Impact Modifiers Market:
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Global Impact Modifiers Market is valued approximately USD 3.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.3 % over the forecast period 2020-2027. Impact modifiers are used in plastic resins to enhance the toughness and durability of the resins, which are commonly added to compounded materials. Also, the impact modifiers helps to improve several properties including flammability, processability, weather ability, tensile properties, cost, and heat distortion. Impact modifiers has the rubbery nature or elasticity that absorb the energy of the impact and make polymer compounds more durable in which they incorporated. The growing demand for plastics, rise in urbanization and construction activities, no close substitute of impact modifiers and conventional materials being replaced by engineering plastics in end-use applications are the few factors responsible for growth of the market over the forecast period. For instance: according to Ministry of Housing and Urban Affairs, on 10th February 2020, Ministry of Housing and Urban Affairs announced that 3.2 million houses will be constructed under Pradhan Mantri Awas Yojana-Urban (PMAY-U), out of the total sanctioned 1.03 crore houses in India. As per Statista, the production of plastic was 270 million metric ton worldwide, which had risen to 359 million metric ton of plastic production in 2018. Thus, increase in demand of plastics in several industries such as consumer goods, construction, automotive, packaging, textile, agriculture, and medical, among others drive the growth of impact modifiers market. Furthermore, the the market players are relying on various strategies including product launch, acquisition and others will accelerate the demand for this market. For instance: on 24th August 2018, Mitsui Elastomers Singapore Pte Ltd a wholly owned subsidiary of Mitsui Chemicals Inc., has announced the expansion of its TAFMER™ high-performance elastomers, production capacity. Whereas, prohibition of PVC products across various end-use industries is the major factor restraining the growth of global Impact Modifiers market during the forecast period.
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The regional analysis of global Impact Modifiers market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the increasing demand from end-use applications such as packaging, automotive, construction, and consumer goods.
Major market player included in this report are:
Lg Chem Ltd.
Formosa Plastics Corp.
Shandong Ruifeng Chemical Co. Ltd.
Mitsui Chemicals, Inc.
Mitsubishi Chemical Corporation
Wacker Chemie AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End-use Industry:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Impact Modifiers Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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