CHICAGO, Feb. 7, 2024 /PRNewswire/ -- The report "Masterbatch Market by Type (Color, Additive, White, Black, Filler), Polymer (PP, LDPE & LLDPE, HDPE, PVC, PET, PUR, PS), Application (Packaging, Building & Construction, Automotive, Consumer Goods, Textile, Agriculture), & Region - Global Forecast to 2028", size was USD 12.9 billion in 2023 and is projected to reach USD 16.8 billion by 2028, at a CAGR of 5.4%, between 2023 and 2028.
Masterbatch is a blend of pigments, additives, and polymer materials, which are used to impart color and strengthen the properties of plastics. The global masterbatch market is expected to witness significant growth during the forecast period. The replacement of metals with plastics in automotive applications and the increasing preference for masterbatch as a colouring method are augmenting the growth of the market.
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Color type segment to account for a larger share in the masterbatch market in 2022.
The color masterbatch segment accounted for the largest share, in terms of value, of the overall masterbatch market in 2022. Color masterbatch adds attractive shades of color and improves the efficiency of products. Technological advancements in color masterbatch have aided in the development of a wide range of colors and improved the efficiency of end-use products. There are different types of color masterbatches, such as standard color, specialty color, and tailor-made color.
Polypropylene to lead the masterbatch market during the forecast period.
Polypropylene polymer is the largest segment in the masterbatch market. This polymer offers greater efficiency, smoothness, and dispersion in plastic goods applications. There is increasing consumption of PP in the packaging, textile, and building & construction industries. It is also used in automotive, flexible packaging, consumer products, fibers, BOPP films, carpets, and reusable products, such as containers, papers, laboratory equipment, furniture, and medical instruments.
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The packaging segment to account for the larger share of the masterbatch market in 2022.
The packaging segment led the overall market, accounting for the largest share, in terms of value, in 2022. It is projected to maintain its leading position during the forecast period due to the increasing demand from food & beverage and household sectors in emerging economies such as China, Brazil, and India. Packaging is also expected to be the second-fastest-growing masterbatch market owing to the high demand for masterbatch in flexible and rigid packaging.
Asia Pacific is expected to be the fastest-growing region, in the overall masterbatch market, during the forecast period.
The market in Asia Pacific is projected to register the highest CAGR, in terms of value, during the forecast period. This high growth is propelled by the anticipated increase in demand from the packaging, building & construction, and automotive industries. Most of the growth in Asia Pacific is expected from India, China, South Korea, and other Southeast Asia countries. The masterbatch market in South America and the Middle East & Africa is expected to witness significant growth due to the increase in demand for plastics in these regions.
The key players profiled in the report include Avient Corporation (US), Ampacet Corporation (US), LyondellBasell Industries Holdings B.V. (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends (India), Hubron International (UK), Tosaf Group Ltd (Israel), Penn Color, Inc. (US), and Americhem (US).
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