SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ -- The global filler masterbatch market size is anticipated to reach USD 521.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. The market is anticipated to grow well due to the use of filler masterbatches for providing color variants and imparting other properties to plastic materials used in the automotive, packaging, building and construction, and consumer goods industry across the globe. Calcium carbonate is commonly used as filler in the plastic industry which helps in reducing plastic melting pressure when shaping plastic into product forms.
Key Insights & Findings:
The market was valued at USD 307.0 million in 2020 and is estimated to witness a CAGR of 7.0% from 2021 to 2028
The films and sheets segment is expected to witness the highest CAGR of 7.5% over the forecast period in terms of revenue. The significant CAGR is attributed to the rising demand for packaging films in the food and consumer goods industry
The injection and blow molding application segment dominated the market and accounted for a revenue share of over 50.0% in 2020. This high share is attributed to the growing use of polyethylene and polypropylene as carrier polymer in injection and blows molding applications for the manufacturing of consumer goods like water and soda, shampoo bottles, hair combs, bottle caps, and other products
The growing demand for plastics as a replacement material of metals in end-use industries including automotive due to various advantages such as reduction in vehicle weight, cost, and production time is expected to drive the market for filler masterbatch
Asia Pacific accounted for a revenue share of more than 50.0% in 2020 and is expected to witness a CAGR of 7.2% over the forecast period
Calcium carbonate as a filler masterbatch material acts as a relatively good stabilizer to improve bubble floatation in the production of plastic beads in achieving a smooth and beautiful surface finish. Filler masterbatch helps manufacturers across various industries reduce the production costs and results in increased durability, hardness, impact resistance, and adhesive properties along with improving the opacity and glossiness of the end product's surface. It is used in combination with a wide variety of plastics ranging from thermoplastics, flexible plastics, and rigid plastics.
The building and construction industry has witnessed growth in recent years due to the growing population and increased urbanization resulting from increased job opportunities and better living conditions. Polyethylene and polypropylene are some of the most widely produced plastics in the world. Polypropylene is used for a variety of plastic building materials products that require fatigue and heat resistance. Some common applications include piping systems, electric cable insulation, plastic machine parts, and carpeting. The use of polypropylene in the production of construction materials is expected to drive the market for polypropylene carrier polymer in filler masterbatch.
Key players are carrying out strategic initiatives such as mergers and acquisitions to strengthen their position in the market. For instance, in July 2020 PolyOne Corporation completely acquired the masterbatch business of Clariant a Swiss multinational specialty chemicals company at USD 1.56 billion and was renamed to Avient. This acquisition is expected to provide PolyOne Corporation complete control of the Clariant Masterbatch business which includes 46 manufacturing operations and technology centers in 29 countries.
Some of the masterbatch manufacturers are executing various expansion plans by establishing new manufacturing facilities to cater to the rising demand for plastic requirements in the automotive, packaging, and consumer goods industry. For instance, in March 2021, JJ Plastalloy announced opening a new manufacturing facility in Gujarat to provide masterbatches and compounds for thermoplastic products.
Grand View Research has segmented the global filler masterbatch market on the basis of carrier polymer, application, end use, and region:
Check out more studies related to masterbatch, conducted by Grand View Research:
Masterbatch Market – The global masterbatch market size was valued at USD 8,986.7 million in 2016. The replacement of metal by plastics in end-use industries including automotive, building & construction, consumer goods, and packaging is expected to be a key factor driving the global market growth over the forecast period.
Saudi Arabia Masterbatch Market – The Saudi Arabia masterbatch market size was valued at USD 184 million in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 4.7%, in terms of revenue, from 2020 to 2027. Increasing demand for plastic components, fibers, wires and cables, and color polymers for application in the automotive, building and construction, agriculture, and packaging industries are the key factors boosting the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.