Rising demand for plastics modifiers in the automotive and construction industry due to their high strength-to-weight ratio is driving the global plastics modifiers market. By type, the acrylic impact modifiers segment held the major share in 2021. By region, Asia-Pacific would cite the fastest CAGR by 2031.
Portland, OR, March 16, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global plastics modifiers market was estimated at $4.2 billion in 2021 and is expected to hit $6.6 billion by 2031, registering a CAGR of 5.1% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4.2 Billion |
| Market Size in 2031 | $6.6 Billion |
| CAGR | 5.1% |
| No. of Pages in Report | 620 |
| Segments Covered | Type, Plastic Type, End-Use Industry, and Region. |
| Drivers | Growing need for plastic modifiers in the automotive and construction industry |
| Increasing use of PVC in various end-use industries | |
| Restraint | Increasing environmental concern |
| Opportunities | Increasing demand from the packaging industry |
Covid-19 scenario-
- Due to disrupted supply chains worldwide, the utilization of raw materials for manufacturing plastic modifiers experienced a sharp decline, leading to a negative impact on the global plastics modifiers market during the initial phase.
- Nevertheless, there has been a gradual and steady recovery post pandemic.
The global plastics modifiers market is analyzed across the type, plastic type, end-use industry, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By type, the acrylic impact modifiers segment held the largest market share in 2021, accounting for nearly two-fifths of the global plastics modifiers market revenue, and is projected to maintain its dominance by 2031. The acrylonitrile butadiene styrene segment, on the other hand, would showcase the fastest CAGR of 5.9% during the forecast period.
By plastic type, the polyvinyl chloride segment held the largest market share in 2021, contributing to more than half of the global plastics modifiers market revenue, and is projected to maintain its dominance by 2031. It is also the fastest-growing segment with a CAGR of 5.4% during the forecast period.
By end-use industry, the packaging segment held the largest market share in 2021, garnering more than two–fifths of the global plastics modifiers market revenue. The same segment is also expected to portray the fastest CAGR of 5.5% during the forecast period.
By region, Asia-Pacific held the major share in 2021, the same region would also showcase the fastest CAGR of 5.7% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.
The key market players analyzed in the global plastics modifiers market report include Mitsubishi Chemical Corporation, Formosa Plastics Corporation, Mitsui Chemicals, Inc., Dow, Akdeniz Chemson, LANXESS, SI Group, Inc, Sundow Polymers Co. Ltd, Arkema, Shandong Novista Chemicals Co., Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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