The global nucleating and clarifying agents market is expected to grow at a CAGR of 7.57% to reach a market value of USD 4,717.22 million by 2026 from an initial value of 2,678.51 in 2018.
Nucleating agents promote the crystallization of semi-crystalline polymers. These additives function by presenting a heterogeneous surface to the polymer melt, making the crystallization process more thermodynamically favorable. As a result of this effect, the temperature at which the polymer begins to crystallize from the melt is increased, as are the rate of nucleation and overall rate of crystallization. Moreover, rising usage of plastics in different applications is expected to drive the market growth. Some of the factors such as growing demand for polymers in packaging applications, their ability to enhance crystallization rate & improve optical properties, growing demand for consumer & packaging products, and rapid industrialization will also accelerate the nucleating and clarifying agents market in the upcoming years.
Market Dynamics
Drivers
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Increasing Consumption Of Polymers In Packaging Applications
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Rapid Growth Of Industrialization Across The World
Restraints
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Increasing Awareness About the Negative Impact of Plastics
Market Segmentation
The carboxylate acid salts market is valued at USD379.54 Mn in 2018 and is estimated to grow at a CAGR of 7.60% over the forecast period to reach a USD 670.32 Mn by 2026.
The carboxylate acid salts segment holds 14.18% of the market share in 2018, and is expected to be 14.21% by 2026, for the global nucleating and clarifying agents market.
In general, carboxylic acids and their derivatives are highly important for their synthetic utilization in the production of pharmaceuticals, polymers, biopolymers, coatings, food additives and solvent etc. Increasing demand for cosmetics and personal care products will also catalyze the global carboxylic acid demand in the global nucleating and clarifying market. Moreover, rising awareness among the consumers about cosmetics and beauty products coupled with increasing disposable income will propel the market growth in the upcoming years.
In July 2019, BASF has increased its global production capacity for higher Carboxylic Acids, (HCA) Isononanoic Acid (INA) and 2-Ethylhexanoic Acid (2-EHA) from 55,000 metric tons to 68,000 metric tons per year. Moreover, With world-scale and highly flexible production facilities at its Verbund sites in Ludwigshafen, Germany, and Kuantan, Malaysia, BASF is among the leading producers of HCA worldwide.
Geographical Analysis
Asia Pacific is growing at the fastest CAGR of 8.71% during the forecast period (2019-2026).
The Asia-Pacific segment of the nucleating and clarifying agent market is valued at US$ 910.96 Million in 2018 and is estimated to grow at a CAGR of 8.71% over the forecast period to reach US$ 1746.50 Million by 2026.
The Asia Pacific segment holds 34.39% of the market share in 2018, and is expected to be 37.02% by 2026, for global nucleating and clarifying agents market by region.
It is expected to expand at a lucrative CAGR over the forecast period due to rising demand in major Asian Markets Such as India and China, rising disposable income among consumers, increasing demand for packaged food and superior quality consumer products, growing demand from the automotive industry and others.
The nucleating & clarifying agents are necessary in packaging applications to enhance thermal stability, mechanical properties, as well as impart transparency to the final products. For instance, in 2016, According to the Packaging Industry Association of India, the Indian packaging industry was the 5th largest in the world. In addition, the packaging industry, which stood at more than USD 32 billion in 2015, had grown at the compound annual growth rate of more than 15% for the last 5 years and is expected to continue growing at a compound annual growth rate of 13 to 15% in the coming years.
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