Rise in adoption of lightweight materials in automotive and food packaging and surge in industrial activities among developing economies fuel the growth of the global additives market
PORTLAND, Ore., July 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Additives Market by Product Type (Plastic, Food, Construction, Lubricant, Fuel, Coating, Agrochemical, Medicated Feed, and Others) and End-Use (Packaging, Food & Beverages, Building & Construction, Chemical, Automotive, Aerospace, Animal Husbandry, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global additives industry was estimated at $150.0 billion in 2020, and is expected to hit $212.7 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028.
Drivers, restraints, and opportunities
Rise in adoption of lightweight materials in automotive and food packaging and surge in industrial activities among developing economies fuel the growth of the global additives market. On the other hand, regulations led by several regulatory bodies impede the market growth. However, chemical stability and pH control would create lucrative opportunities in the industry.
The outbreak of the pandemic led to increase in demand for food additives, since food additives play a major role in extending product shelf life, thereby allowing consumers to stock up food products without the fear of immediate expiration.
On the other hand, industries such as building & construction, oil & gas, automotive, and chemical are the major consumers of additives. And, temporary closure of these sectors had impacted the global additives market negatively, especially during the initial phase of the lockdown.
The food additives segment to retain its dominance by 2028
By product type, the food additives segment contributed to more than one-third of the global additives market share in 2020, and is anticipated to dominate throughout the forecast period, due to the fact that food additives provide excellent properties such as antifoam, antioxidant, freshness, safety, taste, texture, and other characteristics that make them suitable to be used in a wide variety of food products. At the same time, the plastic additives segment would manifest the fastest CAGR of 5.3% during the forecast period. This is attributed to the fact that intense competition in the automotive sector has led the key manufacturers to become more linear toward the use of plastic additives in manufacturing exterior & interior plastic parts of the vehicles.
By end-use, the food and beverage segment held the major market share in 2020, accounting for more than one-third of the global additives market, and is projected to lead the trail during the forecast period. Additives that are used in the food sector help keep foods fresh, enhance their color & flavor, and improve their overall texture. This factor fuels the growth of the segment. Simultaneously, the packaging segment would cite the fastest CAGR of 5.9% from 2021 to 2028. Food packaged products need to be protected from condensation. Use of additives helps maintain the required hygiene and prohibits condensation, which in turn improves shelf life of the packaged items. This factor drives the segment growth.
Asia-Pacific, followed by North America, had the major share in 2020-
Based on region, Asia-Pacific, followed by North America, accounted for the share in 2020, holding nearly two-fifths of the global additives market. The market across the region is also anticipated to exhibit the fastest CAGR of 5.3% during the forecast period. This is attributed to increase in use of additives in pigments, thickeners, defoamers, and others in the manufacturing of submarines & ships in the province.
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 5933 NE Win Sivers Drive 205, Portland, OR 97220 United States Toll Free: 1-800-792-5285 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1-855-550-5975 firstname.lastname@example.org Web: https://www.alliedmarketresearch.com Follow Us on: LinkedInTwitter