Key Strategy Adopted by Leading Players of the Global Plastic Additives Market
The market size for plastic additives was USD 38.31 Billion in 2015 and is projected to reach USD 50.86 billion by 2021, registering a CAGR of 4.9% between 2016 and 2021. New product launches, mergers & acquisitions, expansions, and agreements are the major strategies adopted by the key players to strengthen their foothold in the global plastic additives market. Asia-Pacific accounted for the maximum number of strategic developments undertaken between 2014 and 2016 in the market. Asia-Pacific is followed by Europe and North America.
The key players operating in the global plastic additives market are Songwon Industrial Co. Ltd. (South Korea), Albemarle Corporation (U.S.), Clariant AG (Switzerland), BASF SE (Germany), The Dow Chemical Company (U.S.), Bayer AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), Lanxess AG (Germany), and others.
Songwon Industrial Co. Ltd. (South Korea) is one of the leading plastic additives manufacturers, globally. In June 2016, the company introduced SONGXTEND 2124, a stabilizer solution for the automotive industry. With this addition, the company has increased its offering for unfilled, talc, and glass-filled polypropylene (PP).
In May 2016, Evonik Industries AG (Germany) acquired the specialty & coating additive business of Air Products and Chemicals, Inc. (U.S.). The acquisition helped the company to strengthen its position in the market for specialty & coating additives.
Laxness AG (Germany) introduced stabaxol P110, a new hydrolysis stabilizer. It offers high performance when used in thermoplastics such as PET and PBT. With the addition of this product, the company has increased its offering for hydrolysis stabilizers for various applications such as engineering injection molding, cable sheathing, and paper machine screens.
The growth of the plastic additives market is primarily triggered by the rising demand from the packaging sector. Stringent government regulations against the use of environment polluting products are expected to hamper the growth of the plastic additives market. An opportunity for the growth of this market is the use of innovative technology to reduce environmental issues.
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