Chicago, April 10, 2023 (GLOBE NEWSWIRE) -- The global plasticizers market size is projected to reach USD 22.5 billion by 2027, registering a CAGR of 5.7%, as per the recent study by MarketsandMarkets™, This growth is attributed to the growing construction and electronics industries. The growing infrastructure development in developing countries, such as China, India, and Brazil, is driving the demand for plasticizers, as these countries require a large amount of construction material and automotive parts. The construction of new roads, bridges, airports, ports, and other projects requires plastic products, such as pipes, wires, and cable insulation. Thus, the increasing need for more efficient and sustainable infrastructure and government initiatives to modernize and upgrade the existing infrastructure is expected to drive the demand for plasticizers in the coming years.
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Browse in-depth TOC on “Plasticizers Market”
219 - Market Data Tables
34 - Figures
184 - Pages
List of Key Players in Plasticizers Market:
- UPC Technology (Taiwan)
- ExxonMobil (US)
- Nan Ya Plastic (Kaohsiung)
- BASF (Seoul)
- Eastman Chemical Company (US)
- Evonik Industries (Germany)
Drivers, Restraints, and Opportunities in Plasticizers Market:
- Drivers: Rise in the construction sectors in the developing countries.
- Restraint: Stringent government regulations pertaining to plastic products.
- Opportunity: Technological advancements such as production of bio plastics and its use in manufacturing plastic products.
Key Findings of the Study:
- The floorings & wall coverings segment, by application, is expected to be the most significant Plasticizers segment during the forecast period.
- Phthalate plasticizers is anticipated to be the fastest-growing Plasticizers segment, by type, during the forecast period.
- Asia Pacific is expected to be the fastest-growing segment in the global Plasticizers market, by region, during the forecast period.
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By integrating the advantages of flexibility and durability, plasticizers increase the dependability on sustainable products. To overcome government restrictions and rising operating costs, several plastic manufacturers are implementing technological advancements and adopting bio plastics as their product. Plasticizers are thus taking the place of conventional plastics sets. Phthalate plasticizers , which are essentially bio plastics are eco-friendly, are offered from manufacturers. They have a number of advantages over conventional plastics products, including a reductions in harmful plastics usage in construction and infrastructural sector.
Apart from the rural development programs, In the developed/developing regions, the countries are experiencing awareness towards harmful effects of plastics. Plasticizers are used across various end users such as consumer goods, wires and cables, coated fabrics, floorings & wall coverings . plasticizer are deployed across industrial spaces and construction sites to provide flexible building materials.
The investments in the residential construction industry are also growing in the developed countries, globally. For instance, the Canadian government invested USD 3.4 billion for the next five years, starting from 2016, on social infrastructure, including affordable housing, recreational infrastructure, and community healthcare facilities. Similarly, the residential construction industry in Mexico witnessed high growth in 2015 owing to the low-interest rates on mortgage loans, increased funding of companies undertaking housing projects, and rise in subsidies.
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The Phthalate segment accounted for a 80.2% share of the Plasticizers market, by application, in 2021. PVC, in general, is a rigid thermoplastic polymer. Plasticizers play a vital role to make PVC soft by imparting the necessary flexible and durable properties. PVC products which are softened by plasticizers are known as flexible PVC. These flexible PVC’s opens up new application markets due to its durability property with high performance of up to 50 years. Usage of PVC has witnessed steady growth since 1930 due to its excellent water resistance and non-flammable properties. Flexible PVC accounts for around 30–40% of the total PVC market. Flexible PVC majorly finds applications in pipe, flooring, wall covering, napkins, adhesive films, pool liners, extruded wires, automotive, synthetic leather coated textiles, and medical devices. Rising demand for lightweight PVC materials in various end-use industries and increased lifetime in comparison to conventional PVC are driving the demand for flexible PVC.
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