Additives Market Set to Witness Explosive Growth by 2030

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Description

According to the Market Statsville Group, the global additives market size was valued at USD 155.4 billion in 2021 and is projected to reach USD 222.6 billion by 2030, growing at a CAGR of 4.6% from 2022 to 2030. Additives such as epoxidized soyabean oil (ESO), stabilizers, and phosphorus-based flame retardant additives are specialty additives used in end-use industries such as healthcare & pharmaceuticals, agriculture, and packaging films. An increase in the application of additives in the food & beverages, packaging, and building & construction sectors is a key driving force of the global market. Also, additives are widely used in fertilizers, batteries, fuel, and agrochemicals, which is predicted to boost the market growth during the forecast period.

The increased use of fuel additives in the petroleum industry helps to improve the quality of fuel and improves the octane rating of gasoline or acts as corrosion inhibitors, which is another factor that is favorable to the global market’s growth. Furthermore, lubricity additives are important to fuel additives used during the formulation of diesel that protects internal contact points in fuel pumps and injection systems in diesel engines. So, all these factors together are predicted to augment the demand for additives in the global market. However, extended use of food additives possess health-related issues such as digestive disorders, nervous disorders, respiratory disorders, and skin problems, which is a considerable factor that is predicted to hamper the market growth.

Definition of Global Additives Market

The additive is an active substance that improves parameters such as texture, efficiency, shelf life, performance, and productivity. Plastic additives, construction additives, lubricant additives, fuel additives, food additives, coating additives, and agrochemical additives are abundantly available in the market.

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Global Additives Market Covid-19 Impact

The COVID-19 pandemic has negatively impacted the global economy and is subsequently shrinking the GDP of economies across the globe, thereby changing consumer spending patterns globally. The COVID-19 pandemic puts forward several challenges. However, according to the IFAC (International Food Additives Council), food additives are gaining importance in the food sector, owing to maintaining the safety and quality of foods in the home pantry. As per the report by Food Ingredients First, there has been a rise in staple kitchen products such as flours, lentils, grains, rice, and bakery ingredients. Food additives help to extend the product’s shelf life and allow consumers to stock up on food products without trepidation of instantaneous expiration. The major players in the global additives market are launching innovative additives to tackle the spread of coronavirus. In addition, automotive manufacturers prefer incorporating additives during the manufacturing of interiors to curb the spread of trapped virus particles inside the cabin.

Global Additives Market Dynamics

DriversGrowing food & packaging industry

Increasing awareness for hygiene and organic food options has surged the demand for packed food & beverage items. According to a report, the packed food & beverages industry has launched around 3,500 new food products worldwide over the past 12 months. Individuals widely prefer these packed food & beverages items due to their freshness, taste, hygiene, and other specifications. These specifications are met by using a wide range of food additives such as high fructose corn syrup, monosodium glutamate, guar gum, sodium nitrite, and others. This is expected to act as one of the key drivers for the growth of additives in the food & beverages industry.

RestraintsRegulations led by various regulatory bodies

If exposed beyond a certain level, Additives may cause several health-related disorders such as diarrhea, colicky pains, insomnia, asthma, and others. According to a report published by the International Journal of Pharmaceutical Sciences and Research (IJPSR), consuming food-based additives, such as monosodium glutamate (MSG) and sulfite, can cause headaches and redness of eyes & skin, nausea, sweating, weakness, and health disorders. In response to this, several regulatory bodies, such as the European Commission (EU) and Restriction of Hazardous Substances (RoHS), have issued certain guidelines for the use of additives. This may hamper the growth of the additives market during the forecast period.

OpportunitiesChemical stability and pH control to offer opportunities for the market growth

Intense R&D in the medical field has led the pharmaceutical sector to grow rapidly. The medicines are made more effective to diseases by using various additives such as solubilizing, surfactant, stabilizing, and other parental additives. These additives act as active ingredients in improving the internal & external nutritional occupancy, self-life, chemical stability, and other specific characteristics. For instance, Pfizer’s COVID-19 vaccine contains a dibasic sodium phosphate (dehydrate) additive to maintain the vaccine’s chemical stability and pH. As a result, the use of additives in the pharmaceutical industry is expected to provide lucrative opportunities for the additives market to expand in the coming years.

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Scope of the Global Additives Market Research Report

The study categorizes the additives market based on product type and end-use at the regional and global levels.

By Product Type Outlook (Sales, USD Billion, 20172030)

  • Plastic Additives
  • Food Additives
  • Construction Additives
  • Lubricant Additives
  • Fuel Additives
  • Coating Additives
  • Agrochemical Additives
  • Medicated Feed Additives
  • Others

By End-Use Outlook (Sales, USD Billion, 20172030)

  • Packaging
  • Food & Beverage
  • Building & Construction
  • Chemical
  • Automotive
  • Aerospace
  • Animal Husbandry
  • Others

By Region Outlook (Sales, USD Billion, 20172030)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The food additive segment is projected to account for the largest market share, by product type

Based on product type, the global additives market is divided into plastic additive, construction additive, lubricant additive, food additive, fuel additive, coating additive, agrochemical additive, medicated feed additive, and othersIn 2021, the food additive accounted for the largest market share of 34.9in the global additives marketFood additives are added to maintain or enhance the freshness, safety, taste, appearance, and texture of food items. It can be extracted from both natural and synthetic sources. There are different types of food additives such as preservatives, color additives, flavor enhancers, emulsifiers, and stabilizers. Preservatives are the substances used to prevent or slow down the growth of microorganisms so that food can be kept fresh for longer duration. For instance, vinegar is a food additive that provides an acidic condition and resists the growth of microorganisms in pickled mango.

The major trend in the global market is the utilization of food additives in sectors, such as packed food & beverages, convenience food, bakery & confectionary, organic food, and others. For instance, as per the report published by Scientific Reports Community, food additives, such as citric acid, lecithin, and modified starches, are used in more than 85% of the food items, including artificially sweetened beverages, sandwiches, biscuits & cakes, ice creams, and others. Furthermore, rising consumer preference for healthy eating habits has increased the consumption of natural & organic foods where food additives are widely used to maintain the freshness of food products for longer periods.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global additives market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaWorldwide, Asia-Pacific is the fastest-growing region with a CAGR of 5.3% in the global additives market. The Asia-Pacific additives market is analyzed across China, India, Japan, Australia, and the rest of Asia-Pacific. The rising transportation sector, mainly the railway sector, in Japan along with submarines & ships manufacturing sectors in China and India, has enhanced the performance of the additives market in the Asia-Pacific region.

Moreover, North America is the fastest-growing region after the Asia Pacific, with a CAGR of 4.8% during the forecast period. Additives are widely used to impart different significant properties such as chemical inertness, temperature resistivity, corrosion control, high strength, durability, UV protection, life-cycle, and others. The key market trend in the North American region is the utilization of additives in sectors, such as automotive, lubrication, plastic manufacturing, and others. Countries such as Canada and Mexico, where the automotive sector is more dominating, have increased the adoption of lightweight and highly durable plastics to manufacture fuel-efficient vehicles. The use of additives in manufacturing lightweight automotive parts may propel the demand for additives.

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Key Market Players

The key players operating the global additives market include Clariant AG, Dow Inc., Evonik Industries AG, BASF SE, Eastman Chemical Company, Milliken Chemical, PolyOne Corporation, Lanxess AG, Sanitized AG, and BioCote Limited.

These players have been adopting various strategies to gain higher shares or retain leading positions in the market. Some of the Acquisition, Business Expansion, Partnership, and Product launches done by companies are given below:

  • In November 2020, BASF SE completed the construction of a new site in Pontecchio Marconi, Italy, to expand the production of NOR products widely used in the agricultural sector. In addition, it is also used in plasticulture applications such as greenhouse covers, macro & small tunnels, nettings, and substrate bags.
  • In October 2020, Sanitized AG and Ferro Plast entered into a strategic partnership to improve the sales of Sanitized antimicrobial additives in Italy. In addition, this strategy was set up to support development, production, marketing, and regulatory queries in Italy.
  • In October 2020, Clariant AG launched a high-performance bio-based additive that helps to reduce resource consumption in the plastic industry.

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