Plasticizers Market Research– 2030
The global plasticizers market size was valued at $14.7 billion in 2020, and is projected to reach $22.0 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030. Increase in demand for flexible polyvinyl chloride (PVC) is a major driver for the growth of the plasticizers market. PVC, as a highly versatile and widely utilized plastic, is naturally rigid in its raw form. This rigidity limits its use in applications that require softness, flexibility, and adaptability. To overcome these limitations, plasticizers are added to PVC, making it more pliable and suitable for a broader range of industrial and consumer applications. Moreover, rise in construction activities and infrastructure development globally has boosted the demand for PVC products such as pipes, window frames, and roofing materials, further fueling the plasticizers market.
Introduction
Plasticizers are polymer additives meant for improving flexibility, softness, workability, and volatility of plasticized materials. They may be internal or external based on the kind of modifications made to the materials to which they are added. Furthermore, external plasticizers can be grouped into primary and secondary. Primary plasticizers cause elongation & increased softness of the materials, while secondary plasticizers have limited compatibility with polymers and are used in combination with other plasticizers. Moreover, the market is expected to be fueled by increased adoption of non-phthalate and high molecular weight phthalate plasticizers, as well as an increase in demand for bio-based materials throughout the estimated period. Plasticizers are available as different types in the market among which phthalates, terephthalates, epoxies, and aliphatic are highly adopted.
Plasticizers are crucial in modifying the physical properties of various materials, ensuring their use across numerous industries. The global demand for plasticizers is high, with an extensive range of applications in sectors like construction, packaging, medical devices, automotive manufacturing, and consumer goods. The construction industry is one of the largest consumers of plasticizers, especially for flexible polyvinyl chloride (PVC). PVC, modified with plasticizers, is used to manufacture a wide range of building materials such as pipes, flooring, roofing membranes, and wall coverings.
In the automotive industry, plasticizers play a significant role in the production of various components. The need for lightweight, flexible, and durable materials in modern vehicles makes plasticizers invaluable. The interior of vehicles often features flexible PVC components, such as dashboards, door panels, and upholstery. Plasticizers give these parts the flexibility and resilience required for daily use while maintaining aesthetic appeal.
Key Takeaways
The plasticizers market study covers 20 countries. The research includes a segment analysis of each country in terms of both value for the projected period.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of the global plasticizers market and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Over 3,700 product literatures, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the carbon nanotubes market.
The plasticizers market is highly fragmented, with several players including Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, Ineos Group, and UPC Group.
Market Dynamics
Increase in demand for non-phthalate plasticizers is expected to drive the growth of the plasticizers market during the forecast period. Rise in demand for non-phthalate plasticizers reflects growing health and environmental concerns associated with traditional phthalate-based plasticizers. Phthalates have been widely used in the plastic industry for decades to enhance the flexibility and durability of PVC products. However, increasing awareness of potential health risks, including hormonal disruptions and other adverse effects, has sparked widespread scrutiny and regulatory action. As a result, consumers, manufacturers, and regulatory bodies are increasingly seeking safer alternatives. The industry is witnessing significant innovations in the development of non-phthalate plasticizers. These alternatives are designed to provide similar performance characteristics such as flexibility, durability, and heat resistance without the associated health risks. Manufacturers are investing in research and development to create new formulations that meet safety standards while maintaining the essential properties required for various applications. This shift addresses health concerns and opens new market opportunities for companies willing to innovate in the plasticizers market.
However, innovation in bio-based plasticizers is expected to restrain the growth of the plasticizers market during the forecast period. One of the primary constraints is the technical challenges associated with developing bio-based formulations that meet the performance standards required by various industries. Manufacturers must ensure that these alternatives offer similar flexibility, durability, and processing characteristics as their conventional counterparts. Achieving this level of performance often requires extensive research and development, which can be time-consuming and costly. As a result, few companies may hesitate to invest in bio-based solutions, fearing that they may not perform as well or may take too long to bring to market. Another significant restraint is the cost implications of producing bio-based plasticizers. While there is a growing demand for sustainable alternatives, the initial production costs of bio-based materials can be higher as compared to traditional plasticizers. This price disparity can be a barrier to entry for many manufacturers, particularly smaller companies that may struggle to compete with established players who benefit from economies of scale. As a result, high costs associated with sourcing, processing, and scaling up bio-based production is expected to limit widespread adoption in the market.
Segments Overview.
Segments Overview
The plasticizers market is segmented on the basis of type, application, and region. By type, the market is segmented into phthalates, terephthalates, trimellitates, epoxides, phosphates, sebacates, extenders, aliphatic dibasic esters, and others. The phthalates segment is further segmented into DINP, DIDP, DPHP, and DOP. By application, the market segmentation includes flooring & wall, film & sheet coverings, wires & cables, coated fabrics, consumer goods, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Plasticizers Market, by Type
Plasticizers Market
By Type Phthalates is projected as the most lucrative segment.
By Type
Phthalates is projected as the most lucrative segment.
The phthalates segment dominated the global plasticizers market in 2020 and is expected to maintain its dominance during the forecast period, owing to their high-performance properties such as strong solvent, low transition temperature, low volatility, low diffusion, stability, and flame retardance. The usage of phthalates in plasticizers can be categorized into several segments. In the construction industry, phthalate plasticizers are widely used in flooring, wall coverings, and electrical cables, providing the necessary flexibility and resistance to environmental factors. In the automotive sector, they contribute to the production of flexible components, such as dashboards and interior linings, ensuring longevity and aesthetic appeal.
Plasticizers Market, by Application
By Application
Wires and Cables is projected as the most lucrative market.
On the basis of application, the wires & cables segment dominated the global plasticizers market in 2020 and is expected to maintain its dominance during the forecast period. Plasticizers play a crucial role in the wires and cables industry, enhancing the performance and flexibility of various cable materials. Typically added to polyvinyl chloride (PVC) and other polymer compounds, plasticizers improve the material's workability, allowing for easier processing and molding during manufacturing. This flexibility is essential for applications requiring bending and twisting, as it helps prevent cracking and ensures durability over time. For instance, dioctyl phthalate (DOP) and diisononyl phthalate (DINP) are commonly used due to their excellent compatibility with PVC, contributing to improved elongation, tensile strength, and resistance to environmental stressors.
Plasticizers Market, by Region
By Region
Asia-Pacific is projected as the most lucrative segment.
Region-wise, Asia-Pacific accounted for the largest share of the plasticizers market in 2020. The Asia-Pacific market for plasticizers is expected to grow at the highest CAGR during the forecast period, in terms of both volume and value. The Asia-Pacific plasticizers business is growing owing to rise in electrical & electronic industries. China is the leading country in terms of demand and commercialization for plasticizers. Japan, with its advanced technology and high-quality manufacturing standards, also sees substantial plasticizer consumption, particularly in the electronics and automotive industries. The focus on environmentally friendly products has prompted manufacturers to explore bio-based plasticizers as alternatives to traditional phthalates, aligning with the country’s sustainability goals. India's plasticizers market is rapidly expanding due to its growing population and urbanization. The demand for flexible PVC in sectors like packaging, flooring, and medical applications is driving plasticizer consumption. Government initiatives to boost infrastructure development further enhance plasticizers market growth.
Competitive Analysis
The major players operating in the global plasticizers market include Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, Ineos Group, and UPC Group.
Industry Trends of Plasticizers Market
- In January 2022, Evonik introduced ELATUR DINCD, a new plasticizer designed for enhanced durability in products. This innovative plasticizer, a cyclohexanoate, offers a unique blend of desirable features, including outstanding low-temperature flexibility and high UV resistance. These qualities significantly improve the weather resistance and longevity of products made with ELATUR DINCD.
- According to the US Census Bureau, the total annual value of new construction in the U.S. reached $1.792 trillion in 2022, up from $1.626 trillion in 2021. Specifically, residential construction accounted for $908 billion in 2022, marking a 13% increase from $803 billion in 2021.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the global plasticizers market along with the current trends and future estimations.
- This plasticizers market report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global plasticizers market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the global market growth.
- The qualitative data about market dynamics, plasticizers market trends, and developments is provided in the report.
Plasticizers Market Report Highlights
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Analyst Review
Plasticizers are not simply additives; however they determine the physical properties of polymers & materials to which they are added. Contemporary plasticizers constitute of those chemicals & molecules, which bring about high performance to different applications in a safe & sustainable manner. Therefore, a shift toward bio-based plasticizers is observed in the industry, owing to rigorous R&D and large number of patents published on it. Phthalates constitute more than half of the plasticizers market; however this trend is expected to decline due to its adverse environmental & health impacts. Another factor responsible for this decline is the strict ban & regulation imposed by different regulatory bodies.
Bio-derived plasticizers, such as epoxides & sebacates, are expected to gain manufacturers’ interest and expand globally with highest growth rates as these are non-toxic alternatives, renewable in nature, and employ vegetable raw materials. Rise in consumer demand for natural and organic additives in cosmetics has fueled the demand for plasticizers as natural ingredients in the industry. Key industry leaders aim to eliminate harmful phthalates in their products by employing non-phthalates or bio-based plasticizers.
Asia-Pacific is the highest revenue contributor in the plasticizers market, covering more than half of the market share, due to significant stand of China as a dominant country in polymers as well as plasticizers market. In addition, the region is expected to grow at the highest CAGR owing to rapid development in emerging economies such as India, Korea, and other countries.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
Upsurge in demand for flexible PVC is expected to boost the plasticizers market growth.
The market value of global plasticizers market in 2021 is expected to be $14.7 billion and projected to rise to $22.0 billion in 2030.
The leading players in the market Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow chemical Company, LG Chem Ltd, Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical company, Ineos Group, and UPC Group.
The packaging industry is projected to increase the demand for plasticizers market
The global plasticizers market is segmented on the basis of derivative type, application and region.
Increasing use of HMW phthalates and non-phthalates is the main driver of plasticizers Market
Due to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
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