The global plastics additives market is forecast to generate revenues of nearly $58 billion by 2020, fuelled by the demand for non-toxic ingredients, according to a new report.
Portland, Ore.-based Allied Market Research argued the sector would rise by a compound annual growth rate of 4.9 percent a year from $41.4 billion in 2013.
In volume terms the market for plastics additives was estimated at 12,620 metric tons last year and was expected to rise to 17,100 metric tons in six years' time.
“However, increase in health concerns due to consumption of phthalates based plasticizers are forcing governments to harness the regulations for controlling commercialization of such additives,” the report argued.
“In the U.S., the application of phthalates in the manufacturing of toys and other childrens' product is banned under the guidance of Consumer Products Safety Improvement Act (CPSIA),” it added.