Non-phthalate Plasticizer Market Overview
The global Non-phthalate plasticizer market is expected to reach 3.412.2 million by the end of 2023 and reach a CAGR of 6.91% during the forecast period.
Major players in the market include LG Chem LtdBASF SE, Valtris Specialty Chemicals, Velsicol Chemical LLC, Eastman Chemical Company, Evonik Industries AG, Evonik Industries AG, DIC CORPORATION, NAN YA PLASTICS CORPORATION, and Grupa Azoty.
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Various factors have influenced or are influencing market trends for non-phthalate plasticizers. The market for non-phthalate plasticizers is growing as people become more conscious of the need of environmental protection. These are referred to as growth drivers in general. The first and most important driving force has been a growing awareness among people in all regions of the world about the importance of restoring ecological balance to the environment. With the ever-changing climatic concerns and other subsequent regulars that nature suggests to people, it's past time to get involved in preserving the past, both now and in the future.
Non-phthalate plasticizers are an example of a long-term solution that has little negative impact on the environment. Another major aspect driving expansion in the automobile industry is that vehicles litter and so gain significantly more value. Furthermore, with a lot of help from regulatory agencies and governments all around the world, the industry is predicted to thrive and grow significantly. Other reasons driving the expansion of the non-phthalate plasticizer market supply include a surge in demand from the automobile industry, where non-phthalate plasticizers enable manufacturers reduce vehicle weight by multiples. These have also aided the car sector in reducing energy consumption, which has shown to be beneficial.
On the other hand, the higher cost of non-phthalate plasticizers compared to traditional plasticizers may stifle market expansion in the coming years. While the presence of restrictions cannot be ignored, the market's prospects appear to be positive. The market is experiencing a significant increase as a result of the rising construction and electronics industries in developing countries, as well as the introduction of bio-based plasticizers. During the forecast period, this feature might result in the market generating significant revenues.
One of the most noticeable trends in the global Non-phthalate Plasticizer Market Trends is manufacturers' increasing focus on developing non-phthalate plasticizers that can handle greater temperatures and abrasion resistance.
The report specifies that the global market is segmented on the basis of type, application, end-use industry, and region.
The types of non-phthalate plasticizers are adipates, benzoates, trimellitates, epoxies, terephthalates, citrates, and others.
Various applications mentioned in the report are flooring & wall covering, film & sheets, wires & cables, coated fabrics, toys & childcare articles, and adhesives, sealants & caulks, and others.
The end-users in the market include building & construction, automotive, food & beverage, healthcare, consumer goods, sports & leisure, and others.
The non-phthalate plasticizer market is segmented on the basis of five key regions which are Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific has the biggest market share and will continue to do so during the evaluation period. The leverage can be attributed to rising demand from the region's primary end-use industries, such as construction, food and beverage, and automotive. Furthermore, the market will benefit in the next years from the strict government policies imposed by developing countries such as India, China, and Malaysia. The region's rapidly growing building industry gives the non-phthalate plasticizer market room to flourish.
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North America, on the other hand, has risen to second place in the worldwide market as a result of increased construction activity and strong expansion in the electronics industry. Furthermore, the fact that major stakeholders are increasingly investing in and focusing on technical advances in the sector is boosting market growth tremendously.
Europe has also made significant progress in the global market, as the region's automotive industry is a major consumer of non-phthalate plasticizers. Furthermore, strict restrictions restricting the use of traditional phthalate plasticizers drive demand for non-phthalate plasticizers, boosting market growth in the region.
The Middle East and Africa, as well as Latin America, are expected to rise at a moderate pace. However, the increasing use of non-phthalate plasticizers in major end-use sectors such as adhesives and sealants, sports, medical devices, flooring and covering, and others could boost market growth in the approaching years.
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