Modified Plastics: Rapidly Growing Demand, Vast Development Potential

The overall demand for modified plastic raw materials is substantial. It is estimated that the total market reached 13.61 million tons in 2017, with consumption growing rapidly at a compound annual growth rate of 14.3% since 2004, which is higher than the 9.6% growth rate of plastics as a whole. Modified plastics are widely used in many industries, such as automotive (23.5%) and home appliances (37.0%). Due to their product advantages, modified plastics hold broad prospects in application areas.
Currently, the proportion of modified plastics domestically is far lower than the international level (20%). The main reason is that domestic enterprises started late and have low market share. However, with the lightweighting of automobiles and the upgrading of home appliance consumption, it can be said that favorable factors will converge in the coming years. Therefore, from the current situation, the high growth in demand for modified plastics can be sustained, and its development prospects are very promising.