PUBLISHER: Allied Market Research | PRODUCT CODE: 1266568
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266568
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.