Polymer Modifiers Market: Introduction
- Polymer modifier, also known as impact modifier, compatibilizer, coupling agent, or functionalized polymer, is a polymeric material with a functional unit mounted onto the backbone of the polymer. Polymer modifiers allow fillers such as glass, nanoclays, talc, and calcium carbonate to get chemically bonded to the polymer or differing polymers in order to become compatible with each other. Polymer modifiers help improve the physical characteristics of various thermoplastic polymers by providing durability, strength, and rigidity.
Key Drivers of Polymer Modifiers Market
- Increase in demand for polyamide (PA) blends in automotive and industrial applications is expected to drive the polymer modifiers market during the forecast period. PA blends are being used widely in the exterior of automotive parts. These help provide strength to the exterior of vehicles. Thus, rise in usage of polymer modifiers, such as PA blends, is anticipated to drive the market during the forecast period.
- Flexible properties of plastic additives, including that of modifiers, facilitate the production of plastic products. This can act as a driver for the polymer modifiers market. Polymer modifiers offer a wide range of properties, including weather resistance, durability, and strength. These properties are expected to increase its demand among customers, thus boosting the polymer modifiers market.
- Rise in consumption of polymeric products in various industries, including oil & gas, architecture, and chemicals, is projected to augment the polymer modifiers market
- Expansion of the manufacturing sector in developing economies such as India, Malaysia, Thailand, and Indonesia is also likely to propel the market in the near future
Fluctuation in Prices of Raw Materials Likely to Hamper Market
- Prices of raw materials such as plastics, which are used in the manufacture of polymer modifiers, are seasonal. Variation in prices of raw materials is expected to make it difficult for manufacturers to cope up with the high cost of raw materials. This is anticipated to restrain the market during the forecast period.
Asia Pacific Expected to Hold Large Share of Global Polymer Modifiers Market
- In terms of region, the global polymer modifiers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Implementation of supportive government regulations in China and India, aimed at promoting investments in the construction industry, is expected to boost the market in Asia Pacific in the near future. Growth of the manufacturing sector in various parts of the region is also estimated to boost the polymer modifiers market.
- Asia Pacific has become the hub of the chemical industry over the last few years. Increase in demand for plastics in emerging countries such as China and India is driving the chemical industry in the region. This, in turn, is projected to augment the polymer modifiers market in Asia Pacific.
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- In terms of demand, Asia Pacific held the prominent share of the market in 2018. It was followed by North America and Europe. Growth in the chemical industry, particularly in North America and Europe, is likely to fuel the polymer modifiers market in these regions.
- The market in Latin America and Middle East & Africa is expected to expand at a moderate pace during the forecast period. The polymer industry in Mexico has been expanding steadily. The automotive sector in Middle East & Africa has been witnessing an increase in investments. These factors are projected to drive the demand for polymer modifiers in Latin America and Middle East & Africa during the forecast period.
Key Players in Market
The polymer modifiers market was highly fragmented in 2018, with the top manufacturers accounting for substantial share. Key players operating in the polymer modifiers market include:
- Exxon Mobil Corporation
- Milliken & Company
- BASF SE
- Baerlocher GmbH
- Akzo Nobel N.V.
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