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.
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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Additive is an active substance that is added to improve specific properties such as performance, texture, efficiency, shelf life, and productivity. Various types of additives available in the market such as plastic additives, food additives, construction additives, lubricant additives, fuel additives, coating additives, and agrochemical additives. Plastic products that are used in applications such as synthetic bumper, dashboards, steering wheels, plastic hypodermic syringes, and artificial hip joints are made up of polymer mixed with a composite combination of materials known as plastic additives. Food additives are substances that are added to food products to improve shelf life as well as enhance flavor, appearance, and other sensory qualities.
Impact of Covid-19 on Additives Market:
- 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.
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The growth of the global additives market is driven by rise in adoption of lightweight materials in automotive sector and development of the food & packaging industry. In addition, increase in awareness for hygienic food options has surged the demand for packed food & beverage items. According to a report, the packed food & beverage industry has launched around 3,500 new food products worldwide over the past 12 months. These packed food & beverage items are widely preferred by individuals due to their freshness, hygiene, taste, and other specifications. These specifications are met by using a wide range of food additives such as monosodium glutamate (MSG), high fructose corn syrup, guar gum, and sodium nitrite.
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The major players operating in the Additives Market:
- 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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