Development of impact modifiers for bio-based plastics

In 2020, the global impact modifiers market size is estimated at USD 3.9 billion and projected to reach USD 5.0 billion by 2025, at a CAGR of 5.3% from 2020 to 2025. The major drivers for the market include an increase in demand for plastics, replacement of conventional plastics with engineering plastics, and urbanization & construction activities. Moreover, the demand for plastics in packaging applications and the development of impact modifiers for bio-based polymers are expected to propel the market for impact modifiers.

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The rising concern for the environment is driving the market for bio-plastic materials. Bio-plastics are made up of biodegradable material and cellulose. These plastics are derived from renewable biomass sources or bio-degradable sources such as PLA. The leading players in the impact modifiers market are focusing on carrying out R&D activities to develop impact modifiers that can be used in different industries for different applications. With the increased demand for bio-based polymers, there is a requirement for developing new and improved impact modifiers. This, in turn, is expected to lead to advancements in the field of impact modifiers.

Recent Developments
In June 2020, Mitsui Chemicals and Prime Polymer, in which Mitsui Chemicals has a 65% stake, jointly established a company to build a new polypropylene plant in the Netherlands. The plant has a capacity of 30,000 mt/year, and operations had begun in June 2020. This expansion was done with a view of increasing demand for PP to meet light-weighting needs in bumpers, instrument panels, and more.
In September 2019, Arkema completed acquired its partner’s stake in Taixing Sunke Chemicals, its joint venture manufacturing acrylic monomers in China. With the acquisition, Arkema has become the sole shareholder of the company. With this transaction, the company would be able to support the growth of its customers in Asia and benefit from greater flexibility to run this business in a region which accounts for more than 50% of the global acrylic acid demand. This would also help in the uninterrupted supply for acrylic monomer for manufacturing acrylic base impact modifiers.

Asia Pacific is expected to witness the fastest growth in the impact modifiers market

The impact modifiers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific impact modifiers market in 2019. Moreover, the Asia Pacific region is an emerging and lucrative market for impact modifiers, owing to industrial development and improving economic conditions. The presence of a number of plastic products manufacturing plants in China and rapid industrialization in Asia Pacific are expected to drive the impact modifiers market during the forecast period.

Major companies such as Dow Inc. (US), Lanxess A.G. (Germany), Kaneka Corporation (Japan), Arkema S.A. (France), Mitsubishi Chemical Corporation (Japan), LG Chem Ltd. (South Korea), Shandong Ruifeng Chemical Co., Ltd. (China), Mitsui Chemicals, Inc. (Japan), Wacker Chemie AG (Germany), Formosa Plastics Corp. (Taiwan), Sundow Polymers Co., Ltd. (China), SI Group, Inc. (US), Akdeniz Kimya San. ve Tic. Inc. (Turkey), ), En-Door (China), Novista Group (China), and Indofil Industries Limited (India) and among others.