Plasticizers Market To Generate Revenue Worth $24.7 Billion by 2030

The global plasticizers market size is set to be USD 24.7 billion by 2030, advancing at a CAGR of 5.6% during 2024–2030. This can be ascribed to the high requirement for such products in numerous end-use applications, such as coatings, home appliances, electronics, and flexible machine tools, and the expanding packaging and construction industries uplift the demand for polyvinyl chloride (PVC).

Moreover, the requirement for non-phthalate plasticizers is projected to observe speedy growth in the market. This is mainly because of the surging demand for environment-friendly plasticizers in North American and European countries. Furthermore, there is a transition phase going on in APAC from harmful chemical-based products to ecologically friendly products; thus, in the approaching period, the requirement for non-phthalates will rise.

Rising Construction Activities and Requirements for Correlated Products

The demand for plasticizers is expanding at a remarkable rate, due to their usage as raw materials for the manufacturing of construction products, such as pipes and tubes, roof and wall insulators, and constructing interior items. This is generating an extensive requirement for this raw material in the construction industry.

Furthermore, the worldwide construction industry has observed improvement and balanced growth in the previous five years, due to the increasing population and urbanization rates, which has paralleled the growth of the market. In various countries, such as China, India, and Brazil, there is an expected boost in plasticizer requirements for manufacturing building materials for cladding, roofing, flooring, and several other construction usages.

Phthalates Dominate the Industry

On the basis of product, the phthalates category accounts for the largest market share. This is ascribed to their worldwide use in constructing numerous products, such as coatings, plastics for healthcare usage, anti-viscosity agents, and emulsifying agents.

Based on the end-use segment, the wires and cables category dominates the market, and it is expected to grow at a significant CAGR in the coming years. This is attributed to the surging demand for PVCs for making wires and cables, where these are used for covering and shielding purposes and providing flexibility to them. Furthermore, the expected growth in sectors such as construction, healthcare, packaging, and others is projected to drive the demand for wires and cables in further years.

APAC Is the Market Leader

Globally, the APAC plasticizers market accounts for the largest revenue share and is expected to witness the same trend in the coming years. This is ascribed to the presence of well-developed end-use industries, such as manufacturing, automotive, chemical, electrical and electronics, and construction, in the region. The expansion in the consumption of mobile phones in India is additionally heightening the requirement for electrical and electronic components in APAC. To provide smoothness and flexibility to end products, these industries depend on plasticizers.

Whereas, the European market is projected to grow at significant CAGR during the forecast period. This can be due to rapid industrialization, the presence of the robust automotive sector, and the significantly rising polymer demand from diverse end-use industries in the region.

Some of the major market players offering plasticizers are BASF BE, Evonik Industries AG, Exxon Mobil Corporation, Eastman Chemical Company, Nan Ya Plastics Corporation, Mitsubishi Chemical Corporation, LG Chem Ltd, Arkema SA, Lanxess AG, and Shandong Hongxin Chemical Co. Ltd.