March 17, 2021
According to the research report titled ‘Global Impact Modifiers Market Size study, by Type (ABS, ASA, AIM, MBS, EPDM, CPE and Others), by Application (PVC, Polyamide, Polyesters, Engineering Plastics and Others), by End-use Industry (Packaging, Construction, Consumer Goods, Automotive and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global impact modifiers market was worth USD 3.7 billion in 2019 and is projected to record a CAGR of 5.3% over the next seven years to be valued at USD 5.6 billion by the year 2027.
Replacement of traditional materials with engineering plastics in end-use applications, and rapid urbanization with surge in construction activities are the key factors propelling global impact modifiers market growth. Citing an instance, out of the total sanctioned 10.3 million houses in India, the Ministry of Housing and Urban Affairs announced on February 10, 2020 that 3.2 million houses will be built under the Pradhan Mantri Awas Yojana-Urban (PMAY-U).
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Moreover, escalating demand for plastics is augmenting the market outlook. According to Statista, plastic production worldwide increased from 270 million metric tons in 2010 to 359 million metric tons in 2018.
For those unfamiliar, impact modifiers are used to increase the toughness and resilience of the plastic resins, which are widely used in compounded products. They aid in the improvement of processability, flammability, tensile strength, weatherability, expense, and heat distortion, among other properties.
Impact modifiers have a rubbery or elastic nature that absorbs the energy of the impact, making the polymer compounds more tough.
Top industry contenders are relying on several strategies such as product launches, acquisitions, and collaborations to further accelerate the market growth. Citing an instance, a wholly owned subsidiary of Mitsui Chemicals Inc., Mitsui Elastomers Singapore Pte Ltd, announced the expansion of its TAFMERTM high-performance elastomers production capacity in August 2018.
Despite the favorable business scenario, prohibition of PVC products across several end-use industries is anticipated to impede worldwide impact modifiers industry expansion over the forecast period.
Citing the regional terrain, Asia Pacific impact modifiers industry size is slated to grow substantially through 2027, creditable to soaring demand from end-use applications like construction, automotive, packaging, and consumer goods.
Major firms in global impact modifiers market sphere are Wacker Chemie AG, Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Shandong Ruifeng Chemical Co. Ltd., Formosa Plastics Corp., LG Chem Ltd., Arkema S.A., Kaneka Corporation, Lanxess AG, and Dow Inc.