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Packaging Additives Market Segmented By Plastics, Paper and Paperboards, Metals Substrate with Antimicrobial Agents, Antistatic Agents, Oxygen Scavengers, Antifog Agents, Clarifying Agents, UV Stabilizers Product Type with Rigid Packaging, Flexible Packaging
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.
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:
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.
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.
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.
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.
|Based on substrate
|On the basis of product type
|Based on packaging type
|On the basis of application