According to the report published by Allied Market Research, the global additives market generated $150 billion in 2020, and is expected to garner $212.7 billion by 2028, witnessing a CAGR of 4.6% from 2021 to 2028. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenarios.
Increase in adoption of lightweight materials in automotive, growing food and packaging industry, and surge in industrial activities among developing economies drive the growth of the global additives market. However, regulations led by several regulatory bodies hinder the market growth. On the other hand, chemical stability and pH control would present new opportunities in the market.
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Covid-19 Scenario:
The demand for food additives has increased during lockdown. As according to a report by Food Ingredients First, there has been a rise in kitchen staple products such as rice, flours, lentils, grains, and bakery ingredients. Food additives help extend product shelf life and allow consumers to stock up on food products without trepidation of instantaneous expiration.
Industries such as building & construction, oil & gas, automotive, and chemical are the major consumers of additives. And, temporary closure of these industries had impacted negatively on the global additives market, especially during the first phase of the lockdown.
Moreover, the lockdown impacted the manufacturing and supply chain management to certain extent. On the other hand, the government bodies have now eased off certain regulations, owing to which the market would recoup soon.
The report offers detailed segmentation of the global additives market based on product type, end use, and region.
Based on product type, the food additives segment held the highest share in 2020, accounting for more than one-third of the total market share, and is expected to maintain its lead position during the forecast period. However, the plastic additives segment is projected to portray the highest CAGR of 5.3% from 2021 to 2028.
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Based on end user, the food and beverage segment accounted for the highest market share in 2020, holding more than one-third of the global additives market, and is estimated to continue its leadership status during the forecast period. However, the packaging segment is expected to witness the fastest CAGR of 5.9% from 2021 to 2028.\
Based on region, Asia-Pacific contributed to the highest share in 2020, accounting for nearly two-fifths of the global market, and is estimated to maintain its dominant share in terms of revenue by 2028. In addition, this region is expected to portray the highest CAGR of 5.3% during the forecast period.
Leading players of the global additives market analyzed in the research include BASF SE, Clariant AG, Dow Inc., Evonik Industries AG, Lanxess AG, Eastman Chemical Company, Milliken Chemical, PolyOne Corporation, Sanitized AG, and BioCote Limited.
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