Plasticizer Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1277
Plasticizer market size is expected to grow at a robust pace from 2021 to 2027 owing to the rapidly expanding packaging sector and the rising adoption of consumer products worldwide. The growing emphasis on incorporating environmentally friendly products has paved the path for bio-based plasticizers. The global rise in the number of construction projects and the increasing sales of automotive will further act as promising contributors to the industry growth.
The increasing preference for PVC products and the higher incursion in medical devices, and electric cables will accelerate the plasticizer market share. However, the regulation of severe bans on the usage of plastic along with the elevating consumer health concerns may restrain the proliferation of the market to a certain extent.
In terms of product, the plasticizer industry size from phthalates is set to record significant remuneration owing to their strong performance, stability, and durability. The growing usage of phthalates across industries, such as automotive, textiles, and wires & cables given their long-lasting wear and customization benefits will play a key role in the market expansion.
On the basis of application, the floors & walls segment is anticipated to capture a dominant share in the plasticizer market with the rising consumer emphasis on innovative designs. On account of its viscosity reduction and fast fuser capabilities, the product is marking a widespread presence in coverings. In addition, the increasing requirement across the construction industry will put a positive impetus to the industry outlook.
Based on end-users, the plasticizer industry is classified into construction & remodeling, medical & healthcare, automobile, electronics & communication, and tire industry, and others. Out of these, the demand for plasticizers in the construction & remodeling segment will rise remarkably due to their growing penetration as admixtures to offer water content reduction. Apart from this, plasticizers help in attaining higher strength as well as in the placement of concrete in inaccessible locations. Consistent adoption for enhancing the desirable qualities of plastic and green concrete in construction will add to the plasticizer market growth.
Regionally, Asia Pacific is slated to grow exponentially during the period 2021 to 2027 on account of the proliferating construction activities. The strong economic developments in the region have led to a jump in infrastructural progressions. The booming automotive sector and surging R&D initiatives for innovations will spur the plasticizer market in the APAC.
The global plasticizer industry consolidates the presence of major participants including Eastman Chemicals, Aekyung Petrochemical (AK Holdings), Clariant International (Clariant AG), Arkema, Blue sail Chemical Group (Lanfan Group Co., Ltd), UPC Group, Dow chemicals (Dow Inc.), Adeka, and Evonik Industries.
These chemical entities are constantly resorting to marketing and growth strategies, including acquisitions, novel product developments, production expansions, and partnerships to garner competitive advantages over their counterparts.
For instance, in April 2021, BASF introduced a wide range of new biomass plasticizers, including Hexamoll DINCH BMB and Palatinol 10-P BMB, derived from organic waste and vegetable oils to cater to requirements in the polyvinyl chloride (PVC) sector.
To state an additional instance, in March 2020, ExxonMobil Chemical assigned the KRAHN Chemie Group as the authorized distributor for its Jayflex™ plasticizers, DIUP, DTDP, DINP, DIDP, MB10 in Spain. This initiative helped in strengthening the existing cooperation between the two firms.
COVID-19 pandemic and its impact on the plasticizer market forecast
The global economic upheaval brought to life by the COVID-19 crisis contributed to unanticipated impacts on millions of businesses. The closing down of most industrial operations together with the insufficiency of labor and materials gave rise to supply chain disruptions. These regulations posed a challenge for the plasticizer industry due to the stalled activities in the construction, automotive, and packaging sector. However, the product demand is likely to pick up pace in the post-pandemic period with the gradual resumption of these business operations.
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