Based on Application, Global Plastic Additives Market is segmented into Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electrical & Electronics, and Others.
• By Region, the Global Plastic Additives Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Plastic Additives Market:

The key players operating in the Global Plastic Additives Market includes BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (U.S.), Songwon Industrial Co., Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and The Dow Chemical Company (U.S.).