Additives Market to Garner $212.7 Billion, Globally, By 2028 at 4.6% CAGR, Says Allied Market Research

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.

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COVID-19 scenario-

• 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.

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The food & beverages segment to rule the roost

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.

Frontrunners in the industry-

• Clariant AG
• BASF SE
• Evonik Industries AG
• Dow Inc.
• Eastman Chemical Company
• Milliken Chemical
• BioCote Limited
• PolyOne Corporation
• Sanitized AG
• Lanxess AG

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