“Asia Pacific is the fastest growing market and is expected to continue its dominance in the upcoming years as well.”
The Plasticizers Market is expected to reach US$ 1021.2 million by 2023 with a significant CAGR during the forecast period. The market is witnessing growth due to the rising demand for plasticizers for manufacturing flexible PVC. Manufacturers of flexible PVC consume approximately 85% of the global plasticizers. With the increasing need to soften plastics and plasticizer is used in various applications, such as wire & cable, film & sheet, and flooring & wall covering, and others for increasing the flexibility of plastics, has further increased the demand for plasticizers.
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Plasticizers are basically polymer additives that are meant for improving the softness, flexibility, and volatility of plastic materials. They may be internal or external on the basis of modifications done to the materials to which they are being added. In addition to this, external plasticizers can be grouped as primary and secondary. Primary plasticizers can cause elongation and also increase the softness of the materials, whereas secondary plasticizers have limited compatibility with polymers and are being used in combination with other plasticizers.
· Rapid growth in consumption of terephthalates, epoxy, aliphatics, and benzoates as replacements for DEHP and other phthalates such as DINP and BBP
· Increasing pressure from retailers and consumers to limit the use of phthalates, especially in developed regions.
Plasticizers primarily act as additives that increase material viscosity and plasticity, and are combined with polyvinyl chloride (PVC) or other polymers to impart unique properties. The market is witnessing growth due to the increasing demand for PVC products and the growing automotive industry. PVC is the third most widely produced polymer across the globe and the growth in PVC market will further augment the plasticizers product’s market due to its extensive use in PVC manufacturing.
The market will also witness growth due to rapid urbanization and increasing construction projects across the globe where the product is used as an additive for concrete and other polymers and also in the production of wires and cables. The increasing demand for and sales of automobiles the globe will further accelerate the market owing to the products use in tire manufacturing.
Moreover, improving economic conditions of people across the globe and the resultant demand for consumer products, along with the growth in the packaging industry will augment the plasticizer market. Stringent government regulations on the use and disposal of plastics, harmful effects of plastics on the environment, and the high cost of production can hinder the plasticizer market during the forecast period. Research on bio-based plasticizers which are biodegradable and environment-friendly will open up growth opportunities for the product in the near future.
The key players operating in the plasticizers market are UPC Technology Corporation, Exxon Mobil Corporation, Aekyung Petrochemical Co., Ltd, BASF SE, Nan Ya Plastics Corporation, and others. Companies are involved in various strategies such as mergers & acquisitions, strategic alliance, new product developments, expansions, and others. Moreover, these companies are adopting dynamic business strategies to sustain their growth in the plasticizers market.
Key Questions answered
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
· Who are the key market players and their key competitors?
· Who are the key market players at different stages of the value chain?
· What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)