Global Impact Modifiers Market Set For 9.1% Growth, Reaching $6.56 Billion By 2028

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What is the Current Impact Modifiers Market Size and How is it Growing?

The impact modifiers market size has shown impressive growth in recent years. Data shows that this market will rise from $4.24 billion in 2023 to reach a sizeable $4.64 billion in 2024. That’s a compound annual growth rate CAGR of 9.4%. The rise in this historic period is attributed to the growth in the polymer industry and increase in material reinforcement. Additionally, demand for impact modifiers has increased due to their applications in automotive and construction industries. The growth in these sectors significantly contributes to the rise in impact modifiers market size.

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What is the Predicted Forecast Growth of the Impact Modifiers Market?

The anticipation is that the impact modifiers market will continue its strong growth trend. Forecasts predict that the market size will attain a value of $6.56 billion in 2028 at a CAGR of 9.1%. The growth can be attributed to initiatives to increase sustainability, recycling, and infrastructure development. There is also a rising demand for impact modifiers in healthcare and medical devices sectors. Factors like regulatory changes and the growth in electric and autonomous vehicles are further propelling this market's growth.

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What is Driving the Demand for Impact Modifiers in Different Sectors?

Increased demand for impact modifiers in the construction industry is a significant factor driving this market’s growth. Usage of engineering plastics, PVC in pipes and fittings, wires and cables, rigid sheets and panels, bottles, and similar products used in this sector are contributing to the growth of impact modifiers. Official statistics from the UK, a leading driver in the construction sector, support this growth. In November 2022, as per the Office for National Statistics, monthly construction output increased by 0.4% in August 2022, the second consecutive increase indicating a steady rise in construction activities, which in turn is boosting demand for the impact modifier market.

What are Some of the Global Key Industry Players in the Impact Modifiers Market?

The impact modifiers market hosts several key players, including companies like Evonik Industries AG, Mitsubishi Chemical Corporation, LG Chem Ltd., Mitsui Chemicals Inc., SI Group Inc., and Novista Group Co. Ltd. Other prominent companies include Indofil Industries Limited, Akzo Nobel N.V., Chemtura Corporation, The Dow Chemical Company, and Chemson Group. Understanding the region-specific key players like DuPont de Nemours Inc., Ruifeng Chemical Industry Co. Ltd., Clariant AG, BASF SE, LANXESS AG, Saudi Basic Industries Corporation, and Eastman Chemical Company can help develop effective business strategies.

What are the Significant Trends Shaping the Impact Modifiers Market?

Companies operating in the impact modifiers market are focusing on innovating sustainable solutions, such as bio-based impact modifiers, to maintain a competitive edge in the market. Bio-based impact modifiers are made from renewable raw materials, reducing the manufacturing process's carbon footprint. For instance, in May 2021, ADBioplastics, a Spain-based manufacturer of biodegradable and compostable materials, launched its additive ADBio PLA+. This new bio-based and compostable impact modifier aims to enhance virgin PLA polylactic acid's resistance, thus driving the market growth.

What Does the Market Segmentation for the Impact Modifiers Look Like?

The impact modifiers market can be segmented as follows:

1 By Type: AIM, ABS, MBS, CPE, EPDM, ASA, Other Types
2 By Application: PVC, Engineering Plastics, PBT, Nylon, Other Applications
3 By End-User: Packaging, Construction, Consumer Goods, Automotive, Other End-Users

How is the Global Impact Modifiers Market Distributed Across Regions?

Asia-Pacific was the largest region in the impact modifiers market in 2023. It is expected that Asia-Pacific will continue to grow faster in the forecast period. The report includes coverage for other regions, including Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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