Replacement of metals with plastics for the automotive application and widely preferred coloring method are factors that are expected to drive the growth of the global masterbatch market
The global masterbatch market was valued at USD 10.45 billion in 2017, and is projected to reach USD 13.41 billion by 2022, at a CAGR of 5.1% from 2017 to 2022. This market has been segmented on the basis of type, polymer, application, and region.
Based on type, the color segment of the global masterbatch market is expected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the increasing applicability of color in packaging, building & construction, consumer goods, automotive, agriculture, and textile among others. In addition, technological advancements in the color masterbatch market have enabled the development of a wide range of colors and improved the efficiency of end-use products.
Based on polymer, the LDPE & LLDPE segment of the global masterbatch market is expected to grow at the highest CAGR during the forecast period. These types of polymers offer superior physical properties such as impact resistance, tensile strength and also help in reducing processing cycle time. These are used for various applications, such as, packaging consumer goods, automotive, agriculture, and others.
Based on application, the packaging segment is projected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the rising demand in retail, industry, and institutions. The increase in handling and transport of goods due to globalization, liberalization, changing consumer lifestyles, and economic development has led to the increase in demand for better protection and handling of goods.
The Asia-Pacific region is projected to be the fastest-growing masterbatch market. The growth of the masterbatch market in the Asia-Pacific region is primarily attributed to the increasing demand for masterbatch in the packaging application.
Some of the key players operating in the global masterbatch market are Clariant AG (Switzerland), A. Schulman Inc. (U.S.), PolyOne Corporation (U.S.), Ampacet Corporation (U.S.), Penn Color, Inc. (U.S.), Plastiblends India Ltd. (India), Tosaf Group (Israel), Hubron (International) Ltd. (U.K.), Cabot Corporation (U.S.), and Plastika Kritis S.A. (Greece), among others. Most companies have adopted new product developments, expansions, mergers & acquisitions, agreements, and partnerships as key strategies to enhance their shares in the global masterbatch market.
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