According to a recent study by Reports and Data, the global demand for Plasticizers Market is projected to amount to USD 20.96 billion by 2027. Plasticizers are widely used in flexible and foldable vinyl or polyvinyl chloride manufacturing (PVC). It finds large applications in various products in hospitals, homes, companies, and automobiles. It is commonly used for softening vinyl because of its stability, durability, and robust performance. Because of its strength, toughness, and ability to withstand high temperatures, it is used in durable flooring, PVC coatings, and wall coverings, among others. The growth of the sector is supported by factors such as the expansion of the construction and automotive industries and the rising need for versatile PVC.
Factors such as the expansion of the construction industry and the increasing need for flexible PVC are helping the growth of the sector. Due to the continuous growth of the construction sector and the varied applicability of this plasticizer in this industry, such as in wire & cable, flooring & wall coverings, the construction industry is a major contributor to the increase in plasticizer sales. Although various supporting factors drive the growth of the industry, adverse market factors, such as strict regulatory requirements on the use of plasticizers, can impede the market growth.
In the Asia Pacific region, the demand helped the market growth surge in 2019 and is expected to grow in the forecast period at a rate of 5.9%. This is due to rapid urbanization, the expansion of infrastructure projects and the strong growth of the automotive and building industries in the area. Furthermore, the increasing demand for products from the packaging and consumer goods industries is expected to stimulate market growth in the region.
North America is predicted to witness a CAGR of 5.1% over the projected period. This is due to the tight regulations of the government on the use of traditional phthalate plasticizers and the high demand for PVC products in commercial and residential applications, which is boosting the market growth in this region.
Europe had a significant share in 2019, due to the continuous expansion of the automotive sector in this region. The region's new recommendations on medical devices emphasize the elimination of phthalate use by 2020-2027.
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Key participants include
- Evonik Industries
- UPC Technology
- LG Chem
- Aekyung Petrochemical
- Lanxess AG
- Polyone Corporation
- Shandong Hongxin Chemicals
For the purpose of this report, Reports and Data has segmented the global plasticizers market on the basis of type, distribution channel, application, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
- Phthalate Plasticizers
- Non-Phthalate Plasticizers
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
- Flooring & Wall Covering
- Wire & Cable
- Coated Fabrics
- Consumer Goods
- Film & Sheet
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East and Africa