Global Plasticizers Market Size To Worth USD 23.60 Billion by 2032 | CAGR of 5.3%
The Global Plasticizers Market Size was valued at USD 16.72 Billion in 2022 and the Worldwide Plasticizers Market Size is expected to reach USD 23.60 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, and Other Key Venders.
New York, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) — The Global Plasticizers Market Size To Grow from USD 16.72 Billion in 2022 to USD 23.60 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
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In the manufacturing of plastics and other polymeric materials, plasticizers are a type of chemical additive that is often used. They are incorporated to increase the pliability, strength, and processability of certain materials. Plasticizers help soften and make plastics more malleable, which is important for naturally rigid materials like PVC (polyvinyl chloride). The primary function of plasticizers is to reduce the glass transition temperature (Tg) of the polymer, increasing its flexibility at lower temperatures. This makes shaping and molding plastic into various shapes straightforward. Plasticizers can also increase the impact resistance and elongation of polymers. Although there are other types of plasticizers, including adipates, trimellitates, and citrates, phthalates are the most often used group.
COVID 19 Impact
The COVID-19 epidemic had a significant impact on world supply networks, affecting both the production and transportation of raw materials and finished goods. This disruption may have had an effect on manufacturers and end users in terms of plasticizer availability and price. Several industries that depend on plasticizers, including construction, automotive, and consumer goods, experienced shifts in demand throughout the epidemic. Lockdowns, lower consumer spending, and changes in consumer behavior may have had an impact on the market for plastic products and, subsequently, the need for plasticizers. The pandemic may have accelerated several consumer trends, such as a heightened focus on sustainability and eco-friendly products. This may have inspired some companies to research plasticizers or materials that are more eco-friendly.
Rapid urbanization in developing countries was expected to raise demand for construction materials and infrastructure development. Plasticizers are frequently utilized in the construction industry for materials like pipes, wires, cables, flooring, and roofing, which contributes to market growth. The manufacture of wires and cables, exterior parts, and automobile interiors account for a significant portion of the industry’s overall plasticizer use. As the automobile industry expanded, it was thought that the demand for plasticizers would rise. Toys, flexible home furnishings, and packaging materials are just a few of the many consumer goods that regularly use plasticizers in their production. It was expected that as the consumer goods industry grew, so would the demand for plasticizers.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Plasticizers Market Size, Share, and COVID-19 Impact By Type (Phthalates Plasticizers, Non-Phthalates Plasticizers), By Application (Flooring And Wall Covering, Wire And Cable, Coated Fabric, Consumer Goods), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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Phthalate plasticizers segment is dominating the market over the forecast period
On the basis of product, the global plasticizers market is segmented into Phthalate, Non-Phthalate, and Others. Among these, the phthalate plasticizers segment is dominating the market over the forecast period. Phthalates are used in a wide range of products, including PVC ones like pipes, wires, vinyl flooring, and automobile components. Additionally, they can be found in toys, packaging, and medical supplies for consumers. Because they are relatively cost-effective in comparison to some other plasticizers, phthalates are a preferred alternative for many sectors, especially when price is a key factor. Phthalates are continuously and persistently available on the market since their production and supply networks have been well-established throughout the years.
Film and Sheet segment holds the highest market share over the forecast period
Based on the application, the global plasticizers market is segmented into Flooring & Wall Covering, Wire & Cable, Coated Fabric, Consumer Goods, Film & Sheet, and Others. Among these, film and sheet segment holds the highest market share over the forecast period. The packaging industry is one of the main consumers of plastic sheets and films. For flexible packaging, such as food packaging, pouches, and wraps, to have the necessary flexibility and barrier properties, plasticizers are required. Along with the increase in demand for convenience meals and consumer goods, flexible packaging demand is also rising, which supports the market growth of plasticizers. A few examples of consumer goods that use plastic films and sheets are toys, stationery, and household goods. Plasticizers are essential for ensuring that these products have the requisite properties when flexibility and softness are desired. Agricultural films are used for crop protection, greenhouse covering, and mulching. These films require plasticizers in order to endure outdoor conditions and provide the necessary flexibility for application and removal.
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Asia Pacific is dominating the market over the forecast period
Asia Pacific is dominating the market with the largest market share over the forecast period. The area’s rapid urbanization has boosted construction activity and increased the demand for plasticizers in materials including pipes, cables, flooring, and roofing. The rapidly growing automotive industries in countries like China, India, Japan, and South Korea are what are driving the demand for plasticizers in automobile parts and interiors. As the middle-class population expands, there is a rising demand for consumer products like flexible PVC items that predominantly rely on plasticizers. Non-phthalate plasticizers are growing in acceptance due to environmental and health concerns. This trend has also been observed in the Asia-Pacific area.
North America is witnessing the fastest market share over the forecast period. The automotive industry in North America is a large consumer of plasticizers. Plasticizers are used to create flexible PVC materials for hoses, gaskets, and other automobile components. For flexible PVC applications including pipes, flooring, cables, and roofing materials, plasticizers are widely used in the construction sector. Plasticizers are necessary for the creation of flexible packaging materials, which are widely utilized in the food and beverage industry.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plasticizers Market include Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, nd Other Key Venders.
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Recent Market Developments
- In January 2022, A new plasticizer labeled ELATUR DINCD was introduced by Evonik. Due to its excellent low-temperature flexibility and UV resistance, this new product is more durable.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Plasticizers Market based on the below-mentioned segments:
Plasticizers Market, Product Analysis
Plasticizers Market, Application Analysis
- Flooring & Wall Covering
- Wire & Cable
- Coated Fabric
- Consumer Goods
- Film & Sheet
Plasticizers Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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