Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Impact Modifiers Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global impact modifiers market grew from $3.89 billion in 2022 to $4.28 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.
The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The impact modifiers market is expected to grow to $5.74 billion in 2027 at a CAGR of 7.6%.
The impact modifier market consists of sales of acrylate polymethacrylate copolymer (acrylic) and ethylene vinyl acetate copolymer (EVA). 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 impact modifier manufacture impact modifiers for polyvinyl chloride (PVC), engineering plastics, and epoxy resins. Impact modifiers are the key additives for increasing flexibility and improving durability, the toughness of plastic resins, and meeting the physical property requirements of rigid parts. They are added to compounded materials to improve the durability and toughness of plastic resins.
Asia-Pacific was the largest region in the impact modifiers market in 2022. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the impact modifiers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products in the impact modifiers market are acrylic impact modifiers (AIM), acrylonitrile butadiene styrene (ABS), methacrylate-butadiene- styrene (MBS), chlorinated polyethylene (CPE), ethylene propylene diene monomer (EPDM), acrylonitrile styrene acrylate (ASA) and others.
The acrylic impact modifier is used to improve the resistance performance of the product, ABS impact modifier is used in applications such as computer and printer housings, consumer electronics, appliances, garden equipment, automotive parts, and toys. MBS impact modifier is tailor-made for the specific needs of rigid and semi-rigid indoor PVC applications. CPE impact modifier is used as a toughening agent and possesses resistance abilities to oil, ozone, and fire.
EPDM impact modifiers are used in process industries handling nitric acid, and chromic acid corrosive environments in small concentrations in applications such as in the electroplating industry. ASA impact modifiers are used in general prototyping in 3D printing and the automotive industry due to high weather resistance. The impact modifiers products end-users are packaging, construction, consumer goods, automotive, and others. The products are applied to PVC, engineering plastics, PBT, nylon, and others.
The increase in demand for impact modifiers in the construction industry is expected to drive the growth of the impact modifiers market. The growth in the usage of engineering plastics, PVC such as pipes and fittings, wires and cables, rigid sheets and panels, and bottles that are used in construction industries are contributing to the growth of impact modifiers.
Environmental damage has always been a major challenge in the impact modifiers market. The increase in demand for eco-friendly products is restraining the growth impact modifier market. Polyvinyl chloride, highly pervasive plastic particles release hazardous chemicals into the surrounding soil that can later drain into groundwater and also causes environmental damage.
From 2015-2020, global plastic production moved up from 300 million metric tons to 360 million metric tons. For instance, according to 2021 Waste and Recycling Statistics, published by National Environment Agency, a Singapore-based public organization, 3.83 million tons of the 6.94 million tons of solid waste that were produced in 2021 were recycled.
From 4.12 million tons and 1.77 million tons respectively in 2020 to 5.12 million tons and 1.82 million tons respectively in 2021, the amount of waste produced by the domestic and non-domestic sectors both increased. Thus, growing environmental damage regarding the usage of PVC products can inhibit the growth of the market.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
A selection of companies mentioned in this report includes
- Evonik Industries
- E.I. Du Pont De Nemours & Co.
- Addivant
- Kaneka Corporation
- Arkema S.A.
- Mitsubishi Chemical Corporation
- LG Chem.
- Mitsui Chemicals Inc.
- SI Group Inc.
- Novista Group
- Indofil Industries Limited
- Akzo Nobel N.V.
- Chemtura Corporation
For more information about this report visit https://www.researchandmarkets.com/r/il11u4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
