Impact Modifiers Market worth $5.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 28, 2020 /PRNewswire/ -- According to the new market research report "Impact Modifiers Market by Type (ABS, AIM, ASA, MBS, EPDM, CPE), By Application (PVC, Polyamide, Polyesters, Engineering Plastics), End-Use Industry (Packaging, Construction, Consumer Goods, Automotive), Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Impact Modifiers Market size in 2020 is estimated at USD 3.9 billion and is projected to reach USD 5.0 billion by 2025, at a CAGR of 5.3% from 2020 to 2025. The growth of this market can be attributed to the increasing use of plastics in day-to-day applications. Moreover, it is also driven by the rapidly developing industrial sector in emerging economies.
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The demand for high-quality plastics from various applications increases continuously, which favors the consumption of engineering plastics. Further, rising demand for applications, such as pipes & fittings, profiles & tubing, rigid sheet & panel, wires & cables, bottles, and others, is fueling the demand for PVC, which contributes to the impact modifiers market growth. Furthermore, the outbreak of the COVID-19 pandemic is anticipated to hamper the consumption of impact modifiers, which affects the market growth.
MBS segment is estimated to grow at the fastest CAGR of the Impact Modifiers Market during the forecast period
By type, the MBS segment is estimated to be the fastest-growing segment of the impact modifiers market in 2019. MBS helps improve the impact strength of products, especially PVC finished products, which are mainly used in indoor applications. The environment friendliness of MBS is a major driving force for it to dominate the impact modifiers market. It is preferred to improve the performance of both rigid and soft PVC products such as impact strength, toughness, and tensile strength, and can be used in transparent products. It contains butadiene, which makes it is easy to decompose and age when exposed to light, so it is not suitable for outdoor products.
PVC is the major application in the global Impact Modifiers Market
PVC is the largest application segment of the impact modifiers market by application. The growth of impact modifiers in PVC application is mainly attributed to its easy availability and low cost as well as the increasing applicability of PVC among varied end-use industries, such as packaging, construction, automotive, and consumer goods. PVC is mainly used in pipes, windows, flooring, roofing, inflatable structures, and lighter structures. It contributes to the quality, cost-effectiveness, and safety of construction material.
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Packaging is projected to grow at the highest CAGR of the Impact Modifiers Market
Based on the end-use industry, the packaging segment is expected to grow at the highest CAGR in 2019. Increasing demand for plastic packaging with impact modifiers across varied industry verticals is expected to be one of the key factors propelling the growth of the impact modifiers market. The packaging is a crucial process to preserve and transport goods. It caters to various sectors such as retail, institutional, and industrial.
Asia Pacific is expected to witness the fastest growth in the impact modifiers market during the forecast period
The impact modifiers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific impact modifiers market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for impact modifiers, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the impact modifiers market during the forecast period.
Major companies such as Dow Inc. (US), Lanxess A.G. (Germany), Kaneka Corporation (Japan), Arkema S.A. (France), Mitsubishi Chemical Corporation (Japan), LG Chem Ltd. (South Korea), Shandong Ruifeng Chemical Co., Ltd. (China), Mitsui Chemicals, Inc. (Japan), Wacker Chemie AG (Germany), Formosa Plastics Corp. (Taiwan), Sundow Polymers Co., Ltd. (China), SI Group, Inc. (US), Akdeniz Kimya San. ve Tic. Inc. (Turkey), ), En-Door (China), Novista Group (China), and Indofil Industries Limited (India) and among others.
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