CHICAGO, Dec. 12, 2019 /PRNewswire/ -- According to the new market research report "Nucleating and Clarifying Agents Market by Form (Powder, Granules, Liquid), Polymer (Polypropylene, Polyethylene, Polyethylene Terephthalate), Application (Packaging, Consumer Products, Automotive, Electronics), Region - Global Forecast to 2024" published by MarketsandMarkets, the global nucleating and clarifying agents market size is estimated to be USD 2.8 billion in 2019 and is projected to reach USD 3.8 billion by 2024, at a CAGR of 6.1% from 2019 to 2024. Growth in this market is attributed mainly to the rise in the consumption of plastic across the globe and increase in packaging applications.
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Packaging application segment accounts for the largest share of the nucleating and clarifying agents market in 2018
By application, the packaging segment is anticipated to be the largest market for nucleating and clarifying agents during the forecast period in terms of value and volume. Nucleating and clarifying agents are required in packaging applications to enhance mechanical properties, thermal stability, and impart transparency to the final products, which is expected to drive the market for packaging application. The major drivers that aid the growth of the packaging application are rapid urbanization, changing consumer lifestyle, economic trends, rising health consciousness among different classes of consumers, and developments in packaging materials and technologies.
PP segment projected to lead the nucleating and clarifying agents market during the forecast period.
Based on the polymer, the market has been segmented into PP, PE, PET, and others. The PP segment is estimated to account for the largest share of the nucleating and clarifying agents market in 2019. PP is a semi-crystalline polymer and takes a long time to crystallize while processing. Thus, nucleating and clarifying agents are used to accelerate the crystallization rate, improve optical properties, and increase the rate of production. The demand for nucleating and clarifying agents for PP polymers is expected to increase due to an increase in the market for packaging and consumer products.
The powder segment is projected to lead the nucleating and clarifying agents market during the forecast period.
The powder segment is estimated to be the largest form segment in 2019. The powder segment accounts for the largest market share in 2018, owing to the capability to generate a smooth texture on the final product surface and reduce the phenomenon of pinhole, big ripple, and snow pattern caused by static defects. Powdered nucleating agents are available in the form of small particles that offer large surface areas and reduce difficulties while compounding with other chemicals or polymers.
Asia Pacific is expected to lead the market during the forecast period
By region, the Asia Pacific Nucleating and Clarifying Agents Market is projected to grow at the highest rate between 2019 and 2024. The market growth in this region is attributed mainly to the higher purchasing power of the population has led to an increase in the demand for packaged food and superior quality consumer products, in turn, driving the market for nucleating and clarifying agents in the region during the forecast period
Some of the leading manufacturers of nucleating and clarifying agents profiled in this report include Milliken & Company (US), ADEKA CORPORATION (Japan), BASF SE (Germany), Clariant AG (Switzerland), PolyOne Corporation (US), Imerys S.A. (France), Zibo Rainwell Chemical Industry Co., Ltd. (China), GCH Technology Co., Ltd. (China), Plastiblends India Limited (India), and New Japan Chemical Co., Ltd. (Japan).
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