Global Plasticizers Market
The global plasticizers market is growing with the rapid pace, mainly due to the growing construction, polymer, rubber, and coating industries. According to a recent study report published by the Market Research Future, the global market of plasticizers is prospering and expected to gain strong influence over the forecast period.
The Plasticizer Market Value amounted to USD 19.31 Billion in the year 2019. It is anticipated to touch a total of USD 29.77 Billion by the end of the year 2030. The Plasticizer Market size will rise with a CAGR of 6.0 % from the year 2022-2030.
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UPC Group (Taiwan), Exxon Mobil Corporation (U.S.), BASF SE (Germany), NAN YA PLASTICS CORPORATION (Taiwan), AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), Shandong Qilu Plasticizers Co., Ltd.. (China), Eastman Chemical Company (U.S.), LG Chem (South Korea), Evonik Industries AG (Germany), and Shandong Hongxin Chemicals Co., Ltd. (China) among others are some of the prominent players at the forefront of competition in the Global Plasticizers Market and are profiled in MRFR Analysis.
Globally, the market for plasticizers is driven by the region Asia Pacific, owing to extensive use of the product in polyvinylchloride manufacturing companies. Low phthalates plasticizers are used in medical devices, polyvinylchloride (PVC) pipes, adhesives, inks, and cosmetics whereas high phthalates materials are utilized in various products such as wire & cable, flooring, wall covering, self-adhesive films, synthetic leather, coated fabrics, roofing and automobile applications.
Increasing demand for the product in end-use applications such as syringes, containers, catheters, blister packs for pill and tablets signifies the growth of medical industry. Moreover, increasing consumption of plasticizers in medical, coatings, and personal care sectors provide a momentum to the plasticizers market growth.
On the other hand, the growing standard of living and extensive demand of the product in developed and emerged economies are estimated to drive the market growth during the forecast period.
Plasticizers are used in numerous end-uses such as swimming pool liners, garden hoses, water-proof roofs, footwear, and others to impart cost-effective nature, long life, and reliable nature to the final product. They are also utilized in rubber and coating industries due to enhanced mechanical strength, and high-quality features offered by them. Due to these factors, the increasing demand of plasticizers has prompted the manufacturers and investors to adopt them in end-use applications. Additionally, the growing research & development activities of the product in the leading companies is estimated to drive the market over the assessment period.
Plasticizers Market - Regional Analysis
Geographically, Asia Pacific region holds the major portion of Global Plasticizers Market. China is the leading country in the region due to boundless consumption of plasticizers in polyvinylchloride coatings, cars, trucks, and others. Growing demand for dispersants in vinyl roofing membranes, resilient flooring, wall coverings, acoustical ceiling surfaces, and others has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid investments and technological advancement in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations to adopt dispersants in end-use industries. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to boundless use of the product in medical, outdoor products, and others
Plasticizers Market- Competitive Landscape
The plasticizers market appears to be competitive with the presence of several large and small players functioning in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Plasticizers market is set to grow at a remarkable rate which is likely to attract many newcomers to the market resulting into strong competition in the future. Manufacturers operating in the plasticizers market are struggling to respond to the growing demand for the product from medical, automotive, personal care, and other sectors attributed to expanding production capacity in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
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Industry/ Innovation/ Related News:
October 28, 2015 – BASF SE (Germany), one of the leading manufacturers of plasticizers, declared that the company has initiated to start the production of Palatinol® DOTP (dioctyl terephthalate), a general purpose plasticizer, in North America in 2017, by improving and expanding the production facilities in Pasadena, Texas. This facility has a capacity to produce 60,000 metric tons per year. One of the sources of the company declared that this decision was mainly taken due to growing demand of plasticizers in developed and emerging companies. Moreover, BASF SE, also announced that Palatinol DPHP (dipropyl heptyl phthalate) and DINP (di-isononyl phthalate), were integrated to produce Palatinol DOTP at its production facility. Therefore, these factors are estimated to drive the market during the forecast period due to advantages offered by the product such as flexibility, strength, durable nature, and others.
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