Transparency Market Research has published a new market report titled “Plasticizers Market – Global Industry Analysis Size Share Growth Trends and Forecast 2016-2024”. According to the report, the plasticizers market was valued at US$ 14.85 Bn in 2015 and is anticipated to reach US$ 23.87 Bn by 2024, expanding at a CAGR of 5.5% between 2016 and 2024.
Plasticizers are esters of phthalic acids with alcohol chains. These esters are added to plastic materials to make them soft, more bendable and flexible. Different quantities of plasticizers are added to various PVC (polyvinyl chloride) material depending on the type of properties required in the finished product. The different types of plasticizers are phthalates, non-phthalates, aliphates, polymeric and others. Phthalates held the significant share of the plasticizers market in 2015. Phthalates segment was followed by non-phthalates, polymeric and aliphates respectively in the same year.
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Globally Asia Pacific held the significant market share in the plasticizers market followed by Europe and North America in 2015. The expanding industries such as housing & construction, electric & electronics, automobile, and medical industry in Asia-Pacific is expected to increase the demand for plasticizer based PVC products, which in turn is push the plasticizers market. Globally Asia Pacific is projected to be the rapidly growing region for the forecast period due to the growing economies such as China, Korea, Japan, and India. China leads not only the Asia-Pacific region but also accounts for a dominant share of the global plasticizers market. This is due to growing demand for plasticizers from electric & electronics and housing & construction industries in the country.
The expansion of automobile industry in the Chinese region is also expected to push up the demand for plasticizers market for the forecast period. The market growth in North America and Europe is expected to be low since both markets are mature. North America is a hub of established industries where big players have been in service since long. This is the reason that opportunity for growth of plasticizers in the region is limited. Similarly in Europe, the market is at a well-established stage. The stringent regulatory laws by organizations such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) in Europe and US EPA (United States Environmental Protection Agency) in North America are expected to further hinder growth of the plasticizers market in these regions.
Key players operating in the plasticizers market include BASF SE, ExxonMobil Corporation, Eastman Chemical Company, Evonik Industries, LG Chem Ltd., Arkema Inc., Ferro Corporation, UPC Technology Corp., Nan Ya Plastics Corp., Aekyung Petrochemical Co., Ltd. among others.
This report segments the global Plasticizers market as follows:
Plasticizers Market – Product Analysis
- Plasticizers Market – Application Analysis
- Wires & Cables
- Floor Walls & Coverings
- Consumer Goods
- Films & Sheets
- Other Applications
- Plasticizers Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Japan & Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- North America
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