Over the years, the consumption of plastic has augmented manifolds. Its low cost, convenience to utilize over other materials like metal, aesthetic pleasure, ease to augment the production volume to bridge the supply-demand gap, and helps in decreasing the product weight, and all of this without entailing the quality of the end product are some of the key attributable aspects resulting to wide-ranging adoption of plastic. A masterbatch is perhaps the most imperative element in generating the quality plastic products. It entails of pigments and additives that impart much demanded characteristics and color to the end products.
According to the report analysis, ‘Masterbatch Market: Current Analysis and Forecast (2021-2027)’ states that with the growing consumption of plastic, the requirement for masterbatch will eventually augment. Further, as the requirement for superiority plastic products is increasing owing to advancing people’s lifestyles with increasing consumer disposable income, plastic manufacturers are trying to propose the better-quality products that consist of numerous types of additives. These masterbatches contain several types of additives vacillating from antiblock masterbatches to laser additives to UV stabilizers, thereby being continually adapted to encounter the requirements of the market.
Based on type, the market is classified into white, black, color, additive, and filler/combination. Among these, white controlled the prominent share in the market as white color is one of the most common colors that is broadly used around the industries. Applications vary from pipes, cables, packaging films to the injection molding of electronic parts, where a great level of gloss properties and outstanding dispersion is demanded. Further, it delivers the opacity and base color to the plastic utilized extensively in the food & beverage and pharmaceutical industries.
Based on end-user, the market is categorized into packaging, building & construction, automotive, consumer goods, agriculture, and several others. Among these, packaging registered for a substantial share of the market and is also probable to showcase robust growth during the review period. This can be ascribed to the broad use of packaging from the food & beverage industry to pharmaceuticals. Further, growing demand for packaged food owing to convenience and changing lifestyles along with growing penetration of the e-retail industry is growing the demand for packaging products, thereby fostering the demand for masterbatch.
The requirement for plastics and masterbatches is rising rapidly in the construction sector, in insulation materials, floorings, performance safety windows, storage tanks, pipes, doors, and cables. Increasing commercial and residential projects in underdeveloped economies are propelling infrastructural development. Moreover, growing consumer awareness about attractive interiors is fostering the requirement for masterbatch material types.
Asia-Pacific registered for a prominent share in the masterbatch market on account of the existence of vast industrial sectors in countries such as China, Japan, India, and South Korea. Further, vigorous growth in the regional e-retail industries is fostering the requirement for packaging products, eventually growing the market for plastic and masterbatch. Therefore, it is predicted that during the near future the market of masterbatch will augment more proficiently around the globe over the review duration.
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Ankur Gupta, Head Marketing & Communications