Report Code : A53562
The global plastics modifiers market is expected to possess high growth potential in the coming years, as the use of plastics modifiers in the automotive and construction industry is increasing and also the increasing use of PVC in various end-use industries is driving the plastics modifiers market. However, the increasing environmental concern is hampering the market. In addition, variations in the prices of raw materials act as a challenge to the market. However, the increasing demand from the packaging industry is providing the market with lucrative opportunities in the future.”
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Plastics Modifiers Market," The plastics modifiers market was valued at $4.2 billion in 2021, and is estimated to reach $6.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
A category of chemicals called plastics modifiers contributes to the enhancement of polymer compounds' durability. They are accessible in the form of rubbery resins. When plastic modifiers are added to polymer compounds, the compounds' elasticity improves their durability. Plastic modifiers also improve weather resistance, optical and tensile properties, processability, heat distortion, and flammability.
Increasing demand for consumer goods has spurred the quick expansion of the packaging sector, which is anticipated to considerably contribute to the market's revenue growth during the forecast period. Due to the availability of a big consumer base in developing countries like India, the industry is expanding rapidly. According to the Indian Institute of Packaging (IIP), packaging use in India has surged by 200% over the past few years. The sector in India is predicted to have a growth rate of 26.7% yearly. In addition, as the e-commerce sector grows rapidly, the demand for plastics such as packaging materials and plastic modifiers increases.
Urban growth has resulted in a large expansion in the building and construction industry, which is anticipated to substantially increase demand for plastic modifiers. Plastic modifiers enhance the functionality of polymers and the resilience of infrastructure. Several firms such as Solvay S.A., which is a Belgium-based chemical corporation, offer ultraviolet (UV) light stabilizers and antioxidants to protect buildings from UV radiation, and thereby improve the lifetime of the building. Its descriptors Solvay’s Cyasorb Cynergy Solutions B877 are designed to protect polymers used in construction from degradation by UV light. In addition to its exceptional tensile strength, the product is utilized in composite roofing tiles, plastic tiles polymers, and window frames, among other applications.
However, governments' stringent regulations on the plastic business and growing concern over plastic's non-biodegradability are restraining the market's revenue growth. As part of the EU's circular economy action plan, the European Union (EU) approved a plastics waste reduction strategy. The objective of the policy is to conserve the environment by reducing marine debris, greenhouse gas emissions, and reliance on imported fossil fuels. Such initiatives are hampering the revenue growth of the market.
In addition, due to rising environmental concerns, construction contractors now prioritize sustainable or green building designs over conventional ones in order to produce energy-efficient commercial facilities. The US Green Building Council has enacted regulations prohibiting the use of PVC in green buildings. The rise and growth of the construction industry, particularly in developing economies, will give numerous opportunities for market expansion. Keeping up with manufacturing/production technology improvements may also be advantageous for the market as a whole.
The plastics modifiers market is segmented into type, plastic type, end-use industry, and region. Depending on the type, the market is divided into acrylonitrile butadiene styrene, acrylic impact modifiers, acrylonitrile styrene acrylate, methacrylate-butadiene-styrene, ethylene propylene diene monomer, chlorinated polyethylene, and others. On the basis of plastic type, it is categorized into polyvinyl chloride, nylon, polybutylene terephthalate, engineering plastics and others. On the basis of end-use industry, it is categorized into automotive, construction, consumer goods, packaging, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the plastics modifiers market is categorized into acrylonitrile butadiene styrene, acrylic impact modifiers, acrylonitrile styrene acrylate, methacrylate-butadiene-styrene, ethylene propylene diene monomer, chlorinated polyethylene, and others. Acrylonitrile butadiene styrene is projected to be the fastest-growing segment and acrylic impact modifiers have garnered the highest share in the plastics modifiers market.
On the basis of plastic type, the plastics modifiers market is categorized into polyvinyl chloride, nylon, polybutylene terephthalate, engineering plastics, and others. Polyvinyl chloride is projected to be the fastest-growing segment and has garnered the highest share in the plastics modifiers market.
On the basis of the end-use industry, the plastics modifiers market is categorized into automotive, construction, consumer goods, packaging, and others. Packaging is projected to be the fastest-growing segment and has garnered the highest share in the plastics modifiers market.
The major players operating in the global plastics modifiers market are Mitsubishi Chemical Corporation, Formosa Plastics Corporation, Mitsui Chemicals, Inc., Dow, Akdeniz Chemson, LANXESS, SI Group, Inc, Sundow Polymers Co. Ltd, Arkema, Shandong Novista Chemicals Co., Ltd. Other players operating in the market are LG Chem, Endoor, Indofil Industries Limited and Kaneka Corporation.
Key findings of the study
COVID-19 analysis
The COVID-19 outbreak has spread to major Asian, European, and North American nations, disrupting the market for plastics modifiers because the majority of global companies have their headquarters in these regions. COVID-19 disturbed the supply chain, which hampered market expansion due to a shortage of raw materials and a lack of labor. The lockdown in major countries caused by this pandemic has also led to the closure of plastics manufacturing facilities.
The global construction industry has been negatively impacted by the COVID-19 pandemic, which has impacted the supply and cost of materials and labor, which are the primary cost components of building projects. In addition, disruptions in the transportation business have impacted the value chain of the construction industry, hence impacting the market for plastics modifiers.
The expansion of the pandemic to European and North American nations has resulted in a decline in automotive demand and, consequently, production. Lockdowns imposed by governments have resulted in enormous losses for automakers in Europe and North America, which are the car industry's two largest markets. This fall in vehicle production has resulted in a decrease in the usage of plastics for the production of automotive parts, hence impacting market growth.
Throughout the pandemic, packaging demand has grown, yet there has been a minor inconvenience. This industry was severely hampered by the lockdown, as employees were instructed to remain at home during the pandemic. This resulted in the closure of many packaging operations and a drop in packaging product manufacturing.
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Plastics Modifiers Market by Type (Acrylonitrile Butadiene Styrene, Acrylic Impact Modifiers, Acrylonitrile Styrene Acrylate, Methacrylate Butadiene Styrene, Ethylene Propylene Diene Monomer, Chlorinated Polyethylene, Others), by Plastic Type (Polyvinyl Chloride, Nylon, Polybutylene Terephthalate, Engineering Plastics, Others), by End Use Industry (Automotive, Construction, Consumer Goods, Packaging, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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