Plastic Additives MarketSize and Trends

Plastic Additives Market Outlook – Increasing Demand for Recyclable Materials to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is mainly attributed to the growth in various end-use industries such as automotive and construction, especially in emerging economies such as China and India. According to IBEF, US$ 300 billion is projected to be generated by the Indian automotive industry by 2026. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India, with the aim to promote and create international awareness of goods manufactured in India. On the other hand, Europe also provides lucrative opportunities for plastic additive manufacturers due to increasing use of plastic material in automobile, consumer goods, and construction industries.

Reusable property of plastic is fueling the demand for plastic additives, especially in the Asia Pacific and Middle East regions. However, stringent rules and regulations on the use of plastic products is expected to be a major restraining factors for growth of the plastic additives market over the forecast period. The U.S. Food and Drug Administration (FDA) has implied safety concerns with the use of recycled plastic materials in food-contact for contaminants occurring from the post-consumer material in the final food-contact product made from the recycled material.