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Packaging Additives Market to Gain a Stronghold CAGR 4.3% by 2026

Packaging additives have gained ground over the years for their ability to modify polymers and meet all the packaging requirements of food, pharmaceutical, personal care, and other industries. These packaging additives are generally used to improve their mechanical, physical and overall properties of plastic resins. The global packaging additives market is estimated to attain a valuation of US$ 442.8 Mn in terms of revenue. Further, with escalating adoption in food & beverage and cosmetic industries, the global market for packaging additives has been envisaged to grow at 4.3% value CAGR over the assessment period of 2018-2026.

Key Developments in Global Packaging Additives Market

Leading players of the global packaging additive market are focused on product innovations and organic & inorganic expansion methods including mergers & acquisitions. Global companies have also taken several initiatives to encourage customers to adopt various products of packaging additives.

Some of the notable market developments include:

  • In March 2017, BASF – one of the key players of packaging additives market – invested over €200 million at global level to boost its production network for packaging additives and further in new plant construction in Shanghai, China. In the following year, the company increase the price of two classes of packaging additives including flame retardants, light stabilizers and antioxidants, and others.
  • In 2015, PolyOne completed its acquisition of ColorMatrix Group, Inc., a highly specialized company with advanced additives technologies and holds a key market position in liquid color concentrates and additives.

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Expansion of Food & Beverage Industry to Contribute Maximum Revenue Growth

The global packaging additives market is likely to remain concentrated in food & beverage industry, accounting for over 70% of the overall market revenue, which may increase further by the end of the forecast period.

Based on substrate, plastic will continue to maintain its supremacy in the global packaging additives market, while metal and paper & paperboard are expected to complement the expansion of packaging additives market in the global scenario. However, stringent regulations by several government organizations toward usage of plastic lower than 50 micron may create hindrance in the growth of global packaging additive market.

Lucrative Opportunities Abound in Cosmetic and Personal Care Industries

While remarkable growth of processed food industry has increased the demand for packaging additives, rising adoption of personal care products among wide range of population across the globe is anticipated to create potential growth prospects of global packaging additives market. In addition, the demand for packaging products has been on the rise, owing to changing lifestyles as well as food consumption habits, which in turn is likely to fuel the growth of global packaging additives market.

Global Market of Packaging Additives to Witness Significant Growth in North America

With concentration of key players in the region, North America may project a relatively high growth in the global packaging additives market, expanding at a notable 4.3% CAGR over the period between 2018 and 2026. Asia Pacific Excluding Japan (APEJ) and Western Europe, on the other hand, are estimated to collectively represent over 45% of the revenue of global packaging additives market during the assessment period.

Among the product types, antifog agents is forecast to account for the highest revenue share and continue to reign supreme in the global packaging additives market.

Based on packaging type, flexible packaging is likely to hold higher percentage of revenue share than rigid packaging over the forecast period.

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Global Packaging Additives Market – Competitive Landscape

Some leading players participating in the global packaging additives market are BASF SE, ColorMatrix Group, Wacker Chemie AG, Valspar Corporation, Flint Group, PPG Industries Inc, Henkel, ALTANA Group, Evonik, Sun Chemical Corporation, Lubrizol Corporation, Huber Group, Arkema Inc, Songwon Industrial Co. Ltd, AkzoNobel N.V., Cytec Solvay Group, ADEKA Corporation, Clariant, and Addivant.

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