Polyethylene Terephthalate Additives Market Size, Share & Trends Analysis Report By Function (Color Addition, UV Light Barrier), By Region (Asia Pacific, North America), And Segment Forecasts, 2022 - 2030

Report Overview

The global polyethylene terephthalate additives market size was valued at USD 1.28 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. The majority of the market growth is seen in the packaging industry. Polyethylene terephthalate is known as a strong, transparent, and lightweight plastic. However, the PET polymer faces certain limitations with regards to its properties, which impact its growth in various applications, such as electronics, automotive, construction, and industrial machinery packaging. The polyethylene terephthalate (PET) additives impart the required properties like antistatic, color, odor scavenging, and flame retardancy among others to make them suitable to be used in various end-use industries.

In the automotive industry, durable aesthetic properties and weather resistance make it suitable for rear wiper arms & blades, and side mirrors. PET additives exhibit excellent mechanical properties, weather resistance, and appearance for exterior components in the automotive industry. Also, increasing the use of plastic components to achieve weight reduction is likely to boost the demand for plastic components, which is anticipated to fuel the demand for PET-based products thus fueling the market growth. In the construction industry, the flame-retardant property of PET additives can delay the fire ignition and spread, which increases the escape time, making them a critical part of plastic components used in construction.

The packaging industry is witnessing a growing demand for colored plastics since the colors represent the brand image among consumers. The global packaging industry is witnessing significant growth, because of the growing consumption of PET in retail, food, consumer, industrial, and medical packaging. Changing consumer lifestyles have resulted in high demand for ready-to-eat food. Food packaging demands the imposition of strict regulations within the packaging industry, which is expected to drive the demand for PET additives as they help in reducing the acetaldehyde content in PET bottles, which can impact the quality of liquid for human consumption.

The packaging industry in the U.S. is a high-potential market for plastic resins, and as the organized food retail sector grows, so does the usage of polyethylene terephthalate (PET) additives in packaging. The U.S. healthcare industry is massive and is continuing to grow as the population increases. PET is frequently used for tubing for angioplasty balloons, implantable textiles, and extrusion of sutures. PET additives are used to impart properties like antiviral resistance, chemical resistance, and tissue ingrowth promotion in medical-grade PET. Due to the increased production of medical devices in the U.S. because of the growing home health care sector, the PET additive market is anticipated to propel during the forecast period.

Function Insights

The ultraviolet light barrier function segment dominated the global market in 2021 and accounted for more than 20.0% overall revenue share. If light passes through a packaged material, it may catalyze an oxidation reaction in a photosensitive product and reduce its shelf life. Light promotes the decomposition of nutrients in food through the formation of various chemicals, thus, causing off-flavor, discoloration, and others. Ultraviolet (UV) blocking is used to prevent food quality deterioration and maintain its shelf life. This is expected to boost the demand for ultraviolet light barriers during the forecast period.

Furthermore, these films provide transparency, which enables consumers to catch sight of the product. Anti-blocking is a measure to prevent film sheets from sticking together. The higher the temperature and processing time, the higher the tendency of film sheets to stick together. Anti-blocking additives reduce the blocking at the surface of films and allow easy handling & processing of plastic articles. Anti-block PET is ideal for use in sheets, films, plates, and others, which provides an optimal anti-blocking effect during the extrusion process and avoids problems during processing.

This is expected to drive the demand for anti-block additives during the forecast period. Antiviral PET additives have excellent antiviral effects and are used to treat plastic items to trap and reduce the growth of viruses. This is useful to produce better Personal Protective Equipment (PPE) especially face masks. This makes the facemasks reusable and reduces the waste, which is produced in the case of disposable masks. Antiviral additives are also used in medical devices, gloves, door handles, light switches, and also in packaging solutions.

Regional Insights

The Asia Pacific dominated the global market in 2021 and accounted for the maximum share of more than 40.0% of the global revenue. The demand for (PET) additives in the Asia Pacific is growing because of its increasing consumption in end-use industries, such as packaging, building & construction, automotive, agriculture, and consumer goods. Due to rising disposable income and economically viable vehicle models made available by local companies, the automobile market in the Asia Pacific region has also been responsible for growing product demand. In November 2021, Japan-based Polyplastics Co., Ltd. introduced PET grades for automotive applications that provide good weather resistance for exterior components of automobiles and superior mechanical properties.

Since PET parts are not painted, weathering degradation can occur over time. Hence, the improved grades of PET indicate the use of PET additives, which further supports the market growth. The growing population and rapid urbanization are creating more demand for housing facilities in the Asia-Pacific, which is expected to influence the consumption of PET additives in building & construction applications during the forecast period. These additives can delay the fire ignition and spread, which increases the escape time, making them a critical part of plastic products. Moreover, no plastic is entirely fireproof; these additives can delay fire ignition and avoid major mishaps, which is expected to drive the demand for flame-resistant additives during the forecast period.

In Europe, the growing concerns about reducing Greenhouse Gas(GHG) emissions and vehicle weight are expected to drive the demand for plastic components. Growing demand for contamination-free packaging of innovative & attractively packaged food items, and rising sales of lightweight vehicles due to the implementation of stringent emission standards will support market growth. PET additives provide color and durability to bioplastics and government support for their development is likely to raise the demand for PET additives in Europe over the forecast period.

Key Companies & Market Share Insights

The manufacturers are focusing on new product launches like a wide range of color additives depending on the market requirements, technology acquisitions, and distribution channels to meet the current and future demand of the market for various industries, such as building & construction, medical, agriculture, and consumer goods. In February 2021, Sukano AG tested its PET antiviral additives for providing antiviral effects to PET-based products and achieved the inactivation of the SARS-Cov-2 virus by up to 99.9%. This can help hospitality, sports, medical, and event industries to maintain high hygiene and sanitary standards.

Some of the prominent players operating in the global polyethylene terephthalate additives market include:

• LyondellBasell Industries Holdings B.V.

• SPEAREPET PVT LTD

• Gabriel-Chemie

• NYACOL Nano Technologies, Inc.

• Capital Colors

• Sukano AG

• Avient Corp.

• Yildiz Kolor

• Holland Colours

• PLASTIKA KRITIS SA

• Milliken & Company

Polyethylene Terephthalate Additives Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global polyethylene terephthalate additives market report based on function and region:

• Function Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • Color Addition

  • Antiblock

  • Antistatic

  • Ultraviolet Light Barrier

  • Oxygen Scavenging

  • Acetaldehyde Scavenging

  • Flame Resistance

  • Chain Extender

  • Odor Scavenger

  • Reheat

  • Other

• Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • GCC Countries