Report highlights plastic additives opportunities
The "High-Performance Plastic Additives Market - A Global and Regional Analysis: Focus on End User, Plastic Type, Additive Type, and Region - Analysis and Forecast, 2022-2031" report has been published by ResearchAndMarkets.com.
The global high-performance plastic additives market is projected to reach $2,839.3 million by 2031 from $1,239.3 million in 2022, growing at a CAGR of 9.6% during the forecast period 2022-2031.
The demand for high-performance plastic additives is anticipated to grow with the increasing demand from end-user industries such as transportation, medical, electricals and electronics, packaging, and others.
Furthermore, it is anticipated that during the projected period (2022-2031), the increasing adoption of high-performance plastics in the electrical and electronics industry and the growing green transportation technologies in several emerging economies, including China, India, and Thailand, are expected to further fuel the advancement of the global high-performance plastic additives market.
However, the rigorous environmental standards regarding the hazardous compounds in plastics are anticipated to hinder market growth in the upcoming future.
Market Lifecycle Stage
The global high-performance plastic additives market is in the growth phase. Increased investment and research and development activities are expected to boost the market.
Furthermore, due to high demand from end-user industries and rising public concerns, government regulations related to hazardous and non-degradable polymer compounds are expected to increase the demand for eco-sustainable polymers, thereby bolstering the global high-performance plastic additives market.
Moreover, the global high-performance plastic additives market is expected to benefit from the growing implementation of high-performance plastics such as polytetrafluoroethylene (PTFE) for metal replacement, which promotes market expansion.
High-performance plastic additives continue to improve the supreme sliding friction, weight-saving capabilities, rigidity, high stiffness, and durability of the materials to which they are applied.
As a result, these materials are gaining prominence in a variety of industries, including transportation, medical, aerospace, and electricals and electronics. One area where implementation has been significantly greater is the electrical and electronics industry, which has created opportunities for both existing market participants and market entrants.
Furthermore, high-performance plastic additives have a moderate to high impact on end-user industries; however, in the upcoming future, with increasing penetration of electrical and electronics, transportation, and other industries, the impact is anticipated to increase.
Impact of COVID-19
COVID-19 had an immediate and significant impact on the global high-performance plastic additives market because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.
The lockdowns imposed by the governments significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. The electrical and electronics, transportation, and other end-user sectors have been in a slowdown for the last couple of years.
The global demand for high-performance plastic additives has been severely impacted by these market downturns in the end-user industries. However, the market is anticipated to recover and is expected to rise gradually over the forecast period.
In the global high-performance plastic additives market, Asia-Pacific and Japan and China are anticipated to gain traction in terms of high-performance plastic additives production, owing to the continuous growth in electrical and electronics production and the presence of key manufacturers in the regions.
Recent Developments in the Global High-Performance Plastic Additives Market
In September 2022, SABIC unveiled the LNP THERMOCOMP AM DC0041XA51 compound at InnoTrans 2022 in Berlin, Germany. It is an innovative carbon fiber-reinforced, flame-retardant (FR) substance appropriate for pellet-fed additive manufacturing (PFAM/), which is fully complied with E.U. and U.S. rail fire safety requirements.
In September 2021, 3M expanded its line of boron nitride cooling fillers with new product grades, i.e., boron nitride cooling filler agglomerates CFA 100 and boron nitride cooling filler agglomerates CFA 150. Both consist of soft boron nitride agglomerates, which are used to enhance isotropic thermal conductivity and have applicability in automotive, electrical, and electronic devices and components.
In October 2022, during K 2022 in Dusseldorf, Germany, Evonik Industries AG displayed its most recent viable strategies for the polymers and foam industries. INFINAM PA, a new and improved grade of PA-12 powders with drastically reduced CO2 emissions for fused deposition 3D printing technologies, was also displayed.