Masterbatch Market Overview
The global market for masterbatch is set to reach USD 11,903.45 million by the end of 2023, asserts Market Research Future (MRFR). MRFR analysis also concludes that the global market is expected to grow at a CAGR of 5.54% during the forecast period (2018-2023). The future of the global market is likely to be lucrative owing to opportunities in numerous end-use industries, which include packaging, building and construction, consumer goods, transportation, electrical and electronics, and textile. Moreover, growing demand for plastic as substitutes for various materials like metal, concrete, and steel in various end-use industries has worked tremendously in favor of the market. Further, emerging trends like increasing demand of anti-shrinkage and flame retardant masterbatches for polypropylene (PP) pipes and polycarbonate (PC) sheets have had a direct impact on the dynamics of the global market, propelling the market growth.
On the flip side, strict government regulations to counteract the production of non-biodegradable materials are presumed to curb the market growth. However, looking at the current market scenario, it is safe to say the market is well on its way to higher levels on account of shifting consumer trend from sedentary to a healthier lifestyle. This trend, in particular, gives rise to growing demand in the packaged food and other retail products, as it helps address various concerns regarding unhealthy packaging like contamination of contained food.
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Masterbatch MarketVendor Landscape
Schulman, Inc., Cabot Corporation, Clariant, PolyOne, Plastika Kritis S.A., Ampacet Corporation, Americhem, Inc., Astra Polymers, ALOK, Hubron International, GABRIEL-CHEMIE Group, Prayag Polytech, DongGuan HengCai Plastic Pigment Ltd., Plastiblends, POLYPLAST, GCR Group, Tosaf, and RTP Company are some of the key market participants. Mergers and acquisitions are commonly witnessed in the market with major companies using it to expand their reach in developing countries.
Global Market for Masterbatch: Segmental Analysis
MRFR’s report provides a detailed segmental analysis of the market on the basis of type, application, end-use industry, and region.
By type, the global masterbatch market size is segmented on the basis of color, white, black, and additive. Among these, the color masterbatch segment captured the largest share of the market in 2017 and projected to value USD 4202.4 million by the end of 2023. One of the main factors responsible for this growth is the excellent color distribution of color masterbatch throughout the final plastic product. Moreover, color masterbatches are easy to store, feed, and handle, when compared to powdered form pure colorants, a characteristic likely to propel its demand and drive the market growth.
By application, the market is segmented on the basis of packaging, consumer products, building and construction, automobile industry, electrical and electronics, and others. Among these, the packaging application segment accounted for 38.90% of the market in 2017. The segment is holding its position among all segments on account of shifting trends in favor of using packaged consumer products. On the other hand, the automobile industry segment is expected to grow at the highest CAGR of 6.14% throughout the forecast period, due to the growing preference for engineered plastics which is deemed to be a strong and effective alternative to various metals, such as aluminum, steel, and other metal alloys, in the automotive industry.
Masterbatch Market Regional Outlook
The global COVID-19 analysis on masterbatch market report has been studied with respect to five key regions – Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific dominated the global market in 2017 with a 42.78% share and expects to reach USD 4,782.10 million by the end of 2023. The market in the region is presumed to grow at a modest CAGR of 6.13% on account of increasing demand for masterbatch in the packaging industry. Moreover, the growth trajectory can also be attributed to demand from the established automotive and transportation industry in the region. Rising consumer awareness coupled with favorable government initiatives in developing economies such as China, India, Malaysia, and South Korea have fueled the market growth as well.
On the other hand, North America is projected to be the second-largest masterbatch market, with the United States (U.S.) ruling the regional market. This position has been achieved due to the substantial growth in automotive, packaging and consumer goods industries. Hence, strong establishment of industries and strong presence of market players in the region have resulted in the remarkable performance of the market.
Europe is another substantial market where economies such as Germany, the UK, France, Italy, and Russia play significant roles in adding to this growth. Meanwhile, the markets in Latin America and the Middle East & Africa claimed relatively smaller shares of the global masterbatch market in 2017 due to undeveloped infrastructures, slow economic growth as well as slow industrialization.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.