Acknowledging the kind of traction gained by this market, recently published a study report asserts the Modified Plastics Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 3.8% during the review period (2022 to 2027).
Modified plastics are a type of plastic that has had its properties altered chemically. This can be done to improve the plastic's durability, ease of use, or other desired properties. There are numerous types of modified plastics, each with its own set of properties.
The energy sector is a major consumer of modified plastics. Modified plastics are used in a variety of applications, including wind turbines and solar panels. They are employed in order to enhance the performance and durability of these products. Another major consumer of modified plastics is the industrial sector. Pipes, tanks, hoses, and fittings are examples of industrial applications. In these applications, modified plastics are used to improve their strength, durability, and other properties. The building industry is the third-largest consumer of modified plastics. Roofing, cladding, insulation, and other construction applications are examples. In these applications, modified plastics are used to improve their durability and other properties. Modified plastics are widely used in the automotive industry. Car parts, motorcycles, and other automotive applications are examples. In these applications, modified plastics are used to improve their strength, durability, and other properties.
The modified plastics market has grown significantly as a result of factors such as the expansion of the material industry. Furthermore, technological advancement and R&D activities create a massive market opportunity for the key players in the modified plastics market. However, lower consumption in some regions is expected to stifle the market's overall growth.
The report aspects discussed the profile of the top manufacturers of the global Modified Plastics market. These aspects include the financial status of major companies, trending advancements, and the entire market scenario. Growth of the report has examined Modified Plastics Market production, demand and growth potential, geographic analysis, as well as current market developments in various regions and countries.
The global Modified Plastics includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include BASF (BAS: ETR), Kingfa, Celanese Corporation (CE: NYSE), Silgan Holdings (SLGN: NASDAQ), Modified Plastics, Shanghai Pret Composites, Ensinger, Exxon Mobile, Berry Global and others.
BASF and REEF Technology have signed a strategic partnership agreement to improve the quality of plastic recyclate materials.
21 March 2022: BASF and Zhejiang REEF Technology Co., Ltd. have signed a strategic cooperation agreement to develop cutting-edge recyclate formulations for applications in the automotive, packaging, and consumer industries.
BASF will provide its recently launched IrgaCycleTM additive solutions, as well as technical consultancy and support for recycled polymer formulations conducted at BASF's test facilities, under the terms of the agreement.
BASF and Security Matters collaborate to accelerate progress towards a circular economy for plastics
April 20, 2020: Security Matters, Ltd. and BASF sign a binding joint development agreement to work on plastics traceability and circularity solutions. Plastics have distinct properties that, when used correctly, contribute to a more sustainable and resource-efficient future. However, in order to transition to a circular economy, more plastic waste must be recovered and reused. Despite significant progress in chemical recycling, mechanical recycling of plastic is the more common method. Due to polymer degradation and residual impurities, recycled plastic currently loses mechanical performance properties and quality when compared to virgin plastic.
The market is segmented based on the type, applications, companies, and regions.
By Type, it is segmented into
By Application, it is segmented into
Asia Pacific (including China) dominated the plastics market and accounted for over 44.0% share of the global revenue in 2021. The rapidly-growing manufacturing sector is expected to propel the demand for plastic in the automotive, construction, packaging, and electrical & electronics industries. In the recent past, India and China have witnessed a spike in automotive production owing to technology transfer to the sector from the Western markets.China becomes the largest potential market and the primary driver of rising demand. The amount of demand for modified plastics in China is expected to reach 16.2 million tonnes in 2027, driven by downstream industries such as automobile, construction, and household appliances.
The Modified Plastics Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Modified Plastics Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 3.8% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | BASF, Kingfa, Celanese Corporation, Silgan Holdings, Modified Plastics, Shanghai Pret Composites, Ensinger, Exxon Mobile, Berry Global |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 104 |
Customization Available | Yes, the report can be customized as per your needs |
The growth factors of the Modified Plastics Market can be attributed to the growing demand from various end-use industries, especially in developing countries. The rising use of plastics is increasing due to its durability and lightweight properties that have led it to be used by multiple applications such as the construction industry for building houses/offices etc., automotive industry for manufacturing. The increasing number of oil and gas production activities, growing demand for plastics in the construction industry, rising applications in automobiles and other transportation vehicles are expected to propel market growth over the projected period.
Dataintelo published a new report titled “Modified Plastics Market research report which is segmented by Types (Filling Modified Plastics, Blending Modified Plastics, Strengthening Modified Plastics, Others), By Applications (Energy, Industrial, Construction, Automotive, Others), By Players/Companies Modified Plastics, Kingfa Science & Technology, Shanghai Pret Composites, Ensinger, BASF, Cheil Industries”.
What is the study period of this market?
The Modified Plastics Market is studied from 2022 - 2027.
What is the growth rate of the Modified Plastics Market?
The Modified Plastics Market is growing at a CAGR of 3.8% over the next 5 years.
Who are the key players in Modified Plastics Market?
BASF, Kingfa, Celanese Corporation, Silgan Holdings, Modified Plastics, Shanghai Pret Composites, Ensinger, Exxon Mobile, Berry Global
What are the significant types of Modified Plastics Market?
Filling Modified Plastics, Blending Modified Plastics, Strengthening Modified Plastics, Others
What are the major end-use applications of Modified Plastics Market?
Energy, Industrial, Construction, Automotive, Others
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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