Impact Modifier Market to Grow with a CAGR of 4.04% through 2028
Growing demand of impact modifier in packaging industry is expected to
drive the Global Impact Modifier Market growth in the forecast period,
2024-2028
According to TechSci Research report, “Impact
Modifier Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Impact Modifier Market stood
at USD 4.26 billion in 2022 and is anticipated to grow with a CAGR of 4.04% in
the forecast period, 2023-2028. The initiatives taken by government based on Impact
Modifier has led to favorable market conditions for the Global Impact Modifier
Market. Several factors contribute to the growth of various Impact Modifier products. Governments
worldwide have recognized the importance of addressing impact modifiers, with a
primary focus on environmental sustainability and human health. In response,
regulations have been put in place to ensure that the production and
utilization of impact modifiers align with sustainability goals while
minimizing risks to human health. For instance, the European Union has
implemented the Registration, Evaluation, Authorization, and Restriction of
Chemicals (REACH) regulation. This comprehensive framework places the
responsibility on industries to effectively manage the risks associated with
chemicals and provide essential safety information on substances. Given that
impact modifiers fall within the category of chemical additives, they are
subject to the provisions of this regulation. Consequently, manufacturers are
incentivized to explore safer and more sustainable alternatives for impact
modifiers. By implementing
such measures, governments aim to foster a transition towards a more
sustainable and health-conscious approach to impact modifiers, ensuring the
well-being of both the environment and individuals alike.
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Impact Modifier Market”
The requirement
for impact modifiers in the packaging industry stems from various factors.
Firstly, there is a growing demand for packaging solutions that are durable and
resilient. With the expansion of e-commerce and global trade, products often
undergo long-distance shipping and require robust packaging to safeguard
against damage.
Secondly,
consumer preferences are shifting towards lightweight and convenient packaging
solutions. Impact-modified plastics meet these demands by providing a lighter
alternative to traditional packaging materials such as glass and metal, while
maintaining strength and durability.
Lastly, there is
an increasing focus on sustainability in the packaging industry. Many impact
modifiers are compatible with recyclable plastics, facilitating the creation of
durable packaging that can be recycled at the end of its life cycle.
The Global
Impact Modifier Market is segmented into type, host polymer, end user, regional
distribution, and company.
Based on its end user, the packaging segment held the
largest share in the market. The increasing demand for plastics packaging is
fueling the need for impact modifiers during the forecasted period. This is
primarily due to their exceptional properties such as shock resistance,
corrosion resistance, anti-static capabilities, and mechanical shock
absorption. Packaging plays a crucial role in the transportation of goods,
ensuring their preservation and safe delivery. The rising demand for impact
modifiers is further driven by their usage in various applications, including
food packing films, bottles, and drug packaging.
Moreover, the global market is witnessing a surge in
demand for protective packaging in sectors such as electric & electronic
and medical & pharmaceutical. This trend is contributing significantly to
the growth of the impact modifiers market. In fact, according to data presented
by Finaria, the number of eCommerce users has been increasing by 9.5% annually.
In 2020, the total number of eCommerce users surpassed 3.4 billion. Notably,
Amazon and AliExpress are the leading sellers, covering a substantial 75% of
the global e-market.
These compelling factors collectively drive the growth
of the packaging market, subsequently intensifying the demand for impact
modifiers during the forecast period.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The growth of end-use industries such as appliances,
packaging, automobile, construction, electric & electronic, and others can
be attributed to the increasing demand for their products. In the Asia-Pacific
region, the market is driven by the presence of leading appliance manufacturers
like Haier Electronics Group, Gree Electric Appliances, Groupe SEB SA,
Panasonic, and LG Electronics.
According to Invest India, the auto component sector
was valued at US$ 49 billion in 2020 and is expected to reach US$ 200 billion
by 2026, indicating significant growth potential. As the automobile industry
flourishes, there will be a corresponding surge in the demand for aerospace
components. This anticipated increase in demand for aerospace components is
expected to drive the Impact Modifier market in the Asia-Pacific region even
further.
Major companies operating in Global Impact Modifier
Market are:
- Addivant USA Holdings Corp.
- Akdeniz Kimya Sanayi Ve Ticaret A.S.
- Arkema SA
- Clariant AG
- The Dow Chemical Company
- Evonik Industries AG
- Kaneka Americas Holding Inc.
- Mitsubishi Chemical Corporation
- Plastics Color Corporation
- Shandong Ruifeng Chemical Co. Ltd
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“Growing application of Impact Modifier in various end
user industries are key drivers of the Impact Modifier Market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Impact Modifier with every
passing year are anticipated to register an impressive growth to Global Impact
Modifier Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Impact Modifier Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (ABS, CPE, MBS, Acrylic, EPDM, Others), By Host Polymer (PVC, PMMA, Polyolefin, Polyester, Polyamide, Others), By End User (Construction, Packaging, Automotive, Consumer Goods, Others), By Region and Competition, 2018-2028F”, has evaluated
the future growth potential of Global Impact Modifier Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Impact Modifier Market.
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