Plasticizers Market Expected to Reach $22.0 Billion by 2030

According to a new report published by Allied Market Research titled, “Plasticizers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global plasticizers market 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.

Plasticizers are additives applied in polymers & other materials to enhance their softness, flexibility, and processability. They are applicable in flooring & wall coverings, films & sheets, wires & cables, coated fabrics, consumer goods, and several others. The global plasticizers market is segmented on the basis of type, application, and region. Raw materials for plasticizers generally comprise esterification of different types of alcohols & acids as well as other chemicals as per the required application.

Emerging applications of plasticizers in various end-user industries and high demand for non-phthalate plasticizers in different regions are major factors that are expected to drive the market growth. However, strict government regulations over some of the phthalates and toxicity of PVC polymer may hamper this growth. Increase in demand for bio-based plasticizers for products, such as personal care cosmetics, toys, food contact materials, health care commodities, and others, is expected to create growth opportunities for various players in the market.

Bio-based plasticizers, such as epoxides & sebacates, are expected to grow at the highest CAGR throughout the analysis period, due to their remarkable properties such as non-toxic nature, high efficiency, improved heat stability, lower volatility, and others. These are employed in automotive, adhesive & sealants, paints & coatings, and other end uses.

On the basis of type, 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.

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, owing to rise in trend of electronic devices in several developing countries of Asia-Pacific & LAMEA, which is expected to be a key driver for the market.

Major players that operate 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.

Key Findings Of The Study

• On the basis of type, the phthalates segment emerged as the global leader by acquiring more than 55.1%of the market share in 2020.
• On the basis of application, the wires and cables segment emerged as the global leader by acquiring more than 21.0% of the market share in 2020.
• On the basis of region, Asia-Pacific is the major consumer of plasticizers among other regions. It accounted for around 59.1% of the global market share in 2020.

Impact Of Covid-19 On The Global Plasticizers Market

• Owing 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.
• The companies have not earned any profit as a result of the work stoppage and not only the companies lost money however they also lost suppliers who provide the required materials to various companies.
• Furthermore, due to social distancing norms during COVID-19, the manufacturing companies worked with limited workforce; thus, negatively impacted the production and construction processes.