Polyethylene Terephthalate Additives Market (By Function: Color Addition, UV Light Barrier) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The global polyethylene terephthalate additives market was surpassed at USD 1.3 billion in 2021 and is expected to hit around USD 2.48 billion by 2030, growing at a CAGR of 7.44% from 2022 to 2030.

Report Highlights

• The ultraviolet light barrier function segment dominated the global market in 2021 and accounted for more than 20.12% overall revenue share. 
• The Asia Pacific dominated the global market in 2021 and accounted for the maximum share of more than 40.03% of the global revenue. 

The market is anticipated to grow due to the rising application scope in the packaging, medical, and automotive industries. Polyethylene terephthalate (PET) additives offer enhanced chemical resistance and shatterproof attributes and thus, are widely used across the packaging industry. The demand for colored plastics is increasing swiftly led by the growth in the packaging industry. The global packaging industry is witnessing significant growth, driven by the consolidated development of sub-segments, such as food, industrial, retail, consumer, and medical packaging.

Changing consumer lifestyles have resulted in high demand for Ready-To-Eat (RTE) foods. Governments across the globe are encouraging the use of recycled plastic material in single-use plastic products as a move towards a circular economy. The European Union already has implemented regulation (EC) No 282/2008 designed explicitly for PET recycling processes. However, due to a few shortcomings in the existing regulation, the EU is drafting a new rule that can drive the demand for PET bottle recycling, thus creating a growth opportunity for chain extender additives for PET. The recycled PET often encounters yellowish brown effect due to increased recycled content loading.

The yellowish effect discourages the consumers from purchasing the recycled PET bottles. The optical brightener additive reduces the yellowish effect and helps the HBA, food, condiments and beverage packaging companies in correcting the package color to offer a clear look. Ultraviolet (UV) light barrier held the largest market share among the function segment in 2021. Light passing through a packaged material may catalyze an oxidation reaction in a photosensitive product and reduce its shelf life. Also, light promotes the decomposition of nutrients in food through the formation of various chemicals, thus causing discoloration, off-flavor, and others.

UV blocking is used to prevent food quality deterioration and maintain its shelf life. This is expected to boost the demand for UV light barriers during the forecast period. The presence of several global companies including LyondellBasell Industries Holdings B.V., Avient Corp., and Sukano AG is expected to trigger competition. Pricing is the key to achieving sustainability for market participants, which has resulted in extensive R&D activities to develop cost-effective PET additives with wider acceptability, in terms of regulations. Therefore, rivalry in the global industry is expected to remain high during the forecast period.

Scope of The Report

Function Insights

The ultraviolet light barrier function segment dominated the global market in 2021 and accounted for more than 20.12% overall revenue share. If light passes through a packaged material, it may catalyze an oxidation reaction in a photosensitive product and reduce its shelf life. Light promotes the decomposition of nutrients in food through the formation of various chemicals, thus, causing off-flavor, discoloration, and others. Ultraviolet (UV) blocking is used to prevent food quality deterioration and maintain its shelf life. This is expected to boost the demand for ultraviolet light barriers during the forecast period.

Furthermore, these films provide transparency, which enables consumers to catch sight of the product. Anti-blocking is a measure to prevent film sheets from sticking together. The higher the temperature and processing time, the higher the tendency of film sheets to stick together. Anti-blocking additives reduce the blocking at the surface of films and allow easy handling & processing of plastic articles. Anti-block PET is ideal for use in sheets, films, plates, and others, which provides an optimal anti-blocking effect during the extrusion process and avoids problems during processing.

This is expected to drive the demand for anti-block additives during the forecast period. Antiviral PET additives have excellent antiviral effects and are used to treat plastic items to trap and reduce the growth of viruses. This is useful to produce better Personal Protective Equipment (PPE) especially face masks. This makes the facemasks reusable and reduces the waste, which is produced in the case of disposable masks. Antiviral additives are also used in medical devices, gloves, door handles, light switches, and also in packaging solutions.

Regional Insights

The Asia Pacific dominated the global market in 2021 and accounted for the maximum share of more than 40.03% of the global revenue. The demand for (PET) additives in the Asia Pacific is growing because of its increasing consumption in end-use industries, such as packaging, building & construction, automotive, agriculture, and consumer goods. Due to rising disposable income and economically viable vehicle models made available by local companies, the automobile market in the Asia Pacific region has also been responsible for growing product demand. In November 2021, Japan-based Polyplastics Co., Ltd. introduced PET grades for automotive applications that provide good weather resistance for exterior components of automobiles and superior mechanical properties.

Since PET parts are not painted, weathering degradation can occur over time. Hence, the improved grades of PET indicate the use of PET additives, which further supports the market growth. The growing population and rapid urbanization are creating more demand for housing facilities in the Asia-Pacific, which is expected to influence the consumption of PET additives in building & construction applications during the forecast period. These additives can delay the fire ignition and spread, which increases the escape time, making them a critical part of plastic products. Moreover, no plastic is entirely fireproof; these additives can delay fire ignition and avoid major mishaps, which is expected to drive the demand for flame-resistant additives during the forecast period.

In Europe, the growing concerns about reducing Greenhouse Gas(GHG) emissions and vehicle weight are expected to drive the demand for plastic components. Growing demand for contamination-free packaging of innovative & attractively packaged food items, and rising sales of lightweight vehicles due to the implementation of stringent emission standards will support market growth. PET additives provide color and durability to bioplastics and government support for their development is likely to raise the demand for PET additives in Europe over the forecast period.

Key Players

• LyondellBasell Industries Holdings B.V.
• SPEAREPET PVT LTD
• Gabriel-Chemie
• NYACOL Nano Technologies, Inc.
• Capital Colors
• Sukano AG
• Avient Corp.
• Yildiz Kolor
• Holland Colours
• PLASTIKA KRITIS SA
• Milliken & Company

Market Segmentation

• By Function Outlook

• Color Addition
• Antiblock
• Antistatic
• Ultraviolet Light Barrier
• Oxygen Scavenging
• Acetaldehyde Scavenging
• Flame Resistance
• Chain Extender
• Odor Scavenger
• Reheat
• Other
• By Regional Outlook
• North America

• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa
• GCC Countries