Masterbatch Market Overview | Industry Worth Forecast 2023-29

Ramkumarss27 Jul, 2023Business

Masterbatch Market size was valued at USD 12.6 billion in 2022 and is poised to grow at a significant CAGR of 5.4% over 2023-2029. Applications for biodegradable masterbatch are rapidly expanding in everyday consumer goods, particularly in the food packaging sector. In the packaging industry, an additive masterbatch is utilized with bio-based resins whose materials include soybean, wood pulp, sugarcane, coffee, castor, plant seeds, and corn. In conventional masterbatch, the waste disposal of petroleum-based carrier polymers is a significant challenge. Conventional polymers take several hundred years to decompose. Use masterbatch that complies with US FDA regulations when making food plastics. Due to the strict rules and demand from developed countries, the packaging industry's masterbatch market will have an opportunity. Price increases have also been influenced by the emergence of higher-value products that offer better performance and quality.