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Oct 5, 2020 1:31 AM ET

Global Plasticizers Market Is Expected To Reach Around USD 17.94 Billion By 2024

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Plasticizers Market by Type (Phthalates, Terephthalates, Aliphatics, Trimellitates, Polymerics, Epoxy, Phosphates, and Others) and by Application (Automotive, Cables & Wires, Flooring & Roofing Covering, Coated Fabric, Consumer Goods, Packaging, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024“. According to the report, the global plasticizers market was valued at USD 12.25 billion in 2017 and is expected to reach USD 17.94 billion by 2024 and is anticipated to grow at a CAGR of 5.6% between 2018 and 2024.

Plasticizers are additives, which are added to polymers to enhance the performance of the material owing to its properties, such as diffusivity, flexibility, stability, heat resistance, and toughness. A large amount of plasticizers is used in PVC, thus altering the performance and characteristics of PVC for different applications. The phthalate plasticizer represents about 85% of the global plasticizer market.

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Plasticizers market is likely to grow considerably in the forecast time period, owing to the increasing demand for plasticizers by the packaging, automotive, and construction industries. Additionally, the growing demand for polymers in garden hoses, water-proof roofs, swimming pool liners, and footwear is further expected to boost the plasticizers market growth globally. Besides, the growing construction industry that extensively uses plasticized polymers for making flooring and roofing cover is further expected to positively affect the plasticizers market growth. However, rising environmental regulations and the availability of substitutes might hamper this market’s growth in the near future. Alternatively, the constant product innovations and increasing R&D activities to generate bio-derived plasticizers are anticipated to create new growth opportunities in the plasticizers market during the estimated time period.

The plasticizers market is divided based on type and application. By type, the market for plasticizers includes phthalates, terephthalates, aliphatics, trimellitates, polymerics, epoxy, phosphates, and others. The phthalates segment dominated the market and is expected to maintain its dominance in the upcoming years, due to its cost-effectiveness and easy availability, among other versatile properties. This resulted in the product being widely used in automotive, cables and wires, and flooring and roofing covering applications. Moreover, epoxy and polymerics plasticizers are expected to grow at a fast rate, due to increased product demand for construction and automotive applications. By application, the plasticizers market is segmented into automotive, cables and wires, flooring and roofing covering, coated fabric, consumer goods, packaging, and others. Increasing usage of plasticizers, especially in the automotive and cables and wires industries, is further estimated to drive this market’s growth during the forecast time period.

In 2017, Asia Pacific emerged as the leading market for plasticizers, followed by Europe and North America. The growing end-user industries in the developing countries of Asia Pacific are expected to continue their dominance in terms of volume in the upcoming years as well. The developing automotive industry in the region has increased the demand for PVC, which is used to produce components for cars. North America is likely to grow at the fastest rate, owing to the growing demand for plasticizers in the packaging industry. The developing healthcare industry in European countries is projected to fuel the plasticizers market in the future. Latin America is likely to hold enormous potential for plasticizers market in the upcoming years. The Middle Eastern and African plasticizers market is predicted to grow substantially in the forecast time period.

Some key players operating in the global plasticizers market include BASF, Dow Chemicals, ExxonMobil, Evonik Industries, Aekyung Petrochemical Arkema, Eastman Chemicals, Clariant International, Adeka, UPC Group, and Blue Sail Chemical Group, among others.

This report segments the global plasticizers market as:

Global Plasticizers Market: Type Analysis

Global Plasticizers Market: Application Analysis

Global Plasticizers Market: Regional Analysis

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Keywords:    Plasticizers Market

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