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SELBYVILLE, Del. , Feb. 24, 2022 /PRNewswire/ -- According to the latest report by Global Market Insights Inc., the Masterbatch Market was estimated at USD 10.3 billion in 2021 and is poised to be valued at about USD 14.89 billion by 2028, registering with a CAGR of 5.5% from 2022 to 2028. The research report gives a detailed assessment of market size & estimations, top winning strategies, competitive scenario, drivers & opportunities, wavering market trends, and major investment pockets.
A masterbatch refers to a plastics formulation that consists of additives, which are vital for the performance and appearance of the final product. Numerous manufacturers across the globe offer specialty masterbatch products based on the requirements of different industries. Rising usage of masterbatch in the production of polymer auto parts has improved product adoption in automotive applications.
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Prevalent construction activities would promote the demand for insulation, pipes, office furniture, window frame, and other applications in commercial buildings, which is likely to positively influence the product landscape in the upcoming years. In addition, booming demand for lightweight vehicles would increase the usage of plastics, which is foreseen to further augment the masterbatch market growth through the forecast period.
Black masterbatches are the most used product category in the plastics industry. They have gained massive popularity for their ultraviolet light stability, electrical conductivity, heat dissipation, resistance to high temperatures, and uniform distribution with high jetness. They also find usage in the production of several automotive components, packaging boxes, and construction materials, such as pipes and cables, among others. Additionally, they are utilized in the agricultural industry for manufacturing agricultural mulch films. Growing construction and automotive sectors are likely to propel demand for black masterbatch in the coming years. Driven by these factors, the black masterbatches segment is expected to witness considerable growth to account for more than 5.6% share by the end of 2028.
Key reasons for masterbatch market growth:
2028 forecasts show 'packaging' segment retaining its dominance:
From the end-user perspective, the packaging end-user segment dominated the overall masterbatch industry and is anticipated to garner over 31.74% market share by the end of 2028. Growing demand for masterbatch in the packaging sector, particularly for manufacturing packaging boxes, is foreseen to boost product uptake in the packaging industry in the future.
Meanwhile, the agriculture end-user segment is slated to grow at approximately 5.5% CAGR through the assessment timeframe. Increasing use of color masterbatches for developing agricultural products, such as indoor agriculture films, agricultural tools, and others, is likely to fuel segmental growth. Moreover, mounting adoption of additive masterbatches like anti-microbial solutions in crop protection applications is also set to impel segmental progress over the review timeline.
North America to maintain top status in terms of revenue:
Based on region, the North America masterbatch market share is projected to see robust expansion at a CAGR of around 4.8% through the forecast timespan. The proliferating construction and automotive industries in the region are speculated to drive product demand in the forthcoming years. In addition, escalating requirement for masterbatch in the domestic plastics sector is primed to further promote regional market growth over the analysis period.
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Impact of COVID-19 pandemic on masterbatch market:
Following the onset of COVID-19, industry players focused on developing effective antiviral solutions to address prominent consumer needs. To that effect, in April 2020 , Tosaf Group, a major company in the masterbatch space, introduced an antiviral and antimicrobial additive for polyolefin nonwoven films and fabrics, which could be used in manufacturing medical, disposable, and protective applications. As a result, surging availability of innovative solutions in the sector has been favorable for overall market outlook during the pandemic.
Key companies operating in the global masterbatch industry are Hubron International, Clariant, Tosaf Group, PolyOne, Ampacet, A. Schulman, Inc., Plastiblends, and Cabot, among others.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware , U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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