The market for packaging additives size is anticipated to reach a value of US$ 549 million in 2022 and grow at a CAGR of 4.3% to reach US$ 650 million by the end of 2026. Due to the strong demand from the food business and the rising consumption of packaged foods, the use of chemical additives in the packaging industry has expanded. Food must be packaged differently than other products, which has had a significant impact on the consumption of packaging additives across a variety of industries.
Packaging additives are widely used in end-use industries such as food and drinks and pharmaceuticals in the packaging business. The global packaging additives market is being driven by an increase in disposable income and economic expansion. The rise of convenient packaging and the food sector in various rising countries throughout the world is a key driver in the global packaging additives market.
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Key players considered in this report on global packaging additives market include
- AkzoNobel N.V.
- ALTANA Group
- Arkema
- BASF SE
- ColorMatrix Group
- Flint Group
- Henkel
- Huber Group
- Lubrizol Corporation
- PPG Industries Inc
- Sun Chemical Corporation
- Valspar Corporation
- Wacker Chemie AG
- Evonik
Many unrecognized and local players are expected to contribute to the global packaging additives market during the forecast period.
The packaging industry in regions such as North America and Europe is highly mature and supports manufacturers to promote market growth in other regions. Growth opportunities in the packaging additives market due to the variation in the food consumption habits in regions such as Middle East and Asia Pacific excluding Japan is prompting various leading manufacturers of packaging additives to set up the production units in this regions.
The growth of packaging additives can mainly be attributed to the contributions of emerging economies in North America such as the U.S. and Canada. The U.S. is expected to be at the forefront, spearheading the growth of the packaging additives market, during the forecast period. According to the research by Future Market Insights, the U.S. packaging additives market has witnessed rapid growth in the past couple of decades. As per volumetric analysis, the plastic sub segment in the substrate segment is projected to dominate the packaging additives market. So, packaging additives manufacturers are looking forward to developing such biodegradable bioplastics that will reduce the carbon footprint.
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Key Segments of Packaging Additives Industry Survey
By Substrate Type :
- Packaging Additives for Plastics
- Packaging Additives for Metals
- Packaging Additives for Paper & Paperboards
- Others (Glass)
By Product Type :
- Antimicrobial Agents
- Antifog Agents
- Antistatic Agents
- Clarifying Agents
- Oxygen Scavengers
- UV Stabilizers
By Packaging Type :
- Packaging Additives in Flexible Packaging
- Packaging Additives in Rigid Packaging
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By Region :
- North America Packaging Additives Market
- Latin America Packaging Additives Market
- Europe Packaging Additives Market
- East Asia Packaging Additives Market
- South Asia & Pacific Packaging Additives Market
- Middle East & Africa (MEA) Packaging Additives Market
The companies involved in the manufacturing of packaging additives are focusing on enhancing their production capacity by establishing new production units. The key motive is to have a worldwide presence through collaborations, acquisitions, or by exports in the packaging additives market. The manufacturers of packaging additives are likely to eye the lucrative regions of North America and the Asia Pacific in the coming years.
Various vital players find regions such as the Asia Pacific and Middle East & African attractive to develop packaging additives plants in the coming years. Some of the key drivers for the growth of the global packaging additives market include growing demand from the food & beverage industry due to its biodegradable nature.
The packaging additives market in Asia Pacific Excluding Japan (APEJ) is expected to create the highest incremental $ opportunity during the forecast period and is expected to grow at a significant pace in the coming years. The revenue from the packaging additives market in North America is estimated to account for over 21.9% of the global packaging additives market revenue in 2018.
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