Packaging additives market is growing with wide-application across different industries such as food, personal care, and pharmaceutical. These additives are highly demanded for improving different properties of plastic resins such as mechanical properties and strength. Changing lifestyle as well as food consumption habits are the significant growth drivers in the market. The food & beverage sector is estimated to account for about 70% of the global market revenue, acquire a huge chunk of the market. Plastic is projected to be the most preferred substrate in these additives whereas the other material such as paper and metal are expected to complement the overall market expansion. With the growth in the adoption rate, the personal care sector is forecasted to generate lucrative growth opportunities in the market. Flexible packaging will be proffered over the rigid packaging in the years to come.
North America is projected to exhibit fast-paced growth in the coming years on the back of a high concentration of key players in the region. The Asia Pacific Excluding Japan along with Western Europe is estimated to contribute major revenue share in the market. Leading players in the global market include Evonik, BASF SE, Wacker Chemie AG, Arkema Inc, Cytec Solvay Group, and Huber Group.
Packaging additives have gained ground over the years for their ability to modify polymers and meet all the packaging requirements of food, pharmaceutical, personal care, and other industries. These packaging additives are generally used to improve their mechanical, physical and overall properties of plastic resins. The global packaging additives market is estimated to attain a valuation of US$ 442.8 Mn in terms of revenue. Further, with escalating adoption in food & beverage and cosmetic industries, the global market for packaging additives has been envisaged to grow at 4.3% value CAGR over the assessment period of 2018-2026.
Key Developments in Global Packaging Additives Market
Leading players of the global packaging additive market are focused on product innovations and organic & inorganic expansion methods including mergers & acquisitions. Global companies have also taken several initiatives to encourage customers to adopt various products of packaging additives.
Some of the notable market developments include:
Expansion of Food & Beverage Industry to Contribute Maximum Revenue Growth
The global packaging additives market is likely to remain concentrated in food & beverage industry, accounting for over 70% of the overall market revenue, which may increase further by the end of the forecast period.
Based on substrate, plastic will continue to maintain its supremacy in the global packaging additives market, while metal and paper & paperboard are expected to complement the expansion of packaging additives market in the global scenario. However, stringent regulations by several government organizations toward usage of plastic lower than 50 micron may create hindrance in the growth of global packaging additive market.
Lucrative Opportunities Abound in Cosmetic and Personal Care Industries
While remarkable growth of processed food industry has increased the demand for packaging additives, rising adoption of personal care products among wide range of population across the globe is anticipated to create potential growth prospects of global packaging additives market. In addition, the demand for packaging products has been on the rise, owing to changing lifestyles as well as food consumption habits, which in turn is likely to fuel the growth of global packaging additives market.
Global Market of Packaging Additives to Witness Significant Growth in North America
With concentration of key players in the region, North America may project a relatively high growth in the global packaging additives market, expanding at a notable 4.3% CAGR over the period between 2018 and 2026. Asia Pacific Excluding Japan (APEJ) and Western Europe, on the other hand, are estimated to collectively represent over 45% of the revenue of global packaging additives market during the assessment period.
Among the product types, antifog agents is forecast to account for the highest revenue share and continue to reign supreme in the global packaging additives market.
Based on packaging type, flexible packaging is likely to hold higher percentage of revenue share than rigid packaging over the forecast period.
Global Packaging Additives Market – Competitive Landscape
Some leading players participating in the global packaging additives market are BASF SE, ColorMatrix Group, Wacker Chemie AG, Valspar Corporation, Flint Group, PPG Industries Inc, Henkel, ALTANA Group, Evonik, Sun Chemical Corporation, Lubrizol Corporation, Huber Group, Arkema Inc, Songwon Industrial Co. Ltd, AkzoNobel N.V., Cytec Solvay Group, ADEKA Corporation, Clariant, and Addivant.
A new report provides an in-depth insights on the global packaging additives market for the period of 2018-2026. It details market dynamics across six key regions along with an analysis of global packaging additives market for both current and future scenario over the assessment period.
The main objective of the report to offer key insights and recent developments in the packaging additives market that are estimated to help transform global businesses. An executive summary on several categories of global packaging additives market has been detailed in the initial section of the report.
In the next section, the report includes an overview of drivers, restraints, and latest trends pertaining to the global packaging additives market, and identifies potential growth opportunities for manufacturers of packaging additives. Impact analysis on drivers and trends influencing the growth of packaging additives market is also included in order to provide the report audience with better decision-making insights. For comprehensive understanding of the global packaging additives market, the report offers analysis of the popularity of market segments and an attractive index on the same, which shows the attractiveness of the global packaging additives market on the basis of key parameters such as CAGR and incremental opportunity. Further, to demonstrate packaging additives market performance in each region and respective countries, analysis of BPS and Y-o-Y growth of the market is mentioned in the report.
Global Packaging Additives Market Segmentation
Based on substrate, the global market of packaging additives can be segmented into:
On the basis of product type, the global packaging additives market can be segmented into:
Based on packaging type, the global market of packaging additives can be segmented into:
On the basis of application, the global packaging additives market can be segmented into:
To understand relative contribution of individual segment to the growth of global packaging additives market, historical and current market size have been evaluated. The report includes market value share, year-on-year (Y-o-Y) growth rate, trends, and attractiveness analysis of each segment.
In the next section, regional analysis of the global packaging additives market is provided. Apart from share value analysis, the report includes analysis of individual segment in each main region and their respective countries. Furthermore, it covers the impact analysis on drivers and trends influencing the regional growth of packaging additives market and also highlights the absolute dollar opportunity. Regional segmentation of the global packaging additives market includes:
To calculate the market size of packaging additives based on both value and volume, revenue generated by the leading manufacturers and their respective production capacity are considered. The forecast presented in the report analyses the overall value generated across various segments of global packaging additives market. To offer an accurate forecast, the study on global packaging additives market is initiated by sizing the current market which helps predict the future development of global packaging additives market. Further, for understanding market predictability and identifying the lucrative opportunities across it, analysis of the global packaging additives market based on parameters such as y-o-y growth rates are taken into consideration.
Individual segment of the global packaging additives market is assessed by basis point share (BPS) to predict their relative contribution to the market growth. Another important feature considered in the study is the analysis of global packaging additives market segments on the basis of absolute dollar opportunity.
The study also develops an attractiveness index for better understanding of key market segments on the basis of growth and adoption of packaging additives across different regions, which further help suppliers identify real opportunities present in the global packaging additives market.
In the final section, the report offers a dashboard view of leading companies operating in the manufacturing of packaging additives for comparing the current industrial environment and their relative contribution to the overall growth of global packaging additives market. The report is primarily developed to provide its audience with an objective and comparative analyses of leading providers particular to each market segment. Readers can further gain detailed insights on segment-specific suppliers that help identify and evaluate key competitors based on their capabilities and success in the overall market of packaging additives.