USD 4554.74 million
Report ID: SQMIG15E2169 | Region: Global | Published Date: February, 2023 | Pages: 272 | Tables: 97 | Figures: 80
Masterbatch Market size was valued at USD 4554.74 million in 2021 and is poised to grow from USD 4855.35 million in 2022 to USD 8067.45 million by 2030, growing at a CAGR of 6.6% in the forecast period (2023-2030).
The masterbatch market is expected to be driven by the increasing substitution of metal parts with plastic and the usefulness of the service life of plastic materials and plastic products. Also, the increased focus in the automotive industry on using plastic to reduce vehicle weight is expected to drive the market over the forecast period. Additionally, significant growth in automotive and construction activities is expected to improve the potential for engineering plastics, particularly in applications such as acoustic, composite plastic, lighting, skylights, and window glazing. Cheap product options from developing nations, particularly China, limit the market expansion. Although increased competition prohibits new players from entering, makers of inferior masterbatch may be able to overcome these obstacles.
Because it contains stabilizers, coloring agents, and flame retardants, among other chemicals, the masterbatch used in recycled plastics today is harmful to the environment. Because recycled plastics are not biodegradable, they pose a difficulty for enterprises that manufacture plastic products. Also, various restrictions govern the use of plastics. For example, Europe has already prohibited single-use plastics since recycling plastic causes waste and pollution. This will have an impact on how plastics are employed in high-growth applications such as packaging.
US Masterbatch Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4554.74 million
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Global masterbatch market is segmented on the basis of type, carrier polymer, end-user, and region. By type, the market is segmented into white, black, color, additive, and filler. By carrier polymer, market is segmented into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Biodegradable Plastics and Other Plastics. By end-user, market is segmented into building and construction, packaging, consumer goods, automotive and transportation, agriculture, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Masterbatch Market Analysis by Type
In terms of revenue, black masterbatch accounted for more than 25.0% of the total in 2021. The increased need for tyres, PVC containers, and other products used in the automotive and transportation, building and construction, agriculture, and packaging industries are driving up demand for black masterbatch. The rising demand for agricultural products such as drip irrigation tubing and tape, greenhouse films, shade cloth, and geomembranes is also expected to drive market expansion over the forecast period.
Color on products is used to differentiate them in the market, which is a key element driving demand for color masterbatches over the forecast period. Also, color masterbatches offer customization options for creating visually appealing products.
Masterbatch Market Analysis by End-User
Packaging masterbatch had the largest revenue share of more than 25.0% in 2021. Retail, industrial, and consumer packaging are all part of the packaging market, which also includes flexible and rigid choices. The growing need for packaging is being driven by an increase in the number of city dwellers who require packaged goods. Consumers require packaging that is convenient, sustainable, flexible, safe, and easily traceable. Because plastic packaging meets all of these requirements, its demand is likely to rise, resulting in increased demand for the product. The packaging sector has enormous growth potential in rising markets such as India and China.
The increase in infrastructure operations in these countries has resulted in increased demand from the building and construction sectors, which may drive up product demand. The implementation of several government programs such as Make in India and Smart City plans is also expected to boost product demand over the forecast period.
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In terms of revenue, Asia Pacific accounted for more than 30.0% of the total in 2021. The presence of a number of end-use industries, such as automotive and transportation, packaging, building and construction, and consumer goods, can be attributable to the rising demand. Over the next eight years, the expansion of these industries is expected to boost demand for the product.
Europe was the second-largest regional market in terms of revenue in 2021, and this trend is expected to continue throughout the forecast period. The rapid rise of the packaging, consumer goods, automotive, and transportation industries, together with the expanding building and construction, and agriculture sectors in Asia Pacific, which are among the primary end-use sectors for the product, is expected to boost the market.
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Masterbatch Market Drivers
Widely Used Coloring Technique
Masterbatch Market Restraints
Longer Lead Time to Hamper Market Growth
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The global masterbatch market is highly competitive and fragmented. To gain a considerable percentage of market shares, key industry players are focusing on product development, new product launches, and geographical expansions. Despite the increased entrance barriers, many businesses continue to enter the field. Companies are realizing they need to make large R&D investments if they want to produce and market newer generations of masterbatch with innovative applications. Masterbatch is generally of superior quality in its later generations. They must also merge with, buy, and make strategic alliances with other profitable enterprises in order to retain their financial viability.
Masterbatch Market Top Player’s Company Profiles
Masterbatch Market Recent Developments
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According to our global masterbatch market analysis, the increasing substitution of metal parts with plastic and the usefulness of the service life of plastic materials and plastic goods are projected to boost the market in the approaching years. Also, the rising emphasis in the automotive industry on using plastic to reduce vehicle weight and hence improve fuel efficiency is likely to drive the market during the forecast period. In terms of type, in 2021, black masterbatch accounted for more than 25.0% of total revenue. Demand for black masterbatch is increasing because of the increased demand for tyres, PVC containers, and other items used in the automotive and transportation, building and construction, agriculture, and packaging industries. Color is employed to differentiate items in the market, which is a major factor driving demand for color masterbatches over the projection period. As a result of the end-user, in 2021, packaging masterbatch had the highest revenue share of more than 25.0%. Asia Pacific will account for more than 30.0% of total revenue in 2021.
|Market size value in 2021
|USD 4554.74 million
|Market size value in 2030
|USD 8067.45 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Masterbatch Market Recent Developments
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Masterbatch Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Masterbatch Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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