In terms of value, the plastic additives market is estimated to grow from USD 43.5 billion in 2023 to USD 57.0 billion by 2028, at a CAGR of 5.6%. Rising demand of plastic additives from industries such as packaging, construction, consumer goods, automotive, and others for variety of applications is leading the market. During the forecast period, this is anticipated to expand the plastic additives market even more.
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The plastic additives market is evolving, with major players playing a vital role in developing new and advanced products. BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (US), Songwon Industrial Co., Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and Dow Inc. (US) are key players in the plastic additives market. These players have adopted various growth strategies to strengthen their position in the market. These include new product launches, mergers and acquisitions, contracts, partnerships, and product development activities to further expand their presence in the plastic additives market.
BASF SE – BASF SE is a multinational company known for its diverse range of products and services. The company has a strong presence in the plastic additives market, offering a wide range of products to improve the properties of plastics. BASF SE’s plastic additives are used in a wide range of applications, including packaging, construction, automotive, consumer goods, and others. BASF SE is a major producer of a wide range of plastic additives, including stabilizers, plasticizers, impact modifiers, flame retardants, impact modifiers, blowing agents, nucleating agents. For instance, in April 2021, BASF SE has recently completed the construction of a new facility dedicated to plastic additives in Italy. This strategic expansion is aimed at bolstering the company’s presence in the light stabilizer segment. By taking this step, BASF will enhance its capacity to offer a more extensive array of solutions under the NOR brand. The expansion will help the company to develop infinite possibilities in the plastic additives market.
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Dow Inc. – Dow Inc. is a multinational materials science company that creates a wide variety of goods and services for clients in the packaging, construction, and personal care industries. One of the top manufacturers of plastic additives, Dow Inc.’s products are utilized in a variety of applications, such as food packaging, automobile parts, and medical equipment. The company’s plastic additives are used in a wide range of applications, including packaging, construction, automotive, consumer goods, and others. The company is focused on innovating new products to satisfy the changing consumer needs.
