Plasticizers Market by type (phthalate and Non-phthalate), Application (Floorings & Wall Coverings, Films & Sheets, Coated Fabrics, Wires & Cables, Consumer Goods) and Region (North America, Europe, Middle East and Africa) - Global Forecast to 2027
Plasticizers Market
The global plasticizers market was valued at USD 17.0 billion in 2022 and is projected to reach USD 22.5 billion by 2027, growing at a cagr 5.7% from 2022 to 2027. Construction is one of the major end-use industries of plasticizers and offers market growth opportunities. The construction end-use industry is experiencing high growth rates in emerging regions such as Asia Pacific and South America.
Attractive Opportunities in the Plasticizers Market
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Plasticizers Market Dynamics
Driver: Rise in the construction sectors in the developing countries
Rising population, urbanization, and industrialization in developing economies will likely drive the plasticizers market. 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 drive the demand for plasticizers in the coming years.
Restraint: Stringent government regulations pertaining to plastic products
Governments worldwide have imposed stringent regulations on the use of plasticizers to protect the environment and prevent health hazards. For example, some phthalate plasticizers have been banned or restricted in certain applications due to their adverse effects on health and environment. Besides, various governments aim to promote the use of bio-based and sustainable plasticizers and increase the demand for eco-friendly products.
Opportunities: Technological advancements such as production of bio plastics and its use in manufacturing plastic products
The market for bioplastics is expected to multiply in the coming years, providing an opportunity for plasticizer manufacturers to develop and market bioplastic-based products. Increasing concerns over plastic waste and the environmental impact of conventional petroleum-based plastics drive the growing demand for bioplastics. Bioplastics are made from renewable plant-based materials, such as corn starch, and have a lower carbon footprint than conventional plastics. Also, they biodegrade faster and are compostable, thereby reducing landfill waste. The rise in eco-conscious consumers and regulations promoting sustainable packaging solutions drives the growth of the bioplastics market.
Challenges: Highly volatile prices of raw materials
The volatility of raw material prices is a major challenge faced by the plasticizers industry. Plasticizers are primarily made from petroleum-based raw materials, with significantly fluctuating prices due to geopolitical tensions, natural disasters, and changes in global demand. This volatility can significantly increase production costs and negatively impact plasticizer manufacturers’ profitability. To mitigate the impact of raw material price volatility, companies in the plasticizers industry may implement hedging strategies, diversify their raw material sources, or adopt alternatives such as bio-based materials
Plasticizers Market Trends
Phthalate segment, by type, is expected to be the largest market during the forecast period
Phthalate plasticizers accounted for 80.6% market, in terms of volume, in 2021. This dominance is attributed to their low price and properties such as high durability, stability, and robust performance. The DINP type of phthalate plasticizers accounted for the largest market share (28.6%), in terms of volume, globally in 2021.
“Europe : The second fastest Plasticizers market”
The plasticizers market in Europe is driven by the electronics industry due to increased investment in research and innovations, thereby creating demand for plasticizers and PVCs that are widely used for building wires and cables.
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Plasticizers Market Players
The Plasticizers market is dominated by a few major players that have a wide regional presence. The key players in the Plasticizers market are UPC Technology (Taiwan), ExxonMobil (US), Nan Ya Plastic (Kaohsiung), BASF (Seoul), Eastman Chemical Company (US), Evonik Industries (Germany) , LG Chem ( South Korea), Shandong Hongxin Chemicals (China), Shandong Qilu Plasticizers (China), Aekyung Petrochemical (South Korea). In last few years, the companies have adopted growth strategies such as Acquisitions and expansions to capture a larger share of the Plasticizers market.
Read More: Plasticizers Companies
Plasticizers Market Report Scope
Report Metric |
Details |
Market size available for years |
2020–2027 |
Base year considered |
2021 |
Forecast period |
2022–2027 |
Forecast units |
Value (USD) |
Segments covered |
application, type and Region |
Geographies covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Companies covered |
UPC Technology (Taiwan), ExxonMobil (US), Nan Ya Plastic (Kaohsiung), BASF (Seoul), Eastman Chemical Company (US), Evonik Industries (Germany) , LG Chem ( South Korea), Shandong Hongxin Chemicals (China), Shandong Qilu Plasticizers (China), Aekyung Petrochemical (South Korea). |
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This research report categorizes the Plasticizers market by fuel, applications, product type, power rating, end user, and region
Based on type, the plasticizers market has been segmented as follows:
- Phthalate
- Non-phthalate
Based on application, the plasticizers market has been segmented as follows:
- Wires & Cables
- Floorings & Wall Coverings
- Films & Sheets
- Coated Fabrics
- Consumer Goods
- Others
Based on region, the plasticizers market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- BASF (Germany) and StePac Ltd. (Israel) partnered in Decemebre 2022 to create next-generation sustainable packaging specifically for the fresh produce sector
- Eastman Chemical Company acquired 3F Feed & Food in April 2021 a European leader specializing in the technical and commercial development of additives for animal feed and human food.
- Evonik’s Coating Additives Business Line developed a new, multifunctional polymer additive for powder coating formulations in December 2022. It is versatile in formulations with inorganic fillers, pigments, and organic pigments, including carbon black.
Frequently Asked Questions (FAQ):
Which are the major companies in the C4ISR market? What are their major strategies to strengthen their market presence?
Some of the key players in the Plasticizers market are UPC Technology (Taiwan), ExxonMobil (US), Nan Ya Plastic (Kaohsiung), BASF (Seoul), Eastman Chemical Company (US), Evonik Industries (Germany) among others, are the key manufacturers that secured Plasticizers contracts in the last few years. Acquisition was the key strategies adopted by these companies to strengthen their Plasticizers market presence.
What are the drivers and opportunities for the plasticizers market?
The need for plasticizers has increased significantly around the world, but particularly in Asia Pacific, where the development of new infrastructure and the use of bio plastics in countries like China, India, and South Korea will present several prospects for companies in the plasticizers industry. Rising R&D efforts to create plasticizers solutions are anticipated to accelerate market expansion globally.
Which region is expected to hold the highest market share?
The market in Asia Pacific will dominate the market share in 2022, showcasing strong demand from plasticizers in the region.
What is the total CAGR expected to be recorded for the plasticizers market during 2022-2027?
The CAGR is expected to record a CAGR of 5.7% from 2022-2027.
Which are the key development prevailing in the plasticizers market?
The main developments dominating the plasticizers industry are production of non phthalate plasticizers which are more eco friendly and sustainable than phthalate plasticizers. .
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The study involved major activities in estimating the current size of the Plasticizers market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various sources, such as annual reports, press releases, investor presentations of companies, white papers, certified publications, articles from recognized authors, and databases, were considered for identifying and collecting information for this study. Secondary research was mainly conducted to obtain key information about the supply chain of the industry, monetary chain of the market, the total number of market players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts, such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, technology and innovation directors, consultants, and related key executives from major companies and organizations operating in the market. Primary sources from the demand side include lab technicians, technologists, and sales/purchase managers in the industry. Following is the breakdown of primary respondents:
Note: Others include product engineers and product specialists.
The tier of the companies is defined on the basis of their total revenue; as of 2018: Tier 1 = > USD 1 billion, Tier 2 = From USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Plasticizers market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Plasticizers Market Size: Bottom-up Approach
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Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Definition
Plasticizers are low molecular weight compounds added to other polymeric substances to aid polymer processing and impart flexibility, plasticity, softness, and reduce brittleness. They are primarily used in PVC cables, PVC resins, wire jacketing, vinyl flooring, medical equipment, automobile parts, and others. Plasticizers make the polymer solution more suitable for various applications such as films & coatings.
The key stakeholders of the plasticizers market include Raw Material Suppliers, Manufacturers (Plasticizer Manufacturers), Plasticizer Traders, Distributors, and Suppliers, End-use Industry Participants, Government and Research Organizations, Associations and Industrial Bodies, Research and Consulting Firms, Research & Development (R&D) Institutions, Environmental Support Agencies.
Objectives of the Study
- To define, describe, segment, and forecast the Plasticizers market size, by technology, meter type, component, and application
- To provide detailed information on the major drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the Plasticizers market
- To strategically analyze the Plasticizers market with respect to individual growth trends, prospects, and contributions of each segment to the market
- To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to five main regions (along with countries), namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa
- To strategically profile key players and comprehensively analyze their market ranking and core competencies
- To track and analyze competitive developments such as new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions in the Plasticizers market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Geographic Analysis
- Further breakdown of region or country-specific analysis
Company Information
- Detailed analyses and profiling of additional market players (up to 5)
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