According to a new report, published by KBV research, The Global Plastic Additives Market size is expected to reach $79.4 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 18,151.0 Kilo tonnes, experiencing a growth of 4.6% (2019-2022).
The Commodity Plastic segment would showcase a CAGR of 5.5% during (2023 - 2030). Commodity plastics are high-volume, widely used plastics that serve various everyday applications. These plastics include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene (PS), among others. The demand for commodity plastics is substantial due to their versatility, cost-effectiveness, and applicability in various industries. As a result, there will be increased demand in the segment.
The Building & Construction segment is leading the Global Plastic Additives Market by Application in 2022; thereby, achieving a market value of $21.4 billion by 2030. Plastic additives, such as UV stabilizers and weather-resistant agents, are essential in the construction sector to ensure that plastic materials maintain their structural integrity when exposed to harsh weather conditions. These additives protect against degradation caused by sunlight, temperature variations, and other environmental factors, making plastics suitable for indoor and outdoor construction. Therefore, these factors will fuel the growth in the segment.
The Flame Retardants Segment is registering a CAGR of 5.9% during (2023 - 2030). Ongoing research and development in flame retardants have led to the introduction of more advanced and effective formulations. Innovations in flame retardant technologies focus on achieving higher fire resistance while addressing concerns related to environmental and health impacts. These factors will help in the expansion of the segment.
Full Report: https://www.kbvresearch.com/plastic-additives-market/
The Asia Pacific region dominated the Global Plastic Additives Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $41.9 billion by 2030. The North America region is experiencing a CAGR of 5% during (2023 - 2030). Additionally, The Europe region would exhibit CAGR of 4.5% during (2023 - 2030).
By Plastic Type (Volume, Kilo Tonnes, USD Billion, 2019-2023)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2023)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2023)
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