Plasticizers Market Research Report: By Product (Phthalates, Non-Phthalates), End Use (Wires & Cables, Flooring, Roofing & Cladding, Films & Sheets, Automotive Parts, Medical Equipment, Toys & Child Care Products), Geographical Outlook (U.S., Canada, Germany, U.K., France, Italy, Belgium, China, Japan, India, South Korea, Mexico, Brazil, U.A.E., Saudi Arabia, Turkey, Iran, South Africa) – Global Industry Trends, Size, Share Analysis and Growth Forecast to 2024

The global plasticizers market was valued at $13,967.9 million in 2018, and it is expected to reach $16,700.6 million by 2024, at a CAGR of 3.5% during the forecast period (2019–2024). Asia-Pacific (APAC) is expected to be the fastest growing region in the global market during the forecast period. The rising demand for plasticizers in the region is credited to its high-volume manufacturing industry, as well as automotive, chemicals, electrical and electronics, and construction sectors, all of which require plasticizers to smoothen or impart flexibility to the end product.

Dynamics of Plasticizers Market

The plasticizers market has seen a major shift in the demand for certain base chemicals, due to the toxicological profile of their constituents. Over 90.0% of the plasticizers produced across the world, majorly phthalates, are used in the production of flexible polyvinyl chloride (PVC). Phthalates impart toxicity to PVC, which acts as one of the biggest challenges for the market, because of which most countries have started to switch to non-phthalate plasticizers for PVC production.

Globally, the demand in the plasticizers market is growing continuously at a significant rate, owing to the expansion of the construction industry, which requires a large volume of building materials and tools. Most of these building materials and tools are produced from PVC, which, in turn, requires plasticizers, such as DOP, DINP, DOTP, and DBP, for softness. Furthermore, PVC products have a high demand in the construction industry, owing to their advantages such as good resistance to temperature and ultraviolet (UV) light. Therefore, the demand for plasticizers for the production of building materials is expected to further boost the global market growth over the coming years.

Plasticizers Market Segmentation Analysis

• On the basis of product, non-phthalate plasticizers are expected to witness the higher growth rate during the forecast period, owing to the toxicological profile of some phthalate plasticizers. Health concerns across the developed countries have resulted in bans on major phthalate plasticizers, especially in products used by children under the age of three. The ban and strict policies of governments have triggered the increasing adoption of non-phthalate plasticizers, and the same would be the key driving factor for non-phthalate plasticizers during the forecast period.
• Based on end-use, wires & cables held the largest market share in the plasticizers market in 2018, in terms of both value and volume, and the category is projected to witness a promising growth rate during the forecast period. This significant growth is attributed to the heavy use of wires and cables in the construction, automotive, electrical and electronics, and several other industries. These wires and cables consume high volumes of flexible PVC to provide protection and insulation, which, in turn, generates the high demand for plasticizers.

Global Scenario of Plasticizers Market

Geographically, the Asia Pacific (APAC) region accounted for the dominant plasticizers market share, of more than 60.0%, in the global market in 2018, in terms of both value and volume. This dominant market position is attributed to the large-scale manufacturing, chemicals, healthcare, urban infrastructure construction, and several other end-use industries, majorly in countries such as China, India, Indonesia, and several Southeast Asian countries. All these industries require plasticizers for the production of flexible PVC, to ultimately manufacture the end-use products. Thus, the wide usage of PVC in the region is expected to further generate a high demand for plasticizers during the forecast period.

Competitive Landscape of the Plasticizers Market

The plasticizers market is highly dispersed in nature, and only one market player, UPC Technology Corporation, had a significant market share in 2018. The Taiwan-based UPC Technology Corporation maintains a strong global presence, by having a broad product portfolio and well-established supply chain. It has sales operations in Taiwan, China, Southeast Asia, Northeast Asia, South Asia, the U.S., Canada, the Middle East, and New Zealand, where it offers basic plasticizers, such as DOP, DNOP, DINP, DIDP, DPHP, DBP, DBIP, DOTP, TOTM, TNTOM, and DOA, and various specialty plasticizers. In order to increase their market share, like UPC Technology Corporation, several other companies have started adopting strategic measures, including mergers and acquisitions, facility expansions, and product launches.

Apart from UPC Technology Corporation and Perstorp Holding AB, the key players in the global plasticizers market include BASF SE, Evonik Industries AG, Exxon Mobil Corporation, Eastman Chemical Company, Nan Ya Plastics Corporation, Mitsubishi Chemical Corporation, LG Chem Ltd., KLJ Group, Arkema SA, and Lanxess AG.

Recent Strategic Developments of Major Plasticizer Market Players

For instance, in June 2019, Perstorp Holding AB launched a new renewable polyol ester plasticizer (non-phthalate), named Pevalen Pro. This plasticizer for flexible PVC is cost effective, plasticizing-efficient, UV stable, and soft.

Key Questions Addressed/Answered in the Report

• What is the current scenario of the global plasticizers market?
• What is the present size of the categories within the market segments and their future potential?
• What are the major market drivers in the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for the players in the market?
• Which are the key regions from the investment perspective?
• What are the key strategies being adopted by the major players to expand their market share?