Masterbatch Market to gain immensely from expanding packaging sector
Selbyville, Delaware, United States, September 14 2020 (Wiredrelease) Global Market Insights, Inc –:Global masterbatch market outlook is likely to be driven by growing adoption of plastics over other materials in various industry verticals, primarily due attributes to light-weight, cost-effectiveness, and durability. Growing popularity of biodegradable masterbatches for various applications in several end-use sectors may also change industry trends over the coming years.
Masterbatch is a mixture of pigments, polymers, and additives that impart color and other properties to plastics, rendering them suitable for various end-use sectors, such as textile, furniture, packaging, automotive, etc. Growing utilization of plastic in the automotive sector to achieve lightweighting in automotive components in order to improve fuel efficiency, may support business growth coming years. Moreover, regulatory mandates pertaining to vehicle production utilizing lightweight components may offer lucrative growth scope for masterbatch industry.
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In terms of revenue, global masterbatch market size is forecast to cross the USD 15 billion mark by 2026.
Available in a variety of colors and the ability to lend varied textures makes masterbatch suitable for wide-ranging applications in consumer goods, such household items, insulation of cables, blow molding of bottles, etc. Expansion of the packaging sector and subsequent growth in demand for plastics in the industry may further fuel product penetration.
Speaking in terms of product type, the industry is bifurcated into color, white, black and additive. Out of all the product types, color masterbatch business is witnessing heavy demand and is likely to register a growth rate of above 5.5% over 2019-2026. Such robust growth can be attributed to towering demand from various end-use industries, including packaging, consumer goods, furniture, construction, agriculture, aerospace, and automotive among other end-users. The black and white product types will also showcase exceptional growth rate owing to their extensive utilization in packaging and automotive sector.
Considering the end-use backdrop, masterbatch industry is classified into construction, packaging, consumer goods, agriculture, automotive, aerospace, and other end-use sectors. Others include furniture and textile industries. Out of all the end-user sectors, packaging industry will hold maximum share and is likely to account for more than 4.5 billion in the overall share over the analysis period. Growing consumer demand for ready to eat food has fostered the expansion of food packaging sector at a robust rate, which, in turn, is bringing excellent revenue flow in the masterbatch industry. Growing focus of manufacturers on producing products with creative packaging in order to attract more customers will also supplement industry share.
Asia Pacific region is at the forefront of global masterbatch market and is likely to retain its dominance over the forecast period due to thriving automotive and packaging plastic production industries in the region.
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That being said, other regions such North America, Middle East Asia & Africa, and Europe are also likely to witness significant product demand during the projected timeline. Expanding construction, automotive, and packaging sectors in these regions are slated to fuel masterbatch consumption in the near future.
The competitive landscape of masterbatch industry is moderately fragmented. Key players contributing towards global masterbatch market expansion include Penn Color, A. Schulman, Tosaf Group, Clariant, Ampacet, Plastiblends, PolyOne, RTP Company, Hubron International, and Cabot Corporation.
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