Surge in applications in food packaging, medical, and plastic & fiber industries and demand for film extrusion masterbatches drive the growth of the global special effect masterbatches market. Owing to lockdown measures implemented by governments in various countries during the Covid-19 pandemic, various challenges such as shortage of raw materials, disruptions in supply & transportation, and lack of labor occurred.
Portland, OR, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global special effect masterbatches market generated $2.9 billion in 2020, and is expected to generate $5.3 billion by 2030, witnessing a CAGR of 6.2% from 2021 to 2030. The report offers an extensive analysis of changing market trends, key investment pockets, value chain, top segments, regional scenario, and competitive landscape.
Surge in applications in food packaging, medical, and plastic & fiber industries and demand for film extrusion masterbatches drive the growth of the global special effect masterbatches market. However, fluctuating petrochemical prices and challenges regarding availing right supplier hinder the market growth. On the other hand, innovations and new product developments along with advancements in blow molding technology present new opportunities in the coming years.
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Owing to lockdown measures implemented by governments in various countries, various challenges such as shortage of raw materials, disruptions in supply & transportation, and lack of labor occurred.
The demand from application industries such as automotive, packaging, and food & beverage industries reduced considerably due to partial or complete stoppage of daily operations. However, the demand would recover post-lockdown.
However, the usage of special effect masterbatches in medical packaging and medical equipment production activities offered limited opportunities toward the growth of the special effect masterbatches market.
The report offers detailed segmentation of the global special effect masterbatches market based on effects type, application, and region.
Based on effects type, the appearance effects segment contributed to the highest share in 2020, accounting for nearly three-fifths of the total share, and is projected to continue its leadership status in terms of revenue during the forecast period. However, the material effects segment is estimated to register the fastest CAGR of 7.2% from 2021 to 2030.
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Based on application, the packaging segment accounted for the highest share in 2020, holding more than one-third of the global special effect masterbatches market, and is projected to maintain its dominant share throughout the forecast period. However, the sports and leisure segment is estimated to manifest the largest CAGR of 8.3% from 2021 to 2030.
Based on region, Asia-Pacific held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position by 2030. Moreover, this region is expected to portray the highest CAGR of 7.6% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global special effect masterbatches market analyzed in the research include Gabriel-Chemie AG, PolyOne, Clariant Ag, Dk Polymers, RTP, Kandui Industries Pvt Ltd., Ampacet Corporation, Broadway Colours, Minocha Enterprises Pvt. Ltd., Frilvam S.P.A., and Micro Poly Colours India.
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