Masterbatch Market worth $14.0 billion by 2023
According to the 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.
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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.
The color type segment of the market is projected to register the highest CAGR, in terms of value, during the forecast period.
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.
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Replacement of metals with plastics in automotive application drives the masterbatch market
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.
APAC is estimated to be the largest market for masterbatch during the forecast period.
The masterbatch market has been studied for North America, Europe, APAC, South America, and the Middle East & Africa. The APAC market is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the masterbatch market in the region is attributed to the increased demand for packaging products, along with the increasing middle-class population which ultimately drives the masterbatch market.
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The key 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).
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