New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Plasticizers market size is expected to reach USD 21.8 Bn in 2032 from USD 14.3 Bn in 2022, and register a CAGR of 4.4% during the forecast period (2023-2032)
Plasticizers are chemical compounds added to plastics to enhance flexibility, durability, and workability, and are typically added during the manufacturing process to improve the properties of the material. The primary raw materials for plasticizers include phthalic anhydride, adipic acid, and various alcohols. Manufacturing methods for plasticizers involve esterification reactions, where alcohol molecules react with acid molecules to form esters. This process can occur through various techniques, including batch and continuous processes.
Plasticizers find wide applications in industries such as automotive, construction, and packaging, among others, as the materials make plastics more pliable, flexible, and resistant to brittleness. Some benefits include improved material performance, reduced production costs, and enhanced product lifespan.
Advantages of plasticizers include increased flexibility, reduced energy consumption in processing, and enhanced resistance to chemicals and weathering. Recent advancements in plasticizer manufacturing technologies are focused on developing more eco-friendly and non-toxic alternatives to traditional phthalate-based plasticizers. End-uses have expanded to include medical devices, electronics, and green building materials, and application areas are expanding further owing to newer end-uses and the need for materials with additional properties characteristics, and flexibility.
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Some Key Takeaways:
- Global market volume of plasticizers consumed in 2022 was approximately 10.89MMT and volume demand is projected to exceed 14.32MMT in 2030.
- Demand for plasticizers in North America is expected to register a CAGR of 4.05% between 2023 and 2032.
- Demand for plasticizers in Asia Pacific is expected to register a CAGR of 4.1% between 2023 and 2032 owing to the steady economic growth of countries such as China and India, increasing industrial and commercial activities, and increasing demand from packaging and construction applications.
- India plasticizers demand stood at 8.23MMT in 2020 and is projected to register a CAGR of 4.71% and reach around 14.78MMT in 2032.
- Rigid plastic packaging material demand and usage has been increasing substantially in the recent past, and the packaging segment is expected to register a revenue CAGR of over 11.2% between 2023 and 2032 as a result of increasing e-commerce traction and focus on advancements in packaging materials.
Driving Factors
Rapid Urbanization & Industrialization Trends and Shift Towards Non-Phthalate Plasticizers Driving Expansion of End-use Applications
The global plasticizers market continues to register significantly steady revenue growth and its potential is further expected to increase substantially over the forecast period. Revenue growth of the market is driven by factors such as rapid urbanization and industrialization, rising use of flexible plastics in construction and automotive sectors, and increasing use of these materials in the packaging industry owing to enhanced versatility and durability compared to various other materials. Changing consumer preferences and increasing awareness of eco-friendly alternatives are shaping consumption trends, leading to a shift towards non-phthalate plasticizers. In addition, manufacturers are focusing on developing safer, sustainable, and biodegradable options, reflecting industry advancements. Government initiatives and regulations to reduce phthalate usage are also supporting the shift towards the use of plasticizers across industries and sectors. Plasticizers offer advantages such as improved material performance, reduced production costs, and extended product lifespan, making these materials essential in various sectors.
R&D & Diversification of Application Areas and End-Uses Driving Revenue Growth
Key factors such as rising demand for Polyvinyl Chloride (PVC) products, such as pipes, cables, and flooring materials, are among some of the primary factors supporting global plasticizers market revenue growth. Plasticizers are essential additives in PVC production, which is registering steady growth due to a steady increase in construction and infrastructure development.
Another factor is steady shift towards non-phthalate plasticizers, driven by rising consumer awareness regarding negative impacts of various materials on the environment and regulatory concerns related to phthalate-based plasticizers and safety. This trend not only addresses health and environmental concerns but also opens up new market opportunities for non-phthalate plasticizer manufacturers.
Other key factors include technological advancements, development of sustainable and eco-friendly solutions, and expanding applications.
Ongoing Research and Development (R&D) efforts are resulting in technologically advanced plasticizers with improved performance characteristics. These innovations offer a competitive edge and cater to the evolving demands of end-users in various industries. Sustainability has become a major focus area in the plastics industry, and the development of sustainable and biodegradable plasticizers aligns with the global push towards eco-friendly materials, attracting environmentally conscious consumers and businesses. Also, end uses of plasticizers are diversifying in terms of widening application areas and extending beyond traditional sectors such as construction and automotive. Emerging applications in medical devices, electronics, and green building materials are also creating new revenue streams and supporting lucrative market growth opportunities.
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Restraining Factors
Eco-Impacts, Regulations, and Raw Material Prices Fluctuations Among Key Factors Restraining Market Growth
Phthalates represent recognized emerging contaminants with adverse effects on both the environment and human well-being. These lipophilic compounds serve as plasticizers in numerous products to enhance their material characteristics. Phthalates are not chemically bonded and can be released directly into the environment. Also, Phthalate Acid Esters (PAEs) are known as endocrine disruptors capable of interfering with hormonal systems, potentially leading to developmental and reproductive challenges. Consequently, there is significant apprehension regarding their presence in diverse ecological settings. Regulatory restrictions and environmental concerns are major factors restraining the potential revenue growth of the market.
Compliance with these regulations often requires costly modifications in production processes and formulations, impacting profitability. Fluctuations in raw material prices and shifts towards bio-based alternatives are other major factors expected to restrain market revenue growth to some extent.
The global plasticizers market is susceptible to price fluctuations in raw materials, such as petrochemical-based feedstocks. Variations in these costs can lead to pricing pressures and reduced profit margins for manufacturers, and affect overall revenue growth. Also, increasing preference for bio-based and sustainable plasticizers poses a challenge to traditional plasticizer manufacturers. Bio-based alternatives, although eco-friendly, can be costlier to produce, potentially reducing market share and revenue from conventional plasticizers in certain applications.
Growth Opportunities
Expanding Offerings to Include a Range of Plasticizers, Including Traditional and non-phthalate Variants Opens up Opportunities in the Market
Companies can leverage market opportunities through the diversification of product portfolios. Expanding product offerings to include a range of plasticizers, including both traditional and non-phthalate variants can open up revenue streams. Diversification enables companies to cater to a broader customer base and adapt to changing market demands more efficiently.
The development of sustainable solutions is a major trend across various industries and investing in R&D of sustainable and bio-based plasticizers presents significant revenue opportunities. Meeting the growing demand for eco-friendly alternatives aligns with consumer preferences and regulatory requirements and can be highly lucrative in the long term.
Market Expansion into Emerging Industries: Companies can explore new applications and industries, such as medical devices, electronics, and renewable energy sectors, where plasticizers play a crucial role. Identifying and capitalizing on emerging markets can result in substantial revenue growth.
Also, expanding operations into untapped regions and countries with rising construction and infrastructure development can create additional revenue streams. Establishing a presence in emerging economies can also create opportunities for market expansion. Vertical integration by incorporating upstream and downstream operations within the plasticizers supply chain is a lucrative opportunity for established players in the market. This can lead to cost savings, enhanced quality control, and increased profitability.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 14.3 Bn |
| Market Size (2032) | US$ 21.8 Bn |
| CAGR (from 2023 to 2032) | 4.4% |
| Asia-Pacific Revenue Share | 4.1% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
Stringent Regulations and Expanding Construction & Automotive Sectors in Asia-Pacific Driving Revenue Incline
The global plasticizers market is characterized by significant regional variations, each with its unique dynamics and opportunities for revenue growth.
Increasing urbanization and industrialization are some of the key factors driving rapid revenue growth of the Asia-Pacific plasticizers market, with China and India being key revenue contributors. Also, ongoing advancements in plasticizers, including the development of bio-derived variants, coupled with research and development efforts aimed at creating novel applications by various industry participants, are expected to offer lucrative growth prospects for major players in the plasticizer market in the region. Increasing construction and manufacturing initiatives and favorable government support are opening up immense revenue growth potential, and the trend is expected to continue over the forecast period.
North America is a mature market with a robust emphasis on non-phthalate plasticizers due to regulatory concerns. Steady growth of construction and automotive sectors, shift towards sustainable and bio-based alternatives in countries in the region, and increasing investment in R&D to meet evolving demands by market leaders are key factors expected to continue to contribute to North America market revenue growth.
Europe is also witnessing the deployment of increasingly stringent regulations favoring the use of non-phthalate plasticizers. In Europe, regulations such as the EEC Directive and other directives impose restrictions on the utilization of phthalate plasticizers in specific applications, and incorporation of phthalate plasticizers like DEHP, DBP, and BBP is expressly prohibited in toys and childcare products. Consequently, stringent regulations surrounding the use of phthalate plasticizers exert an adverse influence on the growth of the plasticizers market in the region. Companies are exploring safer alternatives and key players such as Arkema and Evonik Industries are capitalizing on this trend by developing innovative, eco-friendly plasticizers. Also, commitment to sustainability and well-established infrastructure in countries in the region ensure a stable revenue growth rate.
Latin America and the Middle East & Africa are emerging markets with rising construction and infrastructure development activities and initiatives. Market share is growing in these regions, and companies are tapping into this potential through strategic partnerships and investments.
Segment Analysis
High Demand for PVC Driving Phthalates Demand Incline
Among the type segments in 2022, the phthalates segment accounted for the largest revenue share. This can be attributed to higher demand for and use due to the wide range of applications in industries such as furniture, construction, flooring, and automobiles, among others. DEHP or di(2-ethylhexyl) phthalate is the most widely used plasticizer in Polyvinyl Chloride (PVC) and is relatively low cost.
Other widely used phthalates are diisononyl phthalate and diisodecyl phthalate. Phthalates are also widely used in personal-care products such as soaps, shampoos, and hair sprays, as well as in lubricating oils. Also, phthalate plasticizers are extensively utilized in vinyl-based construction materials, encompassing floorings and wall coverings, enhancing their flexibility and durability.
Demand Surge for Advanced Devices and Equipment Driving Increasing Wires & Cables Segment Growth
The wires and cables segment is expected to largest among the application segments over the forecast period. Plasticizers play a crucial role in the electrical and electronic industries, where the material is used extensively to insulate wires and cables. Plasticizers are added to insulation material for covering wires and cables so as to increase flexibility, durability, and resistance to heat and impact, and increase flame-retardant properties.
The steady growth of the automotive industry, the rising popularity of Electric Vehicles (EVs), and the incline in demand for wires and cables that are durable and resistant to high temperatures are key factors driving revenue growth of this segment. Also, increasing focus and development of wires and cables exhibiting characteristics such as flexibility and biocompatibility are driving the expansion of applications in the medical sector.
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Segments Covered in the Report
By Type
- Phthalates Plasticizers
- DOP
- DINP/DIDP/DPHP
- Others
- Non-Phthalates Plasticizers
- DOTP
- Adipates
- Trimellitates
- Epoxies
- Benzoates
By Application
- Automotive
- Cables & Wires
- Flooring, Roofing & Cladding
- Coated Fabrics
- Film & Sheet
- Packaging
- Healthcare & Personal Care
- Other End-Uses
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Competitive Landscape Analysis
The global plasticizers market is highly competitive and is characterized by a number of key players focusing on market dominance. Leading companies such as BASF SE, Eastman Chemical Company, and ExxonMobil Corporation have maintained their positions through extensive product portfolios, innovation, and strategic partnerships. These industry leaders focus on research and development to offer eco-friendly alternatives, comply with regulatory standards, and cater to the growing demand for non-phthalate plasticizers. Also, strategic acquisitions and collaborations with regional players are part of the strategies being deployed to expand the global footprint capitalize on emerging opportunities, and secure a larger revenue share in the dynamic and evolving market.
Key Market Players
- Arkema S.A.
- BASF SE
- Daelim Industrial Co. Ltd.
- Dow Chemical Company
- LG Chem Ltd.
- Evonik Industries AG
- ExxonMobil Chemical
- Eastman Chemical Company
- Ineos Group
- UPC Group
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Major Trends
Portfolio Expansion, Reduced Environmental Impact, and Advancements in Biodegradable Plasticizers are Key Trends in the Manufacturing Sector
Companies in the global plasticizers market are increasingly focusing on expanding portfolios offering eco-friendly innovations, and developing non-phthalate alternatives to meet regulatory requirements and consumer demands. Major players such as BASF and Eastman Chemical have introduced bio-based plasticizers, with a major focus on reducing environmental impact. Advancements in biodegradable plasticizers and improved packaging materials have also gained traction in the market. Also, companies are enhancing product labeling to provide consumers with transparency about the materials used, aligning with the industry's sustainability and safety goals. Overall, the growth of the industry is driven by a commitment to sustainability, safety, and technological advancements, and the trend is expected to continue over the forecast period.
Recent Developments
- On 10 August, the announcement was made regarding the merger/integration of the engineering division of Amines & Plasticizers Ltd. (APL) with APL Engineering Limited (APLEL), with this procedure to be completed by the end of the year This move strategically aligns with APL's efforts to streamline its engineering operations, thereby enhancing overall efficiency. APLEL is a provider of engineering services in India, with a specific focus on sectors such as oil & gas, power, and infrastructure. This merger positions APL to broaden its engineering service portfolio, cater to a wider range of customer needs, and expand its market presence.
- In April 2023, Evonik unveiled ELATUR TM, which is a specialty plasticizer from the trimellitate group. This innovative product offers a unique blend of characteristics including high-temperature resistance, minimal volatility, and low migration tendencies, and enhances the reliability, safety, and longevity of end products. ELATUR TM is specifically engineered for the manufacturing of automotive components such as dashboards, vehicle seats, steering wheel trim, and high-temperature cables. This product launch aligns seamlessly with Evonik's growth strategy, highlighting its commitment to portfolio diversification and the utilization of the latest generation of Isononanol (INA)-based plasticizers.
- In April 2021, BASF announced the introduction of a segment of its plasticizer range that utilizes circular feedstocks, incorporating either renewable or chemically recycled feedstock at the initial stage of production, thus bypassing the need for fossil resources. These alternative feedstocks are allocated to specific products through a mass-balance approach. BASF's Biomass Balanced (BMB) plasticizers, including Hexamoll DINCH BMB, Palatino N BMB, Palatinol 10-P BMB, and Plastomoll DOA BMB, rely on renewable materials such as bio-naphtha or biogas sourced from organic waste or vegetable oils instead of traditional fossil resources. BMB plasticizers not only offer a reduced carbon footprint but also contribute to fossil resource conservation. BASF's mass balance approach and BMB plasticizers hold REDcert2 certification, ensuring their sustainability.
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