LONDON--(BUSINESS WIRE)--May 22, 2020--
The plastic additives market is expected to grow by USD 14.72 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Plastic Additives Market 2020-2024 (Graphic: Business Wire)
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Consumers across the globe are increasingly becoming aware of the harmful effects caused by the usage of plastics. In addition, the growing stringency of environmental norms has compelled many industries to adopt green and sustainable solutions. This is increasing the use of recycled plastics in the packaging industry. For instance, in 2018, more than 40% of the plastics produced globally were recycled and re-used in the packaging industry. Several consumer products manufacturing companies are also increasing the use of recycled plastics to reduce their overall carbon footprint. For example, in January 2017, Unilever Group announced that the company’s plastic packaging would be designed to be fully re-usable, recyclable, and compostable by 2025. These factors are increasing the demand for recycled plastics, which in turn, will drive the growth of the global plastic additives market during the forecast period.
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As per Technavio, the increased demand from the e-commerce market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Plastic Additives Market: Increased Demand from E-commerce Market
The convenience offered by e-commerce websites has led many consumers to switch from traditional shopping methods to online shopping. This is increasing the online sale of various consumer goods, including home appliances, clothing and footwear, books, cosmetics, baby products, and groceries. These factors are directly influencing the consumption of plastic products such as stretch wraps, pouches, bags, protective packaging, lamination films, bubble films, cling films, and vacuum pouches. In addition, the global e-commerce market is expected to grow at a CAGR of about 18%-20% during the forecast period. These factors are expected to have a positive impact on the growth of the global plastic additives market.
“Rising demand for plastic additives from developing countries and the growth in the automotive industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Plastic Additives Market: Segmentation Analysis
This market research report segments the plastic additives market by type (modifier, stabilizers, extenders, and processing aids) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the plastic additives market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing demand for plastics from the construction industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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CONTACT: Technavio Research
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS ENVIRONMENT MANUFACTURING
SOURCE: Technavio Research
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PUB: 05/22/2020 02:45 PM/DISC: 05/22/2020 02:45 PM