Resin Modifiers: Introduction
- Modifiers are primarily used to enhance the properties of polymeric resins. Modifiers are chemical additives-like fillers and colorants. They are blended with plastics to enhance properties of the resin system through specific characteristics of the resin such as flexibility, strength, and elongation.
- Based on type, the global resin modifiers market can be segmented into polyolefin, polycarbonate, silicone, epoxy, acrylic, and others. Silicone resin modifiers offer excellent adhesion, heat resistance, weatherability, and flame retardancy. Epoxy resin modifiers are used to improve physical properties such as toughness, flexibility, and elongation of the substrate.
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Diverse Functionalities of Resin Modifiers to Drive Market
- Growth in automotive production and tightening of environmental regulations have boosted the demand for lightweight materials. Companies such as GM and Ford Motor Company are incorporating lightweight materials in automotive composite parts in order to reduce the weight of the overall structure and achieve fuel efficiency. According to a study conducted by the U.S. Department of Energy, 10% reduction in overall vehicle weight can result in a 6%-8% fuel economy improvement. This reduction in weight can be achieved by replacing cast iron and traditional steel automotive components with lightweight materials such as resin modifiers. This can directly reduce the weight of a vehicle’s body and chassis significantly, thus lowering a vehicle’s fuel consumption. In turn, this is expected to drive the demand for resin modifiers in the near future.
Impact of COVID-19 on Global Resin Modifiers Market
- Major automotive manufacturers such as Ford, GM, Volkswagen, and Fiat-Chrysler have temporarily shut down their factories due to the spread of the COVID-19 pandemic. This has hampered the demand for products used to build cars and trucks.. In turn, this has led to a decrease in consumption of resin modifiers.
- Several experts are forecasting a v-shaped recession in 2024, akin to the one that took place in 2008, which lasted for almost two years. Thus, the automobile sector across the region is estimated to recover 2024 onward.
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Asia Pacific to Hold Major Share of Global Resin Modifiers Market
- In terms of region, the global resin modifiers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In terms of consumption, Asia Pacific is expected to hold major share of the global resin modifiers market during the forecast period. Presence of major automotive companies and rise in investment by large players in the automotive sector across the region are expected to propel the demand for resin modifiers in the region in the near future. For instance, in August 2018, Mitsui Chemicals, Inc. announced that its subsidiary Mitsui Elastomers Singapore Pte Ltd based in Singapore had plans to increase its production capacity for TAFMER. TAFMER is the brand of the company, which is often used as high-performance elastomers in manufacturing automotive parts. Furthermore, TAFMER holds the major share of the global market as a resin modifier.
- Economic growth and increase in income of the middle class population have boosted the demand for automobiles in developing economies such as India and Thailand. This, in turn, has propelled the automotive sector across these countries. Outstanding heat resistance, weatherability, conductive properties, and light weight of resin modifiers make it an ideal material for usage in the production of automotive composite parts. These factors are projected to drive the demand for resin modifiers in Asia Pacific in the next few years.
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Key Players Operating in Market
The global resin modifiers market is highly fragmented, with presence of global players. Companies aim to expand product lines to increase their share of the global resin modifiers market.
Key players operating in the global resin modifiers market include:
- Evonik AG
- DAIHACHI CHEMICAL INDUSTRY CO., LTD
- Osaka Gas Chemicals Co., Ltd.
- King Industries, Inc.
- Momentive
- Hexion
- Mitsui Chemicals Inc
- The Dow Chemical Company
- TOYOTA BOSHOKU CORPORATION
- Solvay S.A.
Global Resin Modifiers Market: Research Scope
Global Resin Modifiers Market, by Type
- Polyolefin
- Polyethylene (PE)
- Polypropylene (PP)
- Others
- Polycarbonate
- Silicone
- Epoxy
- Acrylic
- Others
Global Resin Modifiers Market, by Functionality
- Monofunctional Modifiers
- Di-functional Modifiers
- Polyfunctional Modifiers
Global Resin Modifiers Market, by End-use Industry
- Automotive & Transportation
- Packaging
- Consumer Goods
- Building & Construction
- Electrical & Electronics
- Others
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