Functional Additives Market by Type, Application, and Geography - Forecast and Analysis 2021-2025
- Published: Aug 2021
- Pages: 120
- SKU: IRTNTR45428
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The functional additives market share is expected to increase by USD 973.33 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.79%.
This functional additives market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers functional additives market segmentations by type (oxygen scavengers, uv stabilizers, antistatic agents, antimicrobial additives, and others) and geography (APAC, North America, Europe, South America, and MEA). The functional additives market report also offers information on several market vendors, including ADEKA Corp., ALTANA AG, Amcor Plc, Avient Corp., BASF SE, Clariant International Ltd., DuPont de Nemours Inc., Milliken and Co., Sabo Spa, and Solvay SA among others.
What will the Functional Additives Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Functional Additives Market Size for the Forecast Period and Other Important Statistics
Functional Additives Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing demand from packaging industry is notably driving the functional additives market growth, although factors such as volatility in raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the functional additives industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Functional Additives Market Driver
The growing demand from packaging industry are one of the key factors driving the growth of the global functional additives market. Packing materials are generally used to contain the product, increase its shelf life, preserve product quality, and hassle-free transportation and distribution. Ideal packing material should extensively prevent food deterioration. Packaging is an effective tool for brand awareness and has a positive impact on market growth. Moreover, the flexible packaging is made of flexible or easily yielding materials that can readily change in shape when it is filled or closed. It can be made of foil, paper, plastic film, or a combination of any of these. Manufacturers and retailers prefer flexible packaging because of its lightweight property, which reduces transportation costs and makes it easily recyclable. In 2020, the food and beverage industry accounted for more than half of the global demand for flexible packaging. The growing trend of the consumption of easy-to-cook meals, food products, and beverages is expected to drive the demand for functional additives. However, the growing population, demand for consumer goods, and increasing purchasing power parity in developing economies are expected to drive the demand for functional additives for sophisticated packaging applications.
Key Functional Additives Market Trend
The growing demand for reverse logistics in packaging will fuel the global functional additives market growth. The food and beverages industry is one of the main sources of packaging waste. The packaging for foods is commonly done with plastic wrappers or containers. The non-biodegradable nature of plastics raises sustainability concerns. Moreover, the reverse logistics is a process by which the materials flow back from consumers to the manufacturers for reuse. The reverse movement of material in the supply chain system for cost reduction, profitability, and support sustainability is expected to drive the global packaging market for food and beverages. For instance, used PET bottles are either remanufactured or used as regrind in PET to produce new bottles. In the US, the government supports programs such as the California Redemption Value (CRV) program. This is expected to drive the demand for functional additives, owing to their use in packaging applications. Such factors will increase the market growth during the forecast period.
Key Functional Additives Market Challenge
The volatility in raw material prices is a major challenge for the global functional additives market growth. Several chemicals that are used in the manufacturing of functional additives are derived from crude oil. The oil and gas industry is one of the principal suppliers of raw materials such as phenols and aromatic amines. These raw materials are mainly produced from petroleum fraction downstream products. Fluctuations in the prices of crude oil have a severe effect on the prices of raw materials, which affects the costs of functional additives. According to the US EIA, global crude oil price declined to $64 per barrel by the end of 2019 from the average of $71 per barrel in the previous year. This is due to the increase in the production from the US and the Organization of the Petroleum Exporting Countries (OPEC), owing to the horizontal drilling and improved hydraulic fractioning techniques. The price and non-availability of raw materials could also have an adverse effect on the cost and operations of vendors of the global functional additives market.
This functional additives market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global functional additives market as a part of the global specialty chemicals market, which is a subset of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the functional additives market during the forecast period.
Who are the Major Functional Additives Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- ADEKA Corp.
- ALTANA AG
- Amcor Plc
- Avient Corp.
- BASF SE
- Clariant International Ltd.
- DuPont de Nemours Inc.
- Milliken and Co.
- Sabo Spa
- Solvay SA
This statistical study of the functional additives market encompasses successful business strategies deployed by the key vendors. The functional additives market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- ADEKA Corp. - The company offers funtional additives such as Functional Hydro Gelator.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The functional additives market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Functional Additives Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the functional additives market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global chemicals market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Functional Additives Market?
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61% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for functional additives market in APAC. Market growth in this region will be faster than the growth of the market in regions.
The growing demand from packaging industry will facilitate the functional additives market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID -19 severely affected several countries in the region, such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines. As a result, various companies and manufacturing units experienced production scarcity, which, in turn, hampered the growth of the regional market in 2020. However, factors such as the resumption of industrial activities at the end of 2020 led to a rise in the demand for functional additives in the region. In addition, the rapid growth of the pharmaceutical industry in the region is expected to fuel the demand for packaging solutions, which, in turn, is expected to foster the growth of the regional market during the forecast period.
What are the Revenue-generating Type Segments in the Functional Additives Market?
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The functional additives market share growth by the Oxygen scavengers segment will be significant during the forecast period. Oxygen scavengers are used to limit or reduce the amount of oxygen available for deteriorative reactions, as it can lead to the reduced functionality of the product. For foods and beverages and pharmaceutical products, deteriorative reactions cause nutritional loss, lipid oxidation, changes in flavor and aroma, microbial spoilage, and alteration of texture.
This report provides an accurate prediction of the contribution of all the segments to the growth of the functional additives market size and actionable market insights on post COVID-19 impact on each segment.
Functional Additives Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.79%
Market growth 2021-2025
$ 973.33 million
YoY growth (%)
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 61%
Key consumer countries
China, US, India, Germany, and Japan
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
ADEKA Corp., ALTANA AG, Amcor Plc, Avient Corp., BASF SE, Clariant International Ltd., DuPont de Nemours Inc., Milliken and Co., Sabo Spa, and Solvay SA
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Functional Additives Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive functional additives market growth during the next five years
- Precise estimation of the functional additives market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the functional additives industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of functional additives market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value Chain Analysis: Specialty chemicals
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Type
- 5.1 Market segments
- Exhibit 15: Type - Market share 2020-2025 (%)
- 5.2 Comparison by Type
- Exhibit 16: Comparison by Type
- 5.3 Oxygen scavengers - Market size and forecast 2020-2025
- Exhibit 17: Oxygen scavengers - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Oxygen scavengers - Year-over-year growth 2020-2025 (%)
- 5.4 UV stabilizers - Market size and forecast 2020-2025
- Exhibit 19: UV stabilizers - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: UV stabilizers - Year-over-year growth 2020-2025 (%)
- 5.5 Antistatic agents - Market size and forecast 2020-2025
- Exhibit 21: Antistatic agents - Market size and forecast 2020-2025 ($ million)
- Exhibit 22: Antistatic agents - Year-over-year growth 2020-2025 (%)
- 5.6 Antimicrobial additives - Market size and forecast 2020-2025
- Exhibit 23: Antimicrobial additives - Market size and forecast 2020-2025 ($ million)
- Exhibit 24: Antimicrobial additives - Year-over-year growth 2020-2025 (%)
- 5.7 Others - Market size and forecast 2020-2025
- Exhibit 25: Others - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: Others - Year-over-year growth 2020-2025 (%)
- 5.8 Market opportunity by Type
- Exhibit 27: Market opportunity by Type
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 29: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 30: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 31: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 North America - Market size and forecast 2020-2025
- Exhibit 33: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: North America - Year-over-year growth 2020-2025 (%)
- 7.5 Europe - Market size and forecast 2020-2025
- Exhibit 35: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 36: Europe - Year-over-year growth 2020-2025 (%)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 37: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 38: South America - Year-over-year growth 2020-2025 (%)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 39: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 40: MEA - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 41: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 42: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 43: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Vendor landscape
- Exhibit 44: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 45: Landscape disruption
- Exhibit 46: Industry risks
- 9.3 Competitive scenario
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 47: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 48: Market positioning of vendors
- 10.3 ADEKA Corp.
- Exhibit 49: ADEKA Corp. - Overview
- Exhibit 50: ADEKA Corp. - Business segments
- Exhibit 51: ADEKA Corp. - Key offerings
- Exhibit 52: ADEKA Corp. - Segment focus
- 10.4 ALTANA AG
- 10.5 Amcor Plc
- Exhibit 57: Amcor Plc - Overview
- Exhibit 58: Amcor Plc - Business segments
- Exhibit 59: Amcor Plc– Key news
- Exhibit 60: Amcor Plc - Key offerings
- Exhibit 61: Amcor Plc - Segment focus
- 10.6 Avient Corp.
- Exhibit 62: Avient Corp. - Overview
- Exhibit 63: Avient Corp. - Business segments
- Exhibit 64: Avient Corp. - Key offerings
- Exhibit 65: Avient Corp. - Segment focus
- 10.7 BASF SE
- Exhibit 66: BASF SE - Overview
- Exhibit 67: BASF SE - Business segments
- Exhibit 68: BASF SE– Key news
- Exhibit 69: BASF SE - Key offerings
- Exhibit 70: BASF SE - Segment focus
- 10.8 Clariant International Ltd.
- Exhibit 71: Clariant International Ltd. - Overview
- Exhibit 72: Clariant International Ltd. - Business segments
- Exhibit 73: Clariant International Ltd. - Key offerings
- Exhibit 74: Clariant International Ltd. - Segment focus
- 10.9 DuPont de Nemours Inc.
- Exhibit 75: DuPont de Nemours Inc. - Overview
- Exhibit 76: DuPont de Nemours Inc. - Business segments
- Exhibit 77: DuPont de Nemours Inc. – Key news
- Exhibit 78: DuPont de Nemours Inc. - Key offerings
- Exhibit 79: DuPont de Nemours Inc. - Segment focus
- 10.10 Milliken and Co.
- Exhibit 80: Milliken and Co. - Overview
- Exhibit 81: Milliken and Co. - Product and service
- Exhibit 82: Milliken and Co. - Key offerings
- 10.11 Sabo Spa
- Exhibit 83: Sabo Spa - Overview
- Exhibit 84: Sabo Spa - Product and service
- Exhibit 85: Sabo Spa - Key offerings
- 10.12 Solvay SA
- Exhibit 86: Solvay SA - Overview
- Exhibit 87: Solvay SA - Business segments
- Exhibit 88: Solvay SA– Key news
- Exhibit 89: Solvay SA - Key offerings
- Exhibit 90: Solvay SA - Segment focus
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 91: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 92: Research Methodology
- Exhibit 93: Validation techniques employed for market sizing
- Exhibit 94: Information sources
- 11.4 List of abbreviations
- Exhibit 95: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Growing demand from packaging industry
- Growing demand for reverse logistics in packaging
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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