PUBLISHER: The Business Research Company | PRODUCT CODE: 1608800
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608800
Plastics modifiers are chemical additives designed to enhance the physical and chemical properties of plastics, such as flexibility, durability, and impact resistance. These modifiers are applied in a range of sectors, including automotive parts, packaging materials, and consumer goods, to boost performance and extend the lifespan of products.
The primary types of plastics modifiers include acrylonitrile butadiene styrene, acrylic impact modifiers, acrylonitrile styrene acrylate, methacrylate butadiene styrene, ethylene propylene diene monomer, chlorinated polyethylene, among others. Acrylonitrile butadiene styrene (ABS) is a lightweight, durable thermoplastic polymer known for its impact resistance. Various plastics types encompass polyvinyl chloride, nylon, polybutylene terephthalate, engineering plastics, and more, serving numerous end users, including automotive, construction, consumer goods, and packaging sectors.
The plastics modifiers market research report is one of a series of new reports from The Business Research Company that provides plastics modifiers market statistics, including plastics modifiers industry global market size, regional shares, competitors with a plastics modifiers market share, detailed plastics modifiers market segments, market trends, and opportunities, and any further data you may need to thrive in the plastics modifiers industry. This plastics modifiers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The plastics modifiers market size has grown strongly in recent years. It will grow from $4.84 billion in 2023 to $5.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The increase during the historical period can be linked to the rising demand for lightweight materials, expansion in the packaging industry, growth within the automotive sector, advancements in the medical device industry, and developments in agriculture.
The plastics modifiers market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth during the forecast period is driven by a heightened need for high-performance plastics, a burgeoning construction industry, an increasing preference for environmentally friendly plastics, expansion in medical devices, and growth in the automotive sector. Key trends for the forecast period include the adoption of bio-based plastic modifiers, the incorporation of nanotechnology in plastic modifiers, the use of recycled plastics in modifier formulations, the creation of high-performance thermoplastic elastomers, and innovations in flame retardant additives.
The growth of the packaging industry is projected to drive the expansion of the plastic modifiers market in the future. This sector focuses on the creation, production, and distribution of materials and containers that protect and present products for commercial and logistical needs. The packaging industry is thriving due to the surge in online shopping and advancements in eco-friendly packaging solutions. Plastic modifiers play a crucial role by enhancing the flexibility, durability, and impact resistance of plastic materials, which in turn improves packaging strength, barrier properties, and recyclability. For example, in April 2022, Istituto Italiano Imballaggio, an Italian Packaging Institute, reported that apparent consumption in the Italian plastic packaging market reached 2,777 (t/000) in 2022, up from 2,494 (t/000) in 2021, representing an increase of 11.3%. Hence, the growth of the packaging industry is significantly driving the plastic modifiers market.
Leading companies in the plastic modifiers market are focusing on developing sustainable polymer modifiers to improve the performance and environmental friendliness of plastic materials, addressing the increasing demand for eco-conscious solutions across various sectors. These sustainable polymer modifiers not only enhance plastic performance but also promote environmentally friendly practices. For instance, in October 2022, INEOS Styrolution, a Germany-based manufacturer of styrenic products, announced the launch of a new portfolio of advanced polymer modifiers. These products are designed to enhance polymer properties and facilitate processing for compounders and extruders. The new modifier line includes versatile powder grades that can be used with a wide range of polymers, such as acrylonitrile butadiene styrene, polycarbonate, polypropylene, and more. Modifications aim to improve stiffness, heat exposure performance, color fastness, UV resistance, dimensional stability, and impact resistance. Among the notable products in this portfolio is Styroflex, a styrene-based modifier that meets the demand for enhanced properties and processing efficiency.
In May 2024, KCC Corporation, a South Korean chemical and auto parts manufacturer, acquired Momentive Performance Materials Group for an undisclosed amount. This acquisition aims to streamline ownership and enhance strategic focus through the full integration of Momentive. By leveraging synergies, KCC Corporation seeks to drive growth and innovation, improve operational efficiency, and expand market reach, ultimately strengthening Momentive's position in the advanced materials sector. Momentive Performance Materials Group specializes in developing modifiers to enhance material properties.
Major companies operating in the plastics modifiers market are BASF SE, The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), 3M Company, Mitsubishi Chemical Corporation, LG Chem Ltd., Sumitomo Chemical Co. Ltd., Covestro AG, Solvay S.A., DuPont de Nemours Inc., Arkema S.A., LANXESS AG, Formosa Plastics Corporation, Albemarle Corporation, Tosoh Corporation, Clariant AG, Kaneka Corporation, Cabot Corporation, SI Group Inc., Ampacet Corporation, Songwon Industrial Co. Ltd., RTP Company, Akdeniz Chemson Additives AG, Sundow Polymers Co. Ltd., Shandong Novista Chemicals Co. Ltd.
Asia-Pacific was the largest region in the plastics modifiers market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the plastics modifiers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the plastics modifiers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The plastics modifiers market consists of sales of ultraviolet (UV) stabilizers, flame retardants, plasticizers, antioxidants, processing aids, coupling agents, lubricants, colorants, and nucleating agents. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Plastics Modifiers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on plastics modifiers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for plastics modifiers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The plastics modifiers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.