Asia-Pacific Plastic Color Concentrates Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)

The Asia-Pacific plastic color concentrates market is expected to witness a CAGR of approximately 7% during the forecast period, 2018 to 2023, majorly driven by increasing demand of plastic from the automotive industry. The rising usage in the consumer goods sector such as electronics goods, furniture is also likely to stimulate the market growth.

Demand from Automotive Industry Driving the Market

Plastic is used in the automotive industry to meet the economic and ecological needs by reducing vehicle weight, in turn ensuring fuel economy. The utilization of plastic color concentrates makes automobile resistant to harsh environmental conditions and more attractive and durable. Asia-Pacific is currently the manufacturing hub of automobiles and its components. Increase in production, particularly in China, India, Taiwan, Thailand and Indonesia, is anticipated to stimulate plastic color concentrates market demand.

Liquid Color Concentrates Expected to Witness Highest Growth

The solid color concentrates segment is leading the color concentrates market, owing to its low price, less cost of installation, ease of transportation and storage, reduced waste etc. The liquid color concentrates segment is expected to grow at a high rate during the forecast period. The high growth can be attributed to the rapid color development, reduced energy consumption in their manufacturing, increased color consistency and low material costs.

Automotive Manufacturing Contributing Huge Demand in China

In terms of consumption in 2017, China accounted for the largest market share in Asia-Pacific region. China is the automotive manufacturing hub in the region, which is contributing huge demand of plastic color concentrates in the country. India is expected to grow at a high rate, owing to high growth in the automotive and building & construction industry. The building and construction industry contributes around 8% to the country’s GDP. In the construction sector, the government has initiated projects such as 100 smart cities and ‘Housing for All by 2022’ and 500 AMRUT cities which will invite investments and is expected to immensely drive the residential construction and commercial construction market, which, in turn, is anticipated to boost the plastic color concentrates market.

Notable Developments

I

n Jan 2018, PolyOne Corporation acquired IQAP Masterbatch Group SL, a privately owned specialty colorants and additives maker.

Major Players: DowDuPont, A. Schulman, PolyOne Corporation, Cabot Corporation and Hubron International amongst others.

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Countries expected to witness the fastest growth during the forecast period

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