The global additives market size was US$ 151.4 billion in 2021. The global additives market is forecast to grow to US$ 219.6 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
Additives are used in various industries such as healthcare and pharmaceuticals, agriculture, and packaging films. Epoxidized soyabean oil (ESO), phosphorus-based flame retardant additives, and stabilizers are some of the widely used additives.
Factors Influencing the Market
The wide applications of additives in food & beverage, building, and construction, healthcare, packaging, etc., will drive the growth of the global additives market. Furthermore, additives also play an important role in fertilizers, batteries, fuel, and agrochemicals, which will contribute to the growth of the global additives market during the study period.
The growing food & packaging industry will also drive the additives market forward. In addition, a rapidly growing number of new launches with varying flavours in the food and beverage industry will fuel the growth of the additives market.
Another factor driving the growth of the additives market is the intense range of R&D in the medical field. The rising demand for medicines will unveil the huge potential for additives such as solubilizing, surfactant, and other parental additives. Thus, the medical industry will also propel the additives industry forward.
Regulations led by various government bodies may limit the demand for additives in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic triggered the demand for novel drugs, which led to the increased use of additives. The COVID-19 infection causes a significant impact on health, resulting in fever, cols, and other symptoms. As a result, demand for medicines surged dramatically to cure the patients. Thus, it has been opportunistic for the global additives industry. In addition, additives were also used in the making of COVID-19 vaccines.
For instance, dibasic sodium phosphate (dehydrate) additive is used in the making of Pfizer's COVID-19 vaccine in order to maintain the chemical stability and pH of the vaccine. Thus, the additive industry witnessed potential growth due to the onset of the COVID-19 pandemic.
Regional Analysis
Globally, the Asia-Pacific additives market is forecast to emerge as the largest market, owing to the growing healthcare sector, food and beverage sector, and rising regional population. In addition to that, construction and agrochemical industries are also gaining at a rapid pace, which will offer lucrative growth opportunities for the global additives market.
North America is also expected to emerge as a potential market for additives due to the presence of a prominent healthcare industry and high healthcare expenditure. Furthermore, the growing utilization of additives in manufacturing, automotive, lubrication, etc., will contribute to the overall market growth.
Competitors in the Market
Market Segmentation
The global additives market segmentation focuses on Product, End-Use, and Region.
By Product Type Outlook
By End-Use Outlook
By Regional Outlook
