The market for impact modifier is expected to register a CAGR of more than 5% globally during the forecast period. Impact modifier resins are used to increase the durability of molded and extruded plastics, especially for those that have impact strength or cold weather services. They are important supplements added for increasing elasticity to overcome rigidity of material. The growing demand from the PVC segment and packaging industry has been driving the market growth.
– However, the outbreak of COVID-19 across the world is likely to hinder the growth of the studied market.
– The technological advancements in impact modifier for rubber and sustainable bioplastic packaging are likely to provide opportunities for the impact modifier market over the next five years.
– Asia-Pacific dominated the market across the world, with the largest consumption in countries, such as China and India.
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Key Market Trends
The Polyvinyl Chloride (PVC) Segment to Dominate the Market
– The PVC segment stands to be the dominating segment, owing to its widespread consumption in various end-user industries, such as consumer goods, packaging, automotive, and construction.
– The impact modifier is used as additives in these polymer resins to enhance toughness and flexibility to meet the physical properties of rigid components. It also increases durability and impact resistance of molded and extruded plastics, especially those subject to impact forces or cold weather service.
– Application of impact modifier comes with several beneficial characteristics, such as superior weatherability, flammability, processability, and optical and tensile properties.
– The growth of the segment 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 industries.
– All the aforementioned factors are expected to drive the impact modifier market during the forecast period.
The Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region stands to be the largest and fastest-growing market on account of increasing demand for polymer products in various end-user industries in major economies, such as China, India, and Japan.
– Impact modifier is widely used in packaging applications, owing to its ability to offer an ideal balance between crease-whitening resistance and clarity for packaging applications. Fast increment in the use of plastic packaging in different end-use enterprises is expected to drive the demand for impact modifier.
– Increasing demand for pharmaceutical and food and beverage packaging is bolstering the growth of the packaging industry, which in turn, is supporting the growth of the market. Countries, like China, India, Japan, Indonesia, and Vietnam, possess established pharmaceutical and food packaging industries in the region.
– Plastics are used to manufacture interior and exterior parts of automobiles, such as door panels, instrument panels, consoles, pillars, door panel skin, window seals, and body side cladding. Growing awareness regarding energy efficiency, lightweight, and popularity for electric vehicle is anticipated to boost the market growth.
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