The global plasticizers market size stood at USD 17.34 billion in 2022. The market is set to expand from USD 17.99 billion in 2023 to USD 23.88 billion by 2030, exhibiting a CAGR of 4.1% over the study period.
Some of the commonly used plasticizers comprises of adipates, phthalate esters, and trimellitates. The product is extensively used in the packaging industry for protecting flexible films that are used for protecting and wrapping various consumer goods. This is expected to fuel industry growth over the coming years.
Fortune Business Insights™ provides this information in its research report, titled “Plasticizers Market, 2023-2030”.
COVID-19 Impact:
Supply Chain Disruptions Affected Market Growth during COVID-19 Pandemic
The COVID-19 pandemic led to disruptions in the global supply chain owing to the enforcement of lockdown restrictions by the governments of several countries. This created a scarcity of raw materials, affecting manufacturing activities across various regions. This impacted the industry expansion during the pandemic period.
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Segmentation:
Phthalates Segment Holds Leading Share Due to Increasing Product Use on Account of Low Cost
Based on type, the market is segmented into non-phthalates and phthalates. The phthalates segment accounts for a major market share. This is due to the increasing product usage in several applications on account of the product’s versatility and low cost.
Wire & Cable Segment Led Due to Escalated Product Usage to Enhance Safety during Power Transmission
Based on application, the market is categorized into flooring & wall covering, wire & cable, consumer goods, coated fabrics, film & sheet, and others. The wire & cable segment is poised to register a key market share. This is driven by the extensive product usage in telecommunications and power transmission given the role played by plasticizers to enhance wire safety.
By geography, the market for plasticizers has been studied across Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report presents an overview of the major factors anticipated to boost the industry growth over the coming years. It also gives an account of the key steps deployed by major companies to strengthen their market share. The report also discusses the pivotal trends in the market.
Drivers and Restraints:
Market Value to Surge Due to Growing Inclination toward Non-Phthalate Products
The rising awareness regarding the harmful effects of phthalate-usage on the environment and human health has led to a shift toward the use of non-phthalate-based plasticizers. They are a more sustainable option considering their biodegradable nature. These factors are expected to boost their deployment, impelling plasticizers market growth over the coming years.
However, the industry expansion could be hindered owing to the enforcement of stringent regulations associated with the usage of phthalate-based materials.
Regional Insights:
Asia Pacific Led the Market Owing to Escalating Demand for PVC-based Products
Asia Pacific registered a key share in the market. The dominance of the region can be attributed to the growing demand for PVC-based products in developing economies such as India and China.
The Europe plasticizers market share is anticipated to rise owing to the growing demand for eco-friendly products and escalating concerns associated with the use of traditional phthalate-based solutions.
Competitive Landscape:
Market Players Focus on Acquisitions and Partnerships to Outpace Market Competition
Key industry participants such as BASF SE, Exxon Mobil Corporation, Eastman Chemical Company, Evonik Industries AG, Avient Corporation, and others are focused on adopting numerous steps such as capacity expansion, joint ventures, new product launches, partnerships, and acquisitions. These initiatives are being adopted for gaining a competitive edge in the market. Some of the additional steps undertaken by key players comprise the establishment of a robust regional presence and strong distribution channels.
Key Industry Development:
May 2020 – KRAHN Chemie Group was authorized by ExxonMobil Chemical for the distribution of its Jayflex plasticizers including MB10, DTDP, DIUP, DIDP, and DINP in Spain. The products are deployed in an array of applications, including adhesives and sealants, rubber, PVC, printing inks, and paints and coatings.
List of Key Players Mentioned in the Report:
- BASF SE (Germany)
- Exxon Mobil Corporation (U.S.)
- Eastman Chemical Company (U.S.)
- Evonik Industries AG (Germany)
- Nan Ya Plastics Corporation (Taiwan)
- UPC Technology Corporation (Taiwan)
- LG Chem Ltd. (South Korea)
- Aekyung Chemical (South Korea)
- Kao Corporation (Japan)
- Avient Corporation (U.S.)
