The global impact modifiers market size in 2020 is estimated at USD 3.9 billion and is projected to reach USD 5.0 billion by 2025, at a CAGR of 5.3% from 2020 to 2025. The growth of this market can be attributed to the increasing use of plastics in day-to-day applications. Moreover, it is also driven by the rapidly developing industrial sector in emerging economies.
The demand for high-quality plastics from various applications increases continuously, which favors the consumption of engineering plastics. Further, rising demand for applications, such as pipes & fittings, profiles & tubing, rigid sheet & panel, wires & cables, bottles, and others, is fueling the demand for PVC, which contributes to the impact modifiers market growth. Furthermore, the outbreak of the COVID-19 pandemic is anticipated to hamper the consumption of impact modifiers, which affects the market growth.
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Plastics have many applications in several industries, such as packaging, construction, automotive, consumer goods, textile, agriculture, and medical, among others. Plastics, especially engineering plastics, possess superior mechanical and electrical properties, excellent abrasion resistance, superior chemical resistance, and other properties in comparison to those of conventional materials such as metals, glass, paper, and ceramics. Continuous innovation and the need for lighter material in several applications are encouraging the replacement of conventional materials with plastic. The increase in consumption of polymers has also increased the usage of impact modifiers in the manufacturing of products for various applications, which improve the mechanical and impact properties of the final product and reduce its cycle time.
PVC is the major application in the global impact modifiers market
PVC is the largest application segment of the impact modifiers market by application. The growth of impact modifiers in PVC application is mainly attributed to its easy availability and low cost as well as the increasing applicability of PVC among varied end-use industries, such as packaging, construction, automotive, and consumer goods. PVC is mainly used in pipes, windows, flooring, roofing, inflatable structures, and lighter structures. It contributes to the quality, cost-effectiveness, and safety of construction material.
Packaging is projected to grow at the highest CAGR of the impact modifiers market
Based on the end-use industry, the packaging segment is expected to grow at the highest CAGR in 2019. Increasing demand for plastic packaging with impact modifiers across varied industry verticals is expected to be one of the key factors propelling the growth of the impact modifiers market. The packaging is a crucial process in order to preserve and transport goods. It caters to various sectors such as retail, institutional, and industrial.
The impact modifiers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific impact modifiers market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for impact modifiers, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the impact modifiers market during the forecast period.
Major companies such as Dow Inc. (US), Lanxess A.G. (Germany), Kaneka Corporation (Japan), Arkema S.A. (France), Mitsubishi Chemical Corporation (Japan), LG Chem Ltd. (South Korea), Shandong Ruifeng Chemical Co., Ltd. (China), Mitsui Chemicals, Inc. (Japan), Wacker Chemie AG (Germany), Formosa Plastics Corp. (Taiwan), Sundow Polymers Co., Ltd. (China), SI Group, Inc. (US), Akdeniz Kimya San. ve Tic. Inc. (Turkey), ), En-Door (China), Novista Group (China), and Indofil Industries Limited (India) and among others.
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