Plasticizers Market: Advent of Bio-plasticizers to Bolster Uptake in Several Industries | Research 2024

The global plasticizers market features an intensely competitive and moderately fragmented landscape, with the top five players accounting for a combined share of over 45.0% in 2015, finds Transparency Market Research (TMR) in a new report. These companies are: Eastman Chemical Company, LG Chem Ltd., BASF SE, Evonik Industries, and Exxon Mobil Corporation. TMR observes that the leading companies are focusing on technological advancement and offering innovative products to consolidate their market shares.

Top players are offering a broad portfolio of plasticizers having a wide range of standard and specialized applications in order to gain a competitive edge over others. Several manufacturers are focusing on producing eco-friendly plasticizers to strengthen their presence. These developments are expected to intensify competition among players in the coming years.

The global market for plasticizers stood at US$14.85 bn in 2015 and is forecast to attain a valuation of US$23.87 bn by the end of 2024. The global market is projected to rise at a CAGR of 5.50% during the forecast period 2016–2024.

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Plasticizers Preferred among Consumers for Decorating Floor and Wall Coverings

Based on geography, the major regional markets for plasticizers are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, currently, Asia Pacific holds a dominant position. The substantial growth of this regional market is propelled by the growing prominence of polyvinyl chloride (PVC) in various industries such as housing and construction, electrical and electronics, automotive, medical, and healthcare.

The primary areas of applications of plasticizers are wires and cables, floor walls and coverings, films and sheets, and consumer goods. Among these, a major part of demand comes from floor walls and coverings. The growth of the segment is propelled by the rising application of plasticizers for making high-quality printed decorative floor and wall coverings in various residential and commercial buildings.

Rapid Industrialization to Bolster Demand for Plasticizers Catalyzing Market Growth

The swift pace of urbanization in emerging regions such as Latin America, the Middle East, and Asia Pacific has led to an upsurge in construction activities, thereby propelling the demand for various types of plasticizers. In addition, the use of eco-friendly plasticizers in the construction industry is a crucial factor catalyzing the market growth. The soaring application of plasticizers in manufacturing medical devices is fueled by the advent of non-phthalate plasticizers with better toxicology profiles. They are preferred for making medical tubing to be used in numerous intravenous infusion and dialysis applications.

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The substantial growth of automotive industry world over has stimulated the demand for automobiles, thereby accelerating the use of plasticizers in automotive manufacturing facilities. The growing purchasing power of consumers in developing nations has boosted the demand for electronic appliances. This has bolstered the applications of non-phthalate plasticizers in the consumer electronics industry.

Stringent Regional Regulations Due to Health Concerns May Limit Application

The presence of toxic chemicals in plasticizers with probable carcinogenic effects to humans, coupled with the soaring environmental concerns of the use of plastics, is a key factor likely to hinder the market to some extent. In addition, strict regulations limiting the use of phthalates in toys and medical devices, particularly in various countries of the North America and Europe, are expected to restrain the plasticizers market. Furthermore, the high cost associated with the production of eco-friendly plasticizers may impede the market.

Be that as it may, the increasing inclination of several manufacturers toward making non-phthalate plasticizers is anticipated to boost their applications in food-contact products and a variety of medical devices. The advent of eco-friendly alternatives is expected to give a robust push to the demand for plasticizers world over. Furthermore, advancement in manufacturing technologies has enabled manufacturers to make non-toxic plasticizer alternatives with non-migration properties, which is expected to fuel their applications in the food packaging and medical devices industries.

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