Global Packaging Additives Market Analysis: More Than 70% of the Revenue to be Generated by the Food & Beverage Segment in 2018, Which is Expected to Increase Further by the End of 2026
The global market for packaging additives was valued at US$ 442.8 Mn in 2017 and is projected to expand at a CAGR of 4.3% during the forecast period (2018-2026).
Packaging additives are added in plastic resins to strengthen their physical, mechanical, & barrier properties. Packaging additives can modify the polymers & enable the packaging industry to cater the demand of the food, beverage, pharmaceuticals, personal care, & cosmetics industry. The global packaging additives market is expected to be largely influenced by the growing demand from food & beverage and personal care industries.
The food segment is expected to drive the global packaging additives market, in terms of revenue, during the forecast period. As per volumetric analysis, the plastic sub segment in the substrate segment is projected to dominate the packaging additives market. Metal and paper & paperboard are the two sub segments that have high potential in contributing towards the growth of packaging additives market. Initiatives of global companies will further encourage consumers to use products made from packaging additives.
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Global Packaging Additives Market: Drivers & Restraints
The expansion of the processed food industry has led to an increase in the use of packaging additives by various manufacturers. An increasing use of personal care products such as shampoos, liquid sanitizers, and other related products are driving the demand for packaging additives in the market. Stringent government regulations toward plastic usage below 50 micron can hamper the packaging additives market. However, with the changing lifestyle & food consumption habits, demand for packaging products is increasing, which in turn increases the demand for packaging additives in the near future.
Global Packaging Additives Market: Taxonomy
The global market for packaging additives is segmented by substrate, product type, packaging type, and application.
On the basis of substrate, the global packaging additives market is segmented into four categories – plastic, metal, paper & paperboard, and others (glass). The plastic segment has the highest share in the market.
The various product types considered in the packaging additives market study include antimicrobial agents, antifog agents, anti-static agents, clarifying agents, oxygen scavengers, and UV stabilizers. Of these, antifog agents sub-segment accounts for the lion’s share in the packaging additives.
On the basis of packaging type, the global packaging additives market is segmented into two parts – flexible and rigid packaging. Out of these two, the flexible packaging category accounts for a higher percentage of market share.
On the basis of application, the global packaging additives market is segmented into five categories that are food, beverages, pharmaceuticals & healthcare, cosmetics & personal care, and others. In these segments, food & beverage accounts for more than 70% of the application in the packaging additives market.
Global Packaging Additives Market: Competitive Landscape
Among the key regional markets, North America is projected to exhibit relatively higher growth in the global packaging additives market and will grow with a CAGR of over 4.3% during the forecast period. Revenue from the packaging additives markets in Western Europe and Asia Pacific Excluding Japan (APEJ) is expected to collectively account for more than 45% of the global packaging additives market revenue during the forecast period.
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Key players operating in the global market for packaging additives include BASF SE, AkzoNobel N.V., ALTANA Group, ColorMatrix Group, Arkema Inc, Henkel, Huber Group, PPG Industries Inc, Lubrizol Corporation, Flint Group Sun Chemical Corporation, Valspar Corporation, Evonik, and Wacker Chemie AG. Many local and unrecognized players are expected to contribute to the global packaging additives market during 2018 to 2026.