Global Masterbatch Market Witnessing Promising Growth: Projected to Grow at a CAGR of 5.0% by 2027
Published | 23 September 2021
Global masterbatch market is growing at a high CAGR because of rising environmental awareness, an increase in plastic usage in the automotive sector, and the opportunity to package foods and beverages in attractive ways..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global masterbatch market was worth USD 11.2 billion in 2020. It is estimated to grow at a CAGR of 5.0%, earning revenue of around USD 15.7 billion by the end of 2027. The global masterbatch market is gaining significant traction because of various driving factors, including the expanding construction and automobile industry, which consumes different types of masterbatches. The effective use of masterbatches for coloring raw polymers during the plastic manufacturing processes is also propelling the growth of the global masterbatches market. Plastics containing masterbatches are utilized in the production of important vehicle components, plastic packaging, consumer items, and so on. However, stringent plastic-use rules and a permanent ban on plastic in certain regions may pose significant threats to the global business in the coming years.
Growing Construction Activities in Emerging Economies
Globally, the masterbatch market is being driven by the expansion of construction activities. Emerging economies such as India, China, Japan, etc., are investing heavily in the construction of residential and commercial buildings for various purposes. They are also investing in transportation, communication, energy, etc. Masterbatches polymers are used to offer UV resistance and water resistance as well as strength and toughness to buildings. The need for masterbatches is expected to skyrocket due to continuing and growing construction projects, supporting overall market growth.
Expanding Medical Application of Masterbatches Is Expected to Drive the Global Market in the Forecast Period
The global masterbatch market is expected to grow rapidly over the forecast period due to the growing use of masterbatch in medical devices. Medical devices use masterbatch differently depending on the color, the pigment type, and the pigment loading. Aside from its use in medical devices, it also has applications in pharmaceutical packaging. Color masterbatches and additives are commonly used in this sector, as they contribute to the color-coding of specific plastic parts of medical devices. Such applications are expected to propel market growth in the forecast period.
Global Masterbatch Market - By Polymer
Based on polymers, the global masterbatch market is segmented into polypropylene (PP), low-density polyethylene & linear low-density polyethylene (LDPE & LLDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyurethane (PUR), polyethylene terephthalate (PET), polystyrene (PS), and others. The polyethylene segment holds the largest market share because it comes in different types such as high-density, low-density, linear density polyethylene, etc. Moreover, it is used across a wide range of industries, including construction, automotive, packaging, etc. The polypropylene (PP) segment is estimated to gain significant traction during the forecast period.
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Global Masterbatch Market - Regional Insights
Geographically, the global masterbatch market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific dominates the global masterbatch market. The expanding automobile production in the Asia-Pacific region plays a crucial role in propelling the growth of the global masterbatches market. Despite this, North America covers a substantial share of the market due to the increasing investment in R&D activities. Manufacturers in North America are focused on improving their masterbatches production technology, sustaining the market's growth in the coming years.
Impact of COVID-19 on Global Masterbatch Market
The global masterbatch market was negatively impacted by the unprecedented outbreak of the COVID-19 pandemic. The lockdown imposed by the countries to curb the spread of the virus completely halted the operations of the end-user industries of the global masterbatch market. Automobile manufacture, building, packaging, and other activities were curtailed, lowering demand for masterbatches and negatively impacting the market. Furthermore, restrictions on the distribution channels also affected the demand and supply of the masterbatches, which also incurred significant losses to the global masterbatches market in the pandemic period. Nonetheless, masterbatch demand seems favorable for the market due to the recent resumption of construction activities and the increased demand for electric vehicles.
Global Masterbatch Market Competitive Landscape
The leading players in the global masterbatch market are Americhem Inc., A. Schulman Inc., Clariant AG, Ampacet Corporation, Cabot Corporation, Polyone Corporation (Group) Co., Ltd., Plastika Kritis S.A., GCR Group, Polyplast Mueller GmbH, Hubron International, Avient Corporation, Penn Color Inc., High Technology Masterbatches S.L., Dainichiseika Color & ChemicalS Mfg. Co., Ltd., CONSTAB, K.D. FEDDERSEN, Primex Color, Tosaf Compounds Ltd., Americhem, and other prominent players.
The market is highly fragmented, with the presence of several global and regional industry players/ The regional companies have a better grip on the local market. To stay competitive, the companies heavily invest in R&D activities. Furthermore, this market is also characterized by competitive strategies, such as partnerships, mergers, acquisitions, and collaborations.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global masterbatch market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global masterbatch market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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