Covid-19 Impact On The Global Impact Modifiers Market

 

The outbreak of COVID-19 has now spread across major APAC, European, and North American countries, affecting the market for impact modifiers since most global companies have headquarters in these regions. COVID-19 had disrupted the supply chain, which had slowed down market growth due to a lack of raw materials and unavailability of manpower. The lockdown in major countries due to this pandemic has also led to shutting down of the production facilities of plastic products.

• The COVID-19 pandemic has had a detrimental impact on the global construction business and affected the supply and cost of material & labor, which are the key cost components of construction projects. Moreover, disruption in the transportation industry has also affected the value chain of the construction industry, affecting the impact modifiers market.
• The spread of the pandemic to European and North American countries has led to a decrease in the demand for automobiles, and thus, their production. Europe and North America are the hubs for automotive manufacturers, and lockdowns imposed by governments have led to significant losses to manufacturers in these regions. This decrease in the production of vehicles has led to a reduction in the consumption of plastics for manufacturing automotive parts, affecting the market growth.
• The demand for packaging has increased during the pandemic; however, there has been a slight disruption. The major hindrance for this industry was the lockdown, as the employees were asked to stay at home during the pandemic. Due to this, many of the packaging units were closed, or the production of packaging products had declined.

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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. However, the prohibition of PVC products across various end-use industries restrains the market growth. 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.

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.

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