iCrowdNewswire Dec 23, 2020 1:00 AM ET
According to the new market research report “Masterbatch Market by Type (Color, Additive, White, Black, Filler), Polymer (PP, LDPE & LLDPE, HDPE, PVC, PET, PUR, PS), Application (Packaging, Building & Construction, Automotive, Consumer Goods, Textile, Agriculture) – Global Forecast to 2023″, The masterbatch market size is projected to reach USD 14.0 billion by 2023, at a CAGR of 5.0%, from an estimated USD 11.0 billion in 2018. The global masterbatch market is mainly driven by the increasing demand for plastics in varied applications, the replacement of metal, concrete, and steel goods with lightweight plastics, and the preferred coloring plastics in most of the industrial sectors, such as automotive, consumer goods, and building & construction.
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The color type segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The dominance of color is projected to grow owing to its increasing use in various applications such as packaging, building & construction, automotive, consumer goods, agriculture, and textile, among others. The growth of the color masterbatch market is primarily triggered by the rising demand from the packaging segment.
The market in the automotive application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. Plastics provide superior mechanical, physical, thermal, and electrical properties than those of metals. Engineering plastics are widely used in the automotive application for various components such as steering wheel, airbags, seatbelts, bumpers, and dashboards. Continuous innovation and demand for lightweight materials in the automotive industry are leading to the replacement of metals with plastics.
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123 – Tables
44 – Figures
159 – Pages
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The masterbatch market size is projected to grow from USD 11.0 billion in 2018 to USD 14.0 billion by 2023, at a CAGR of 5.0%, during the forecast period. The major driving factors in the masterbatch market are the increasing demand for packaging products and wide use in coloring plastics in the end-use industries.
The major players in the masterbatch market include Clariant AG (Switzerland), Ampacet Corporation (US), A.Schulman, Inc. (US), Polyone Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements, to expand their presence further and increase their shares in the masterbatch market. Expansions and new product launches have been the most adopted strategies by major players from 2016 to 2019, which helped them to expand their regional presence and strengthen their product offerings.
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Clariant AG (Switzerland) is the largest player in the masterbatch market. The company mainly focuses on expansion and new product launch to strengthen its product portfolio. It offers masterbatches which are used in various applications such as packaging, consumer goods, automotive, agriculture, and textile. It has a strong geographical presence as it operates in five regions, APAC, Europe, North America, South America, and the Middle East & Africa with more than 50 production plants. The company has adopted an expansion strategy for the growth of its business. For instance, in February 2019, the company expanded its masterbatch production facility in Maine, Sweden, and Singapore. This expansion will help the company to meet the increasing demand from customers.
Ampacet Corporation (US) is the leading manufacturer of masterbatch. The company offers masterbatch for various applications such as building & construction, packaging, and consumer goods. It has a strong geographical presence. The company operates 25 manufacturing sites in 18 countries. As per business strategy is concerned, the company is continuously launching new products. For instance, in March 2019, the company launched a new product called Blue Edge masterbatch, designed for use in recycled PET.
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