Plastics have re-emerged as a viable replacement for metals across major industries over the recent past. The shift can be majorly attributed to the technical and functional properties of plastics. The flexibility and lightweight, in particular, have promoted its critical end-use applications. For instance, engineering plastics have found their application in the automotive sector for the production of several components such as airbags, steering bags, bumpers, and seat belts. Lightweight plastics such as PC and PP hoods are used in manufacturing various components of aircraft components including windows. This, in turn, creates proliferating demand for masterbatch. Moreover, this demand is further expected to augment with the adoption of corrosion inhibitors and polycarbonates. All these key factors are anticipated to create novel opportunities for the global masterbatch market in the upcoming years.
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Paced Demand for Plastic Packaging Across Retail and Pharmaceutical Industries to Aid in Masterbatch Market Expansion
The growing e-commerce sector has significantly facilitated the expansion of the retail industry. The flourishing retail industry in turn has propelled the demand for attractive and creative packaging formats. Industries such as food and beverages and pharmaceuticals are also largely dependent on plastic packaging. Plastic packaging offers flexibility, and firmness and also increases the shelf life of the food product thus preserving food quality. Plastic packaging is also used in drug delivery systems. Pharmaceutical companies use it for marketing and preserving their products. It offers high dimensional stability, superior moisture barrier, clarity, high impact strength, flame, and heat resistance. As a result of this, the global masterbatch market is expected to reach sound maturity in the forecasted period.
PP Carrier Polymer-based Masterbatch to Gain Significant Momentum in Global Masterbatch Market
Over the last few years, PP (polypropylene) masterbatch has gained significant prominence in the masterbatch market. Polypropylene offers exceptional flexibility and mechanical strength as a carrier polymer. In addition, it improves the quality of the surface, is lightweight, and can be used as a replacement for metal components. Its lightweight property enhances performance by improving fuel consumption and efficiency. Furthermore, it has witnessed significant adoption in the consumer goods sector owing to its antimicrobial resistance and flexibility. The manufacturers of polypropylene are inclining more towards bio-based propylene than synthetic due to growing environmental concerns. Against this backdrop, the global masterbatch market is projected to witness sound expansion.
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Asia Pacific to Emerge as Key Region in Masterbatch Market Owing to Flourishing Major Industries
The momentous growth across end-use industries such as automotive, construction and packaging is enabling Asia Pacific to gain a competitive edge in the global masterbatch market. The developing nations in the region are particularly expected to develop an inclination towards the adoption of masterbatch. Various macroeconomic factors such as a favorable business environment, rising customer pool, and availability of cheap land and labor, have attracted major players in the region. Such a scenario is projected to unlock new growth opportunities in the masterbatch market in the Asia Pacific over the forecast period.
Leading Market Players
Some of the major players in the masterbatch market include Hubron International Ltd., Clariant AG, Ampacet Corporation, PolyOne Corporation, Penn Colour Inc., and Plastibends.
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