The packaging industry has been the dominant end-user for the masterbatch market. The rising demand for attractive and innovative packaging is further projected to drive the global masterbatch market. The packaging industry utilizes numerous masterbatches, in which colored, black, white, and additive masterbatch are the most common types. Food and beverage industries and flexible packaging are showing an inclination in enhancing the aesthetic value of product packaging, which, in turn, is burgeoning the demand for the color masterbatches.
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Evolution in the automotive industry is expected to propel the demand for lightweight vehicles globally. In addition, European regulations to mitigate the emission of greenhouse gases have led to the replacement of metal parts with plastic parts in vehicles. These, apart from reducing carbon emissions during manufacturing processes of automobiles, also cut down the vehicle weight and hence aids fuel efficiency. Such development is expected to drive the demand for masterbatches throughout the forecast period (2020-2025). However, the volatile prices and stringent environmental laws related to non-biodegradability of plastics and conventional masterbatches are expected to limit the conventional masterbatch market.
Some of the manufacturers are coming up with bio-based and sustainable masterbatch solutions for Europe and North America masterbatch markets. The masterbatch industry has been evolving significantly due to the changing requirements of end-user industries, leading to changes in the products, manufacturing processes, and innovation in engineering applications. Masterbatches are essentially used in the packaging, automotive, agricultural, and medical sectors. They also aid in obtaining durability and additional customized features such as UV resistance, wear and tear resistance, and heat resistance to the base plastic. The masterbatch industry is undergoing a gradual shift - from petroleum-based masterbatches to sustainable masterbatches - thereby adding value to a product in terms of sustainability.
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Technological advancements in the manufacturing sector with extensive ongoing research to improve the existing manufacturing options have laid the foundation for the usage of innovative functional bioplastics. There has been a drastic change in the bioplastics industry, which has resulted in several innovations such as bio-PET, polylactic acid (PLA), bio-polyethylene (PE), bio-polypropylene (PP), and starch blends. Organizations such as the European Bioplastics, suggest a significant increase in the bioplastics and sustainable masterbatch market in the future. This increase can be attributed to the expected increase of products in the automobile industry, smartphone industry, packaging industry, and medical and agricultural industries, among other factors. In particular, the demands for bio-PET and bio-PE have been rapidly increasing on a year-on-year basis.
Currently, the global masterbatch market is highly fragmented, and the trend is expected to remain the same, at least till 2023. The competitive landscape of the masterbatch market consists of different strategies undertaken by major players across the masterbatch value chain to gain a comprehensive market share by 2025. The masterbatch industry is witnessing a gradual shift from conventional masterbatches to bio-based and sustainable masterbatches due to various factors such as the need to curb pollution, stringent government regulations on carbon emissions and waste management, and growing inclination toward a circular economy. In addition, there is an increased installation of masterbatch production lines, primarily due to an increase in the demand from the packaging industry, which is predicted to propel the market over time. Moreover, the growing demand for additive masterbatches coupled with the increasing awareness to maintain a cyclic economy is expected to drive the novel masterbatch market during 2020-2025.
