The plastics modifiers market attained $4.2 billion in 2021 and is projected to reach $6.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Plastics modifiers are the class of additives used to increase the tensile strength of weather-sensitive polymer compounds. They are available in the form of rubbery resins. The elasticity enables plastic modifiers to absorb impact energy and increase the durability of the polymer compounds in which they are inserted. Plastic modifiers boost the tensile strength and abrasion resistance of plastic, particularly those used in cold-weather or high-impact situations. They compensate for subzero temperature-induced notch sensitivity, fracture propagation, and inherent brittleness or embrittlement.
Increasing use of PVC in different end-use sectors, such as consumer goods, packaging, automotive, and building & construction is a major driver propelling the current expansion of the plastic modifiers market. Pure PVS has limited application in a variety of industries due to its low impact resistance; therefore, it is necessary to apply plastic modifiers to boost the toughness, durability, and weather resistance of PVC. Plastic modifiers, such as MBS impact modifiers, are typically used in the production of rigid PVC goods, such as sheets, pipes, food-packaging film, and pharmaceutical blister packs.
Environmental concerns have always been a significant commercial barrier for plastic modifiers. The rising demand for eco-friendly products is constraining the market expansion of plastic modifiers. Very persistent polyvinyl chloride plastic particles emit toxic compounds into the soil, which can then flow into groundwater and cause environmental damage. Polyvinyl chloride and other pervasive plastic particles leak toxic compounds into the surrounding soil, which can subsequently seep into groundwater and cause environmental damage. From 2015 to 2020, the global production of plastic increased from 300 million to 360 million metric tons. According to the 2021 Waste and Recycling Statistics provided by the National Environment Agency, a public body based in Singapore, 3.83 million tons of the 6.94 million tons of solid waste generated in 2021 were recycled. Domestic and non-domestic trash production climbed from 4.12 million tons and 1.77 million tons, respectively, in 2020 to 5.12 million tons and 1.82 million tons, respectively, in 2021. Consequently, increasing environmental damage associated with the use of PVC products can hinder market expansion.
The increasing need and awareness for food packaged in safe containers and packaging presents numerous opportunities for businesses in the plastics modifiers market. They see the enormous revenue-generating potential of this sector and are investing extensively in research and development as a result. The goal is to create a new generation of packaging that is more effective and sanitary and will keep food safer and fresher for longer. These packages of plastic modifiers will be marketed at a higher price point. Their strategy looks to be working thus far. Consequently, the demand for plastics modifiers is being driven by the food packaging industry.
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.
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
Plastics modifiers are the class of additives used to increase the tensile strength of weather-sensitive polymer compounds. They are available in the form of rubbery resins. The elasticity enables plastic modifiers to absorb impact energy and increase the durability of the polymer compounds in which they are inserted. Plastic modifiers boost the tensile strength and abrasion resistance of plastic, particularly those used in cold-weather or high-impact situations. They compensate for subzero temperature-induced notch sensitivity, fracture propagation, and inherent brittleness or embrittlement.
Increasing use of PVC in different end-use sectors, such as consumer goods, packaging, automotive, and building & construction is a major driver propelling the current expansion of the plastic modifiers market. Pure PVS has limited application in a variety of industries due to its low impact resistance; therefore, it is necessary to apply plastic modifiers to boost the toughness, durability, and weather resistance of PVC. Plastic modifiers, such as MBS impact modifiers, are typically used in the production of rigid PVC goods, such as sheets, pipes, food-packaging film, and pharmaceutical blister packs.
Environmental concerns have always been a significant commercial barrier for plastic modifiers. The rising demand for eco-friendly products is constraining the market expansion of plastic modifiers. Very persistent polyvinyl chloride plastic particles emit toxic compounds into the soil, which can then flow into groundwater and cause environmental damage. Polyvinyl chloride and other pervasive plastic particles leak toxic compounds into the surrounding soil, which can subsequently seep into groundwater and cause environmental damage. From 2015 to 2020, the global production of plastic increased from 300 million to 360 million metric tons. According to the 2021 Waste and Recycling Statistics provided by the National Environment Agency, a public body based in Singapore, 3.83 million tons of the 6.94 million tons of solid waste generated in 2021 were recycled. Domestic and non-domestic trash production climbed from 4.12 million tons and 1.77 million tons, respectively, in 2020 to 5.12 million tons and 1.82 million tons, respectively, in 2021. Consequently, increasing environmental damage associated with the use of PVC products can hinder market expansion.
The increasing need and awareness for food packaged in safe containers and packaging presents numerous opportunities for businesses in the plastics modifiers market. They see the enormous revenue-generating potential of this sector and are investing extensively in research and development as a result. The goal is to create a new generation of packaging that is more effective and sanitary and will keep food safer and fresher for longer. These packages of plastic modifiers will be marketed at a higher price point. Their strategy looks to be working thus far. Consequently, the demand for plastics modifiers is being driven by the food packaging industry.
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.
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
- On the basis of type, the acrylonitrile butadiene styrene segment is expected to grow at a CAGR of 5.9%, in terms of revenue, during the forecast period.
- On the basis of plastic type, the polyvinyl chloride segment is expected to grow at a CAGR of 5.4%, in terms of revenue, during the forecast period.
- Depending on end-use industry, the packaging segment is expected to grow at a CAGR of 5.5%, in terms of revenue, during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the plastics modifiers market analysis from 2021 to 2031 to identify the prevailing plastics modifiers market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the plastics modifiers market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global plastics modifiers market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End Use Industry
- Automotive
- Construction
- Consumer Goods
- Packaging
- Others
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 Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Mitsubishi Chemical Corporation
- Mitsui Chemicals, Inc.
- Dow
- Akdeniz Chemson
- LANXESS
- SI Group, Inc
- Arkema
- Shandong Novista Chemicals Co.,Ltd.
- Formosa Plastics Corporation
- Sundow Polymers Co. Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PLASTICS MODIFIERS MARKET, BY TYPE
CHAPTER 5: PLASTICS MODIFIERS MARKET, BY PLASTIC TYPE
CHAPTER 6: PLASTICS MODIFIERS MARKET, BY END USE INDUSTRY
CHAPTER 7: PLASTICS MODIFIERS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report 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.Plastic modifiers are compounds that strengthen the durability of molded or extruded plastics, particularly those that are subjected to constant impact stresses, such as cold weather. They are added to compounds to impart performance characteristics. They provide durability and tensile strength to the product to which they are introduced. In addition, they give the product stiffness to prevent it from wrapping or sagging during normal use. Plastic modifiers also impart qualities like optical and tensile strength, thermal distortion, flammability, weather resistance, processability and to the product. Plastic modifiers vary according to the product to which they are introduced, such as precipitated calcium carbonate for PVC. Plastic modifiers are elastomeric or rubbery by nature, which enables them to absorb or dissipate impact energy.
Plastic modifiers are mostly used for packaging, automotive, construction, and consumer goods. They are utilized in packaging and film plastic resins, such as technical films and rigid containers. Plastic modifiers are also utilized in PVC Pipes and fittings for the building and construction industry. Electronic housing, transportation components, and films are further applications for plastic modifiers. Additional plastic modification applications for PVC include siding, railing, fencing, tubing, injection molding and decking. Plastic modifiers are required for the production of sheets, food packaging film, bottles, and pharmaceutical blister packs. The production of sporting goods, glass, and mineral fillers also requires plastic modifiers.
Plastic modifiers are becoming more common in the automotive industry due to their high strength-to-weight ratio. In the automobile sector, plastic modifiers are used in a range of applications, including automobile hoses, rocket panels, wheel arches, dashboards, diaphragms, and sealants. According to the International Trade Administration (ITA), China is the world's largest market for motor vehicles, with production estimated to reach 35 million units by 2025. According to Invest India, the passenger vehicle market would expand by 22 to 25% by 2022. Increasing automated production would necessitate more automotive components, hence driving the market for plastic modifiers during the forecast period.
The Asia-Pacific construction industry is the largest in the world, and it is expanding as a result of the region's growing population. Infrastructure development contributes to the expansion of plastic modifiers used extensively in windows, flooring, siding, and doors. Due to urbanization, the Asia-Pacific construction industry has been steadily expanding, and the government has launched numerous projects to encourage this trend. India's construction industry is projected to reach US$1.4 trillion by 2025, with investments of 24% in renewable energy, 19% in roads and highways, 16% in urban infrastructure, and 13% in railroads, and the second-highest FDI investment from 2000-2020. Thus, increasing the use of plastic modifiers will increase and will drive the demand and will the market.
Fluctuations in the prices of polymers and monomers needed to produce polymers are a major factor restraining the market for plastic modifiers. As polymers are produced from monomers, which are derived from crude oil, price and availability changes of crude oil are crucial factors in their creation and use. The supply of crude oil-based products, such as polymers and elastomers, is contingent on international imports and manufacture. The majority of the price of raw materials is determined by logistics, labor costs, trading costs, and tariffs. Many of these variables influence the growth of the polymers industry, which in turn influences the growth of the plastic modifiers market.
The increasing need and awareness for food packaged in safe containers and packaging presents numerous opportunities for businesses in the plastics modifiers market. They see the enormous revenue-generating potential of this sector and are investing extensively in research and development as a result. The goal is to create a new generation of packaging that is more effective and sanitary and will keep food safer and fresher for longer. These packages of plastic modifiers will be marketed at a higher price point. Their strategy looks to be working thus far. Consequently, the demand for plastics modifiers is being driven by the food packaging industry.
For the purpose of analysis, the plastics modifier scope covers segmentation based on type, plastic type, end-use industry, and region. The report provides information on several type, including the market 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. Furthermore, the end-use industry covered in the study are automotive, construction, consumer goods, packaging, and others. In addition, it analyzes the current market trends across different regions, such as North America, Europe, Asia-Pacific, and LAMEA.
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
- On the basis of type, the acrylonitrile butadiene styrene segment is expected to grow at a CAGR of 5.9%, in terms of revenue, during the forecast period.
- On the basis of plastic type, the polyvinyl chloride segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period.
- Depending on end-use industry, the packaging segment is expected to grow at a CAGR of 5.5%, in terms of revenue, during the forecast period.
- Region-wise, Asia-Pacific garnered the highest share in 2021 in terms of revenue.
Companies Mentioned
- Mitsubishi Chemical Corporation
- Mitsui Chemicals, Inc.
- Dow
- Akdeniz Chemson
- LANXESS
- SI Group, Inc
- Arkema
- Shandong Novista Chemicals Co.,Ltd.
- Formosa Plastics Corporation
- Sundow Polymers Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 620 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 4.2 billion |
| Forecasted Market Value ( USD | $ 6.6 billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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