Packaging Additives Market to Hold a High Potential for Growth by 2026
Future Market Insights (FMI) delivers key insights on the global packaging additives market in its published report titled “Packaging Additives Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2026”. In terms of revenue, the global packaging additives market is estimated to grow at a CAGR of 4.3% during the forecast period, owing to numerous factors on which FMI sheds light in this report. The Asia Pacific packaging additives market is expected to remain in the leading position during the forecast period.
In the packaging industry, packaging additives have prominent applications in end-use industries like food and beverages and pharmaceuticals. The rise in disposable income and increase in economic growth are the significant factors driving the growth of the global packaging additives market. One key driver in the global packaging additives market is the expansion of convenient packaging and food industry in various emerging countries across the globe. 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.
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In this report, Future Market Insights suggests that packaging additives will play a major role in the food & beverage industry during the forecast period. With a rise in demand of packaged food items in the industry, there will be enormous demand of the packaging additives market. The research also suggests that the beverage sector segment in packaging additives is anticipated to be one of the highest contributors to the growth of the packaging additives market. The pharmaceuticals and health sector is also anticipated to witness high growth in the packaging additives market during the forecast period.
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.
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.
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, and Evonik. Many unrecognized and local players are expected to contribute to the global packaging additives market during the forecast period.
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