The Europe Masterbatch Market was worth US$ 4.20 billion in 2023 and is anticipated to reach a valuation of US$ 5.63 billion by 2029 and it is predicted to register a CAGR of 5% during the forecast period 2024 to 2029
The usage of plastics as a substitute for metals has been the driving force for the growth of the Europe Masterbatch market. The demand for high-performing, advanced materials is continuously growing and the Masterbatch market has been on the positive side of growth. The demand for colored pigments has also increased across various sectors which further improves the growth opportunities for the Masterbatch colour segment market. The market opportunities for bioplastic materials are continuously growing in the European region. An increase in investments in research and development is also a key factor for the growing market in the European region.
The high cost and complexity associated with colour masterbatches, the demand for more manufacturing capacity, large tools, long lead times, and other elements are foreseen to impede the growth of the European market over the outlook period. In addition, the growing preference of industries for composites is also acting as a threat to the European Masterbatch industry.
COVID-19 has exposed severe challenges for the masterbatch market by impacting end-user applications. Major nations of Europe like Italy, Germany, etc., are affected due to pandemics. The Masterbatch market also suffered huge losses due to the halt in production and manufacturing activities across the continent. The automotive sector suffered the most and the demand for the same was at an all-time low. Eastern European countries such as Poland and Belarus which were expected to register high growth rates experienced a slowdown in the market demand thus, in turn, a slowdown in production. Experts believe that the recovery of the market is expected to start in late 2021 with an expected growth rate of 5% CAGR.
The personal care market has grown rapidly in the European region during the COVID-19 pandemic. The building and construction sector has flourished in these times and as a consequence, the masterbatch industry has also gained a lot. The colour segment is expected to lead the market from 2024 to 2029. This is due to the fact that coloured pigments are heavily used in the packaging, consumer goods, and construction sectors. Bioplastics are increasingly being used in the pharmaceutical, automotive, and agricultural sectors, they require bio-additive masterbatches to provide durability and colour. Thus, in the coming years, we can expect a high growth rate in this segment.
Automotive sectors in the region are planning huge investments in the Masterbatch industry in the upcoming years which will increase its demand. Europe is the second-largest market for Masterbatch, behind the Asia Pacific region Purchasing power of consumers in Europe is significantly higher than the majority of the other countries, therefore, more investments are being made. Eastern European countries such as Poland and Belarus are expected to outperform the rest of the European nations in the upcoming years.
Ampacet Corporation, A Schulman Inc.,Polyone Corporation, Penn Color Inc. are some of the notable companies in the Europe Masterbatch Market.
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