Plastic Fillers Market to Witness Growth at a CAGR of 5.1%% in 2028
The Global Plastic Fillers Market accounted for USD USD 10.6 Billion billion in 2021 and is estimated to grow at USD USD 15.91 Billion billion in 2028, at a CAGR of 5.1%% for forecast period of 2022-2028. Plastic fillers are certain materials used to improve the physical properties of plastic which are widely added to polymers such as rubber, elastomers, polyolefin, etc. It works as a cheap replacement for more expensive additives without modification features. It improves the mechanical properties of polymers. It also provides durability and increases dielectric strength. These fillers can be solid, liquid, or gaseous. The increasing use of plastic filler as a cheap and effective method in various industries has led to market growth.
Demand for plastics is growing in developing economies like India and China. Owing to aspects such as increased construction and the use of lightweight plastic in the automotive and packaging industry. Growing awareness among consumers about the importance of plastic filling in the reduction of polymer costs drives the market growth. In addition, the market will be accelerated by increased investment in infrastructure projects and growing construction programs, as the construction industry is one of the major sectors of product use. However, the flat growth of the manufacturing and construction sectors in the long run of the COVID-19 epidemic has severely hampered market growth. However, the growing demand for residential properties in the post-COVID era, with the increase in the world's population, is likely to compensate for the market downturn. This is expected to facilitate industry growth in the forecast period.
Based on application, the construction component plays a major role in the market due to the increased use of plastic fillers in joints and concrete to improve bonding between the polymer matrix. Growing infrastructure investment is likely to encourage market growth over the forecast period. At the same time, the electronics industries and automotive industries are expected to play a significant role in the market. This is due to the growing demand for plastic fillers for the production of electric vehicles, robots, and more. In 2021, the packaging sector had a large share in the market. This category is strongly influenced by changes in substrates' selection among manufacturers, the expansion of new markets, and changes in patent ownership. Based on type, the plastic filling market is fragmented into calcium carbonate, talc, kaolin, glass fibers, carbon black, and others. Calcium carbonate is further divided into ground and precipitated types while owing to the largest share of the market. While on the basis of physical form, the plastic filling market is categorized into continuous fillers, non-continuous fillers, and nanofillers.
The Asia Pacific region plays a major role in the market and is likely to remain dominant in the forecast period. This growing population has accelerated the need for affordable housing and infrastructure in the region, which is expected to further advance the need to fill plastic in the construction industry. In addition, the regional market is expected to be boosted by increased demand for plastic filler in countries such as China, Japan, South Korea, and India, due to significant economic growth, and increased demand for products in lower markets, including packaging, electricity, and electronics, among others. It is followed by North America, Europe, Latin America, the Middle East, and Africa.
Key stakeholders operating in the plastic filling market include BASF SE (Germany), The Dow Chemical Company (U.S.), SAB (Saudi Arabia), UBE Industries, Inc. (Japan), and INEOS Group AG (Switzerland). Imerys (Paris), Omya AG (U.S.), Mineral Technologies Inc. (U.S.), LKAB minerals (Sweden), and Hoffman minerals (Germany), Granic (Spain), Nyco Minerals (S&B) (Luxembourg), Kärntner Montanindustrie Gesellschaft m.b.H. (Austria), Quarzwerke Group (Germany), Nanobiomatters (Spain), Unimin (U.S.), Evonik Industries (Germany), and 20 Microns Ltd. (India)..
Browse the full Report - Plastic Fillers Market by Type (Calcium carbonate, Talc, Kaolin, Glass fibers), by Form (Continuous, Discontinuous, Nanofillers), by Application (Automotive, Building & construction, Electrical & electronics, Packaging), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)