plasticizer market Forecast is Booming and Indicating a Significant Growth Rate With a CAGR of 6.0% To 2030
Market Scope
Plasticizers refer to chemical compounds added to the polymers to enhance firmness and flexibility. 80–90 % of the net plasticizer is used by the Polyvinyl chloride (PVC) industry. Adipates and phthalates are the most widely used and known types of plasticizers.
Report Scope:
Report AttributeDetails2030 Market Size2030: USD 29.77 BillionCAGR6.0% (2022–2030)Base Year2021Forecast Period2022–2030Historical Data2019Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredBy Application, Type and RegionGeographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)Key Market DriversPlasticizers help in making the polymers soft and flexible which further makes the end-products more durable.The development of eco-friendly and bio-based plasticizers is providing a crucial opportunity
Competitive Analysis
The global plasticizers market has prominent players such as:
- KAO Corporation (Japan)
- Dahin Co. (Taiwan)
- BASF SE (Germany)
- Vertellus Holdings LLC (US)
- DIC Corporation (Japan)
- OXEA GmbH (Germany)
- LG Chem (South Korea)
- Jiangsu Zhengdan Chemical Industry Co. Ltd. (China)
- Evonik (Germany)
- Polyone Corporation (US)
- Exxon Mobil Corporation (US)
- KLJ Group (India)
- Lanxess AG (Germany)
- Polynt SPA (Italy)
- Nan Ya Plastics (Taiwan)
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Market Drivers
The global market for plasticizers has registered a major spike in the growth rate in the last few years. The market’s growth is mainly credited to the growing construction industry across the globe. Furthermore, the enormous expansion of the automotive market worldwide is another major aspect causing an upsurge in demand for plasticizers. Moreover, the development of eco-friendly and bio-based plasticizers is likely to offer lucrative opportunities to players across the globe over the coming years.
Market Restraints
On the other hand, several aspects may hamper the growth of the plasticizers market. The ban imposed on the use of certain phthalate plasticizers is the major aspect likely to impede the market’s growth.
COVID-19 Impact
People worldwide are being impacted by Coronavirus, the global pandemic. The COVID-19 pandemic has adversely impacted the operations of all the industry sectors, except for the pharmaceutical industry. Several countries across the globe imposed partial or complete shutdowns in order to curb the spread of the disease. Every country has closed its borders, meaning no international travel will be possible shortly. The companies are also being closed because of which several people were laid off from their workplaces. This has impacted the growth of the plasticizer market in recent times.
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It is projected that post the Covid19 situation, the global market for plasticizers will grow exponentially. PVC is a commonly utilized material across the construction of domestic as well as commercial buildings. It is used for roofing membranes, false ceilings, wall coverings, and other such purposes. As the construction sector is continuously flourishing, it is also giving a push to the PVC and Plasticizers market.
Segment Analysis
The global market for plasticizers has been segregated into various segments based on application, resin type, and region.
Based on the resin type, the global market for plasticizers is split into phthalates and non-phthalates. The phthalates segment is further divided into Di-isodecyl Phthalate (DIDP), Di-Ethylhexyl Phthalate (DEHP), and Di-isononyl Phthalate (DINP), Di-propylheptyl Phthalate (DPHP), and many others. The non-phthalate segment is further categorized into Adipate, Epoxy, Di-octyl Terephthalate (DOTP), Trimellitate, Benzoates, and many others. Among all, the non-phthalates or bio-based plasticizers segment is likely to lead the global market over the coming years, mainly due to the stringent rules and regulations by REACH.
Based on the application, the global plasticizers market is divided into film and sheets, toys & childcare products, consumer goods, wire & cable insulation, flooring, medical & healthcare equipment, food & other packaging material, and ceiling & wall coverings, etc. Among all, the film & sheet segment is projected to lead the global market over the forecasted timeframe. The segment’s growth is mainly credited to the expanded demand for the production of packaging material.
Regional Analysis
The global market for plasticizers is studied across five major regions: Asia-pacific, Europe, the Americas, and the Middle East & Africa.
The MRFR analysis suggests that the American region will likely dominate the global plasticizers market over the assessment timeframe. The region is further classified into Latin America and North America. The regional market’s growth is mainly attributed to the huge construction projects across the region.
The European regional market for plasticizers is likely to secure the second position globally. The region is further divided into Italy, Russia, France, the UK, and Germany. The regional market’s growth is mainly credited to its strong automotive industry.
The plasticizers market for the Asia-Pacific region is likely to grow tremendously throughout the forecasted period. The region is further classified into South Korea, Australia, India, Japan, and China. The emerging economies across the region offer a favorable environment for the plasticizer market. The regional market’s growth is credited primarily to rapid industrialization. Furthermore, the factors such as infrastructural developments and the growth of the automotive industry are also anticipated to catalyze the demand for plasticizers over the assessment era. The regional market has also been witnessing a growth in packaging and toymaking markets, which may boost the growth of the plasticizers market over the coming years.
The plasticizers market for the Middle East and African region is likely to exhibit slower growth over the assessment era. The region’s slow growth is because of the fewer government initiatives, lack of awareness, lower technological and industrial development, and low economic development.
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