The increase in the end-use industry in the emerging nations and growth in alternate lifestyle are propelling the market for Modifier resins.
Modifier Resins Market Size – USD 229.57 Billion in 2020, Growth - CAGR of 7.50%, Trends –Growing demand in healthcare.
The global Modifier Resins Market is forecast to reach USD 410.77 Billion by 2028, according to a new report by Reports and Data. A surge in demand for bioplastics is a significant trend in the global Modifier resins market. They are biodegradable products that are derived from renewable and natural sources such as vegetable oil, potatoes, tapioca, pea starch, rice, sugar cane, cornstarch, grains, wheat, and cellulose from wood. Bioplastics are preferred over conventional plastics due to their eco-friendly nature.
The food and beverage sector is fueling the demand for Modifier resins market along with consumer goods. The lucrative opportunity provided by the healthcare industry is also boosting market demand. Increasing application of the healthcare industry are also fueling the Modifier resins market. Furthermore, various properties of Modifier resins, such as its resistance to continuously changing weather conditions is another factor that will propel the market.
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Top Companies: Sinopec Corporation, SABIC, Petrochina Ltd., Borealis AG, Dowdupont Inc., MG Chemicals, Indorama Ventures Public Company Ltd., Braskem S.A., Far Eastern New Century Corporation, and Jiangsu Sanfangxiang Group Co., Ltd, among others.
Further Key Finding from the Report Suggestion:
- Modifier Resins held a market share of 37.2% in the year 2018. This type of resin shows high resistance to light and weathering meanwhile swelling very little in water. It also offers reduced flexibility and high saponification resistance. Modifier resin is also used to enhance retention of both compomers and composites to tooth structure which helps in preventing bacterial microleakage.
- Low-density polyethylene (LDPE) is one of the products of Modifier resins which dominates the market with a 21.9% market share in the year 2018. The polymer is formed by a wide variety of thermoplastic processing methods and are used in cost-effective and moisture resistant applications. High thermal expansion, poor weathering resistance, and flammable nature of the Modifier resins market are limiting the product’s growth.
- Food and Beverage are forecasted to hold a market share of 27.3% in the year 2026. Plastic Modifier of food and beverage products lowers the possibility of product contamination and also helps protect products from moisture, light, gas, and temperature.
- North America held a market share of 22.6% in the year 2018. Discovery of Shale Gas in the U.S. has pushed down the price of natural gas and has also increased the availability of Natural-gas Liquids (NGLs), including ethane. This is reshaping the country’s petrochemical competitiveness and ultimately, the competitiveness of plastic resins in the global platform.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Modifier Resins market is segmented into:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Modifier Resins
- Barrier Resins
- Modifier Resins
Product Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- PS EPS
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Food and Beverage
- Consumer Goods
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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