Market Research Report
Global Packaging Additives Market - 2021-2028
|Global Packaging Additives Market - 2021-2028|
Published: July 26, 2021
Content info: 180 Pages
Delivery time: 2 business days
Global Packaging Additives Market Overview
The global packaging additive market size was worth US$ XX billion in 2020 and is expected to report significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2020-2027).
Packaging additives are added to plastics, polymers, and resins to improve their properties. These additives effectively strengthen the polymers to pack food, drinks, cosmetics, and pharmaceuticals. Packaging additives are plasticizers that either soften or rigid the polymer to make it versatile. The packaging is a means of preserving the product from the gas passing through. The packaging materials used are plastic, paperboard, pulp, corrugated box, and Bio-polymers. Major manufacturers adopt these additives to improve the mechanical and external protection properties of packaging products. Furthermore, packaging additives protect against light exposure, oxygen, outer moisture, and microorganisms. Food & beverages and health care industries require excellent antimicrobial and antioxidant properties to packaging products, thereby leading to the significant end-users of packaging additives.
These additives are added to plastic resins to strengthen their mechanical, physical, & barrier properties. Packaging additives can improve the polymers & enable the packaging industry to cater to the food, beverage, pharmaceuticals, personal care, & cosmetics industry.
Packaging Additives Dynamics
The global packaging additives market is majorly driven by the increasing demand for packaged food, ready-to-cook, and easy-to-eat food items due to the customer's busy and changing lifestyle. Growing adoption and increasing demand for personal care products have created immense opportunities for the packaging additive market to grow in the forecast period.
Increasing demand for packaged food, ready-to-cook and easy-to-eat variants of food items owing to the busy and changing lifestyle of the customer
Junk food has been growing for the past few years due to the consumer's changing and busy lifestyle. Junk food is available in all grocery stores, convenience stores, and fast-food restaurants, thus building the food & beverages industry market in recent times. As per the reports, 93% of children eat packaged food more than once a week, and 83% of children drink milk food drinks, and 69% eat breakfast cereals as their first meal of the day before heading to school. This growing percentage of packaged food is directly responsible for triggering the growth of packaging additives in the market. Increasing consumers' demand for safer, healthier, and higher-quality foods, ideally with a long shelf-life and growing demand for convenient and transparent packaging with more sustainable packaging materials, has led to the development of new packaging technologies involving different packaging additives to overcome the requirements of the customer. For instance, in August 2018, during PACK EXPO 2018, Sun Chemical showed a wide range of innovative solutions designed to achieve their unique packaging goals while improving customer activity. SunCure Accuflex is a new UV ink system developed by the company for both primary and secondary packaging of food that is not manufactured with Bisphenol A (BPA)-based materials to meet low migration specifications.
Growing adoption and increasing demand for personal care products over the past few years create immense opportunities for the packaging additive market to grow in the forecast period.
Earlier personal care and cosmetics were considered one of the biggest luxuries; however, it was a major part of our recent lifestyle. Besides, personal grooming is popular among the young population and catching up with people from all generations. However, in recent times self-grooming is popular, whether it be an older adult or an adult. This growing self-care is more likely to accelerate the cosmetics industry. The key players are adopting different methods to develop different additives to improve their cosmetic products' quality. Liquid colorants and additives are used to make the packaging more attractive in the market. Additives can be turned into preservatives, and different companies came up with different types of preservatives to avoid skin infections and other issues. They are typically added as antioxidants, antimicrobials and stabilizers, thereby positively affecting the market for items. Another growth-inducing factor is numerous product developments, such as phenol derivatives as an efficient alternative to parabens. Manufacturers are emphasizing producing cosmetics with improved shelf-life and organic preservatives to minimize the risks of contamination. Thus the growing market of preservatives creates opportunities for the additives manufacturers to develop the recent and advanced products in the market.
Continuous fluctuations in raw material pricing and stringent government policies towards reducing plastic are severely hampering the growth of packaging additives.
The continuous fluctuations in raw material prices are the main challenge for the packaging additives market. For instance, volatility in oil & gas prices has resulted in prices for the raw material used in antistatic agents' manufacturers. Similar growing fluctuations in the pricing of raw materials used to produce antimicrobial additives are the main drawbacks hampering the antimicrobial additive market's growth. For the manufacturing of antimicrobial additives, the raw material used is copper, silver and zinc. The price of these raw materials is a lot higher than other raw materials; thus, changing the pricing of these materials is attributed to hurdle the growth for packaging growth additives. Besides, packaging industries are the potential drivers for generating immense plastic waste regularly. Nearly 14 percent of the 78 million metric tons of plastic packaging produced globally each year is recycled. Nine million tons per year of lightweight and floatable plastic that avoids recycling flows into our oceans, much of it from developing nations that lack the infrastructure to handle it. As these nations grow wealthier and eventually tend to eat more processed goods, the problem is expected to worsen, thus severely creating hurdles for packaging additives to grow in the forecast period.
COVID-19 Impact Analysis
The global packaging additives have shown a slight decline due to the COVID-19 pandemic, as several manufacturing plants were shut for months. Further several countries have restricted production activities during the covid-19 pandemic. The major lockdown due to the COVID-19 outbreak leads to suddenly dropping down consumers' interest towards purchasing any goods, and halt in transportation sectors has severely hampered the business of packaging additives market due to the disruption in the product's supply chain management.
The majority of businesses are shut down, and operations across several end-users of packaging additives products such as food & beverages, pharmaceutical, and personal care industries are also compromised, thus dropping the product's global demand in 2020.
Packaging Additives Market Segment Analysis
The global packaging additives market is bifurcated based on type, packaging type, substrate, application and region.
Oxygen scavengers help extend product life and improve product appearance by absorbing and removing any oxygen left in the closed packaged product compared to other segments, thus expected to dominate in the forecast period.
In terms of application, the global packaging additives market is bifurcated into antimicrobial agents, antistatic additives, anti-fog agents, oxygen scavengers, UV stabilizers, clarifying agents, and others. Out of the mentioned additive types, oxygen scavengers hold the largest market share of packaging additives making up nearly 57% value share of the plastic packaging market. Oxygen scavengers help enhance product life and improve the appearance of the product by removing and absorbing oxygen left in any closed packaged product. In the past few years, innovations have enabled oxygen scavengers to be impregnated into laminates, films, cards, plastic lids, bottles, and closures. The technology has been gaining popularity in PET beer bottles, often incorporated into closures or barrier materials. The increase in ready meal consumption has created more opportunities for oxygen scavengers, with Japan leading the demand for ready meals for oxygen scavengers. Apart from this, oxygen scavengers are also growing in other sectors such as pharmaceutical packaging, propelled by industry demands because of regulatory pressures, cost-cutting exercises, and the need to enhance patient care.
Packaging Additives Market Geographical Analysis
Growing demand from packaging application, easy availability of raw materials, changing lifestyles, and rapid industrialization in the Asia-Pacific region is expected to build the region's market in the forecast period.
The Asia Pacific is anticipated to constitute a dominant share of the global packaging additives market during the forecast period. China is one of Asia Pacific's most influential manufacturers of plastic goods. A strong presence in China, Japan and India of manufacturers using packaging additives is likely to fuel the demand for packaging additives in the Asia Pacific during the forecast period. Growing demand from packaging application, easy availability of raw materials, changing lifestyles and rapid industrialization in the region. The region is improving in Packaging production for plastic consumption coupled with increasing per capita disposable revenue. Growing awareness among consumers regarding additive benefits among packaging coating may promote regional growth during the forecast period.
Packaging Additives Market Competitive Landscape
The packaging additives market is highly competitive with the presence of various global players in the market. Some of the global players contributing to the market's growth include Akzo Nobel N.V, BASF SE, Verdict Media Limited, Flint Group, ALTANA AG, PolyOne Corporation, HuberGroup India, Henkel AG & Co. KGaA, Sun Chemical, The Sherwin-Williams Company and among others.
The key players are following several growth strategies such as product launches, acquisitions, and partnerships, adding value to the global packaging additives market. Key players favor product launch as the growth strategy to build revenue for their market.
Overview: BASF SE is a German multinational chemical company known as the largest chemical producer globally. The BASF Group includes subsidiaries and joint ventures in more than 80 countries. It operates in six integrated production sites and 390 other production sites based in Europe, Australia, Asia, the Americas and Africa. The company is 150 years old, and its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world's leading chemical company, the company combines economic success with environmental protection and social responsibility.
Plastomoll® DOA: lastomoll® DOA is ideal for flexible PVC colorants and coatings that require excellent low-temperature performance. Plastomoll® DOA complies with food packaging regulations and can thus be used for flexible PVC films with food contact (cling film)
The global packaging additives market report would provide access to an approx: 69 market data table, 70 figures and 281 pages.
Target Audience 2022
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