Use of UV Stabilizers as Packaging Additives Shielding Products from Sun-induced Damage to Preserve Integrity and Longevity
ROCKVILLE, Md., May 27, 2024 /PRNewswire/ -- Based on a newly published research report by Fact.MR, worldwide revenue from the sales of packaging additives is poised to reach US$ 574.8 million in 2024 and further increase at a CAGR of 4.5% from 2024 to 2034.
Packaging speaks volumes about a company, and more firms are investing substantially in improving their packaging by making it more environmentally friendly. Medicines in the pharmaceutical sector must be sealed to protect them from contamination or exposure to UV. These chemicals are added to boost the packaging's durability. Improved durability allows the drug to be sealed, making it safe for consumption.
Companies have spent considerably on antimicrobial chemicals to prevent microorganisms from forming around packaging. These additives are commonly used in the pharmaceutical business to protect pharmaceuticals from hazardous bacteria and viruses. Ultraviolet stabilizers are applied during manufacture to protect products and packaging from the Sun's damaging rays.
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The popularity of packaged food rose as a consequence of a focus on the convenience of preparation and protection from external elements to prevent microbial action. Packaged foods are convenient to handle and prepare. They are becoming more popular as urban inhabitants in both developed and developing countries discover their benefits.
Key Takeaways from the Market Study
- The global market for packaging additives is forecasted to reach a valuation of US$ 892.6 million by the end of 2034.
- North America is evaluated to hold 24.3% of the global market share by 2034.
- The market in East Asia is projected to expand at a CAGR of 4.8% from 2024 to 2034
- The market in Mexico is evaluated to increase at a CAGR of 3.7% from 2024 to 2034.
- Japan is analyzed to occupy a market share of 29.4% in the East Asia region by 2034.
- Based on product type, antimicrobial agents are estimated to account for a market share of 18.6% in 2024.
"Need for sealed packaging in the pharmaceutical sector to ensure drug safety and efficacy is driving demand for additives that enhance durability and protection against UV exposure," says a Fact.MR analyst.
Key Players Profiled in this Report:
BASF SE; Evonik; Croda International PLC; ADEKA Corporation; Corbion; Dow; Ampacet Corporation; Arkema; PolyOne Corporation; PMC Group Inc; AkzoNobel NV; ALTANA Group; PPG Industries; Sun Chemical Corporation; Lubrizol Corporation; Colormatrix Group; Henkel.
Growing Emphasis on Biodegradable Packaging Materials
Biodegradable packaging is created by combining several substances such as additives, antioxidants, and stabilizers. However, this raises the possibility of chemical migration, resulting in human exposure to these chemicals. During the production phase, several test techniques are used to analyze the in-vitro toxicity of such packaging materials to ensure their human safety.
Modified atmospheric packaging (MAP) is a common application approach for biodegradable packaging. It is a commonly used sophisticated packaging technology for preserving agricultural products, particularly fruits and vegetables. It operates by changing the gaseous composition of the package's headspace. This innovative technique works by drastically reducing the ripening process of fruits. This is generally accomplished by precisely changing the quantities of oxygen (O2) and carbon dioxide (CO2).
Competitive Analysis:
In a dynamic industry like packaging additives, staying ahead of the competition requires ongoing innovation. To maintain their market leadership, prominent corporations are constantly seeking innovation. These industrial behemoths are heavily spending in R&D to develop revolutionary packaging additives that improve functionality and performance. Key companies in the packaging additive market are adjusting to changing industry trends, such as the use of packaging adhesives and coatings.
Despite the highly competitive nature of the packaging additive business, there are various investment opportunities for newcomers. As the need for sustainable and eco-friendly packaging increases, there is a need for innovative additives that give environmental benefits while being functional.
In April 2021, Avient Corporation, a well-known name in sustainable solutions, announced the introduction of a new food packaging ingredient. The innovative antifog component is appropriate for thermoformed and transparent food packaging applications. The new ingredient, CESA Nofog Plus, will also assist extend the shelf life of packed products by minimising moisture buildup.
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Country-wise Analysis:
The market in the United States is driven by technological advancements and a focus on innovation. Rising customer desire for convenient and sustainable packaging options and the strong presence of prominent firms are important market trends in the country. The emphasis on sophisticated packaging techniques, enhanced barrier qualities, and prolonged shelf life are driving demand for advanced and effective packaging additives.
China is a major industrial powerhouse in Asia. The country is well-known for its manufacturing industry and is a highly profitable market for all plastic and packaging item manufacturers. China is an important market for packaging additive providers due to its abundant raw material supply.
Explore More Related Studies Published by Fact.MR Research:
Packaging Adhesives Market is forecasted to advance at a high-value CAGR of 7.5% over the next ten years, growing from its present market valuation of US$ 12.8 billion to US$ 26.5 billion by 2033.
Packaging Coating Market was anticipated to be valued at US$ 3.5 billion in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach US$ 6.8 billion by the end of 2033.
Biodegradable Packaging Material Market was estimated at USD 88 Billion in 2022 and is forecast to surpass USD 169 Billion by 2032, growing at a CAGR of 6.8% from 2022 to 2032.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the packaging additive market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on packaging additive market study by substrate (plastic, paper & paperboard, metal, others), product type (antimicrobial agents, antistatic agents, oxygen scavengers, antifog agents, clarifying agents, UV stabilizers), packaging type (rigid packaging, flexible packaging), and application (food industry, beverage industry, cosmetics & personal care industry, others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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