Report Source: https://www.marketsandmarkets.com/Market-Reports/masterbatches-market-168014686.html
Masterbatch is a blend of pigments, additives, and polymer materials (carrier resin). It is used to impart color and strengthen the properties of plastic for applications such as packaging, building & construction, consumer goods, automotive, textile, and agriculture.
Color, white, black, additive, and filler are the different types of masterbatches based on the properties and functionality. The polymer-based masterbatch is used for easy processing with different plastics.
The masterbatch market is projected to grow from USD 11.0 billion in 2018 to USD 14.0 billion by 2023, at a (*)CAGR of 5.0%, during the forecast period.
(*)The compound annual growth rate (CAGR) is the annualized average rate of revenue growth between two given years, assuming growth takes place at an exponentially compounded rate.
Attractive Opportunities in Masterbatch Market
- The market growth is attributed to growth in the packaging industry.
- Emerging economies, such as India, China and Brazil offer several growth opportunities.
- The growing demand for polymers globally and increasing scope in various applications are projected to offer lucrative opportunities to the market players in the next five years
The growing economic viability of using polymers in various applications replacing the need for expensive metals is a key factor fueling the growth of masterbatch markets.
The color type segment is expected to lead the masterbatch market during the forecast period.
The masterbatch market has been segmented on the basis of type into color, white, black, additive, and filler.
The color segment is expected to lead the market during the forecast period, in terms of value. This is because of the increasing use of color masterbatch in various applications such as packaging, building & construction, automotive, consumer goods, agriculture, and textile among, others.
The packaging segment is expected to be the largest contributor to the overall masterbatch market during the forecast period
Based on application, the masterbatch market has been segmented into packaging, building & construction, consumer goods, automotive, textile, agriculture, and others. The packaging application segment accounted for the largest market share, in terms of value, followed by the building & construction segment, in 2017. This is due to the need for packaging in food & beverage, personal care, medical, household, electrical & electronics, building & construction, automotive, and other industries. The emerging countries are developing the infrastructure by using masterbatch in the building & construction application.
Masterbatch allows manufacturers to add color and other important additives to the plastics. It is a cheaper alternative as compared to buying compounded materials which is expensive and less color viability than masterbatch.
The market is highly fragmented. There many small to large manufacturers around the world. With a high concentration of small and medium level manufacturers in APAC region especially in china.
One of the major restraints to the market is the availability of low quality and cheaper products which restraints the growth of better and high quality products.