Significant growth in global market of packaging additives can also be attributed to the contributions of North America and its developed nations such as the U.S. and Canada. North America is estimated to account for more than 21.9% of the revenue of global packaging additives market in 2018. In addition, the U.S. packaging additives market has witnessed substantial growth in the past few years which is likely to remain at the forefront, leading the overall market growth during the forecast period.
Widening Application Scope of Packaging Additives across Industries to Support Market Growth
With increasing demand of packaged food items, packaging additives have gained enormous demand from the food industry. Apart from this sector, beverage sector is likely to complement the growth of global packaging additives market. Further, pharmaceutical and healthcare industries are expected to be important contributors to the global expansion of packaging additives market during the forecast period.
While food & beverage industry continues to dominate the global market of packaging additives, accounting for more than 70% of the market revenue in 2018, cosmetic & personal care industry is anticipated to witness a high growth over the forecast period. Moreover, increasing use of personal care products over the years has been largely influencing the global demand for packaging additives.
Development of Bioplastics for Packaging Additives to Fuel Demand
Based on substrate, plastic is expected to subjugate the global packaging additive market in terms of volume. However, stringent government regulations over plastic usage below 50 micron has been considered as a restraining factor of the market growth. A focus on the development of biodegradable plastics that not only enhance the ability of plastic product to decompose easily but also reduce the carbon footprint remains one of the important strategies of manufacturers of packaging additives.
Global Packaging Additives Market – Competitive Landscape
Leading manufactures of packaging additives are focusing on improving their production capacity as well as establishing new production plants. Various developing regions of Asia Pacific and Middle East have attracted the key market players to construct the new production units of packaging additives, giving a boost to their motive to have a worldwide presence. Important strategies also include product innovations, new launches, collaborations, and acquisitions.
Some key players operating 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.