Rising demand for high performance plastics in major end-user industries like packaging, automotive, consumer appliances and construction is driving consumption of plastic additives in India
Plastic additives are chemicals added to a polymer to improve its physical properties, processing ability or certain other desired properties. These additives can be used to prevent degradation of polymers during the manufacturing process, protect against environmental impact, or enhance physical properties like heat or light resistance of the polymer. Major end-user industries for plastic additives include packaging, automotive, construction and consumer appliances such as televisions, microwaves and refrigerators.
Packaging, construction and automotive have been the major application industries for plastic additives, mainly due to rising demand for high performance plastics in these industries. Innovative packaging methods demand properties such as higher durability, antifogging characteristics and fire resistance among others. In the automotive and consumer appliance sectors, serious concerns regarding safety have promoted the use of flame retardants, in addition to other additives that enhance durability and damage resistance of plastics.
According to a recently published report by TechSci Research, "India Plastic Additives Market Forecast & Opportunities, 2019", the plastic additives market revenues in India are projected to witness a CAGR of 14% during 2014-19. India's plastic additives market is highly fragmented, and is dominated by 30-35 major players with small and medium-sized players accounting for majority of the market share. Rising purchasing power of Indian consumers is driving the demand for aesthetic and innovative plastic products, particularly in automotive and consumer appliance industries. Western region of the country accounts for the largest share in plastic additives production.
"Increasing penetration and acceptability of plastics in almost all sectors of the Indian economy like transportation, automotive, consumer appliances, packaging and construction has significantly increased the demand for high performance plastic materials, which can be produced by the using plastic additives. Usage of plastics in agriculture sector is also expanding, owing to various benefits of using plastics in this industry. Consequently, the future of plastic additives market in India appears to be bright," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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