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Plastics Modifiers Market Strategies 2024-2033 | Size, Insights, Demand, Outlook
Plastics Modifiers Market Strategies
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According to The Business Research Company's, The plastics modifiers market size has grown strongly in recent years. It will grow from $4.84 billion in 2023 to $5.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing demand for lightweight materials, growth in packaging industries, growth in the automotive sector, growth in the medical device industry, and growth in the agriculture sector.
The plastics modifiers market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rising need for high performance plastics, growing construction sector, rising preference for eco-friendly plastics, growing medical devices, and growing automotive sector. Major trends in the forecast period include adoption of bio based plastics modifiers, integration of nanotechnology in plastics modifiers, implementation of recycled plastics in modifier formulations, development of high performance thermoplastic elastomers, and advancements in flame retardant additives.
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Market Drivers and Trends:
The expansion of the packaging industry is expected to propel the growth of the plastic modifiers market going forward. The packaging sector specializes in creating, manufacturing, and supplying materials and containers that safeguard and display goods for commercial and logistical purposes. The packaging industry is in light of the boom in online shopping and advancements in eco-friendly packaging solutions. Plastic modifiers enhance the packaging industry by improving plastic materials' flexibility, durability, and impact resistance, allowing for better packaging strength, barrier properties, and recyclability performance. For instance, in April 2022, according to Istituto Italiano Imballaggio, an Italian Packaging Institute that provides ongoing and constant advising services, the apparent consumption of the Italian plastic packaging market for the year 2022 was 2,777 (t/000), which rose from 2,494 (t/000) in 2021, showing an increase of 11.3%. Therefore, the expansion of the packaging industry is driving the plastic modifiers market.
Major companies operating in the plastics modifiers market are developing sustainable polymer modifiers to enhance the performance and eco-friendliness of plastic materials while meeting the growing demand for environmentally responsible solutions in various industries. Sustainable polymer modifiers improve plastic performance while promoting eco-friendly solutions, meeting the rising demand for sustainable materials. For instance, in October 2022, INEOS Styrolution, a Germany-based styrenic products company, announced the introduction of an all-new portfolio of advanced polymer modifiers. These new products are designed to enhance the properties of polymers and improve processing for compounders and extruders. The new modifier line includes well-balanced powder grades that can modify a wide range of polymers, including acrylonitrile butadiene styrene, acrylonitrile styrene acrylate, polybutylene terephthalate, polycarbonate, polypropylene, polyethylene, polystyrene, polyvinyl chloride, styrene-acrylonitrile, styrene-butadiene copolymer, thermoplastic elastomer, thermoplastic polyurethane. The modifications range from enhanced stiffness to superior long-term performance with heat exposure, better color fastness and retention, UV resistance, dimensional stability, and impact resistance. One of the key products in this new portfolio is Styroflex, a styrene-based modifier that addresses the need for improved properties and processing efficiency.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BASF SE, The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), 3M Company, Mitsubishi Chemical Corporation, LG Chem Ltd., Sumitomo Chemical Co. Ltd., Covestro AG, Solvay S.A., DuPont de Nemours Inc., Arkema S.A., LANXESS AG, Formosa Plastics Corporation, Albemarle Corporation, Tosoh Corporation, Clariant AG, Kaneka Corporation, Cabot Corporation, SI Group Inc., Ampacet Corporation, Songwon Industrial Co. Ltd., RTP Company, Akdeniz Chemson Additives AG, Sundow Polymers Co. Ltd., Shandong Novista Chemicals Co. Ltd.
Plastics Modifiers Market 2024 Key Insights:
• The plastics modifiers market size is expected to see strong growth in the next few years. It will grow to $7.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Packaging Industry Expansion Fuels Growth In Plastic Modifiers Market
• Advancements In Sustainable Polymer Modifiers Boost Performance And Eco Friendliness In The Plastics Modifiers Market
• Asia-Pacific was the largest region in the plastics modifiers market in 2023, and is expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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