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.

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 2020, 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 2022 onward.

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.

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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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