The North America Plastic Additives Market would witness market growth of 5.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 3,489.9 Kilo tonnes, showcasing a growth of 4.3% (2019-2022).
The plastic additives market is pivotal in enhancing plastic materials' performance, functionality, and versatility, which are ubiquitous in daily lives. As industrialization and technological advancements continue to propel the demand for plastic products, the importance of additives becomes increasingly apparent. These additives are chemical compounds incorporated into the polymer matrix during manufacturing, influencing various properties of plastics, such as strength, flexibility, durability, and flame resistance.
Additionally, the packaging industry stands as a major consumer of plastic additives. Additives such as stabilizers, antioxidants, and antimicrobial agents are crucial in extending the shelf life of packaged goods and preventing degradation caused by exposure to light, heat, and oxygen. Additionally, plasticizers enhance the flexibility of packaging materials, while colorants and UV stabilizers contribute to aesthetic appeal and protect against ultraviolet radiation.
Canada has invested in significant infrastructure projects, including roads, bridges, and public transportation. Plastic additives construct various infrastructure components, such as pipes, cables, and insulation materials. According to Statistics Canada, in July 2023, non-residential construction investments increased marginally by 0.5%, reaching $5.9 billion. Commercial investment increased by a mere 0.3% to $3.3 billion, whereas industrial investment rose by 0.6% to $1.2 billion. Investments in institutional construction increased by 1.2% to $1.5 billion. Thus, the rising construction sector in North America will help drive the expansion of the in the region.
The US market dominated the North America Plastic Additives Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $12,725.2 million by 2030. The Canada market is experiencing a CAGR of 7.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.4% during (2023 - 2030).
Free Valuable Insights: The Plastic Additives Market is Predict to reach USD 79.4 Billion by 2030, at a CAGR of 5.2%
Based on Plastic Type, the market is segmented into High-Performance Plastics, Commodity Plastic, and Engineering Plastic. Based on Application, the market is segmented into Building & Construction, Packaging, Automotive, Consumer Goods, Agriculture, Electrical & Electronics, and Others. Based on Type, the market is segmented into Plasticizers, Flame Retardants, Impact Modifiers, Antioxidants, Lubricants, Antimicrobials, UV Stabilizers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Plastic Type (Volume, Kilo Tonnes, USD Billion, 2019-2023)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2023)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2023)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2023)
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