Plastic additives market shows positive signs of growth
2 May 2014
There has been a constant battle of science within to invent a better version of previous product. Hence, science has evolved from its first ever discovery. It only makes science more amazing and interesting. Classic example would of plastic additives. What are plastic additives? Well, plastic additives are organic or inorganic molecular compounds added to polymer to enhance their properties to render them more useful.
When you add substance to polymer, the combination is known as a composite.These additives improve the characteristics of polymers such as strength, durability, shine, and heat sensitivity. There has been a rise in the use of plastic additives to provide plastics a superior strength and agility. Also, a latest report by Allied Market Research concurs and states that the global Plastic Additive Market would reach $57.8 billion growing at a CAGR of 4.4%.
Plastic Additive Market Drivers:
Depletion mineral ores
Increasing cost of metal equipment
Properties of plastics matching to that of metal equipment
Lower cost of plastic equipment
Plastic Additive Market restraints:
Stringent government regulations
Pending legal suits
Various other legal suits that companies are facing such commercial application of banned product, and patent imitation suit etc.
Market Segmentation of Plastic additive on basis of type:
Plasticizers dominate the plastic additives market on basis of types in terms of value and volume. Flame retardants plastic additives market is expected to grow fastest at a CAGR of 5.4% during 2013 to 2020.
Market Segmentation in terms of Geographies:
Asia Pacific region has the largest share in terms of revenues. As per the report, Asia pacific and RoW would account for 60% of the overall revenue by 2020.
Why Asia Pacific and RoW have such growth potential?
This is because of readily available economical workforce and low cost of raw materials
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.