Plastic Performance Additives Market projected to grow significantly owing to the growing demand for end user industries such as medical, packaging, transportation, electronics, and others. Increasing utilization of plastic additives in electronics and electrical industry and emerging green technologies in growing economies like India, China and Thailand which is anticipated to fuel the growth plastic performance additives market.
These materials are gaining prominence in various industries including medical, transportation, electricals and aerospace due to improvement in supreme sliding friction, rigidity, weight saving and durability of the materials. Electricals and electronics are the major end user industries which is expected to create greater opportunities for existing market player and new entrants.
Plastic performance additive market is broadly segmented into additives types. The additive type segment is further categorized into flame retardants,lubricants, antioxidant, stabilizers,plasticizers and other additive types. Flame retardants emerged as one of the largest segment owing to favorable regulations like Toxic Substances Control Act (TSCA) under which U.S. EPA has authority to limit or prohibit a flame retardant’s use if it could present an unreasonable risk of injury to human health or the environment. The Agency’s authority applies to chemicals currently in commerce as well as new chemicals that manufacturers might wish to introduce into the marketplace/commerce.
Some of the key players operating in the market include Solvay S.A., Evonik Industries AG., Colloids Ltd.,L.Brueggemann GmbH & Co. KG, Ensinger,Americhem, Inc,Colortech Inc.,Tosaf Compounds Ltd., BASF SE. Prominent players involved in the marketplace are continuously focusing on business expansion activities through collaborations and partnerships across the value chain. For instance, in June 2021, BASF launched its new brand for plastic additive portfolio calledVALERAS which allows customers sustainability values and goals. This will include additive packages recycled plastics and their applications
The global performance plastic additive market is expected to grow significantly owing to various growth strategies adopted by key players operating in the market such as partnerships, collaborations, joint ventures and merger acquisitions which has strengthen the position of the market.
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