Introduction to Global Plasticizers Market –
Global Plasticizers are chemical substances that are added to a polymer, such as plastics or rubber, in order to soften and make the material more flexible and pliable. Plasticizers are also extensively used to reduce the viscosity of a material and improve its plasticity, depending on the end product’s intended use for the substance. A common application for these materials is to reduce friction during the handling procedure that occurs during its production process. They are typically clear, colourless, and odourless liquids.
The global plasticizers market is expected to reach USD 16.22 billion by 2023, rising at a compound annual growth rate (CAGR) of over 5 percent, owing to the increasing usage of flexible PVC across a wide range of end-users, which drives the demand for plasticizers worldwide. Furthermore, the growing use of plasticizers in the flooring and wall covering industries, combined with the increasing demand for environmentally friendly plasticizers as a result of stringent government regulations, will propel the market during the forecast period. Based on type, the Phthalates sector is likely to dominate the market in the next five years, owing to its widespread availability, low cost, and desirable qualities such as durability and high chemical stability, among other factors. Flooring and wall coverings are predicted to be the most profitable application segments over the next five years, thanks to the expanding construction sector, which employs plasticizers in its flooring. Asia-Pacific is the world’s largest market for plasticizers, owing to the widespread use of plasticizers across a wide range of end-use industries in the area.
Global Plasticizers Market Revenue Outlook –
Despite the negative impact on the market caused by the COVID-19 pandemic, the market is projected to see a number of developments in terms of investments by large firms in order to increase capacity. Some industry participants are increasing their efforts to build effective collaborations, acquisitions, and/or joint venture activities as a means of expanding their respective consumer bases, which is a good thing. Moreover, by doing so, these firms are improving their supply capacities, allowing them to better satisfy the needs of customers both locally and internationally. Together with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia and other emerging markets are likely to generate significant business possibilities for key participants throughout the projection period.
Global Plasticizers Market Size and Forecast –
The global plasticizers market is strong as a result of the increasing use of various types of plastics in a variety of end-use goods across a variety of industry verticals. Plastics are widely employed in today’s society. There are numerous types of consumer products that contain it, ranging from toys to cars and a variety of other items. The market is also booming as a result of the increasing commerce in plastics and the products made from them. As reported by the International Trade Centre (ITC), exports of plastic and goods made of plastic increased from USD 483270960 thousand in the year 2010 to USD 657646607 thousand in the year 2018. This growth was based on figures from the International Trade Centre (ITC).
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The worldwide plasticizers market is expected to grow at a compound annual growth rate (CAGR) of approximately 4% during the forecast period, which is 2021-2028. Application-based segments of the market include film and sheet coverings, flooring and wall coverings, wiring and cables, coated fabrics, consumer products, and others. The consumer goods section is expected to hold the greatest market share in the future, owing to the growing population of the world, which is increasing the need for consumer goods consumption. Furthermore, rising disposable incomes of individuals around the world, which in turn raises purchasing power of individuals, thereby influencing greater consumption of consumer goods, are some of the factors that are expected to drive the growth of the consumer goods segment during the forecast period.
Competitive Landscape –
The plasticizers market appears to be extremely concentrated, with a significant portion of it dominated by businesses with their headquarters in Asia-Pacific countries.
Daelim Industrial Co. Ltd.
Dow Chemical Company
LG Chem Ltd.
Evonik Industries AG
Eastman Chemical Company
Other Key Players
By Type –
By Application –
Flooring & Wall Covering
Wire & Cable
Film & Sheet
Regional Outlook –
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Rest of Middle East and Africa