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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
|By Product||Dioctyl Phthalate (DOP), Diisononyl Phthalate (DINP), Diisodecyl Phthalate (DIDP), Di(2-propylheptyl) Phthalate (DPHP), Dibutyl Phthalate (DBP), Diisobutyl Phthalate (DIBP), Terephthalates, Adipates, Maleates, 1,2-Cyclohexane Dicarboxylic Acid Diisononyl Ester (DINCH)|
|By End Use||Wires & Cables, Flooring, Roofing, & Cladding, Films & Sheets, Automotive Parts, Medical Equipment, Toys & Child Care Products|
|Countries Coverd||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 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