Plasticizers Market Overview:
global plasticizer market is estimated to be valued at over USD 15 billion in 2018 and is projected to register a healthy CAGR of 6% during the forecast period, 2019–2024.
The global plasticizers market is growing with the rapid pace; mainly due to the growing construction, polymer, rubber, and coating industries. According to a recent study report published by the Market Research Future, the global market of plasticizers is prospering and expected to gain strong influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2024, surpassing its previous growth records in terms of value with a striking CAGR during the forecasted period (2019 – 2024).
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Industry/ Innovation/ Related News:
October 28, 2015 – BASF SE (Germany), one of the leading manufacturers of plasticizers, declared that the company has initiated to start the production of Palatinol® DOTP (dioctyl terephthalate), a general-purpose plasticizer, in North America in 2017, by improving and expanding the production facilities in Pasadena, Texas. This facility has a capacity to produce 60,000 metric tons per year. One of the sources of the company declared that this decision was mainly taken due to growing demand of plasticizers in developed and emerging companies. Moreover, BASF SE, also announced that Palatinol DPHP (dipropyl heptyl phthalate) and DINP (di-isononyl phthalate), were integrated to produce Palatinol DOTP at its production facility. Therefore, these factors are estimated to drive the market during the forecast period due to advantages offered by the product such as flexibility, strength, durable nature, and others.
Plasticizers Market Competitive Landscape:
Plasticizers Market appears to be competitive with the presence of several large and small players functioning in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Plasticizers market is set to grow at a remarkable rate which is likely to attract many newcomers to the market resulting into strong competition in the future. Manufacturers operating in the plasticizers market are struggling to respond to the growing demand for the product from medical, automotive, personal care, and other sectors attributed to expanding production capacity in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
Plasticizers Market Key Players:
UPC Group (Taiwan), Exxon Mobil Corporation (U.S.), BASF SE (Germany), NAN YA PLASTICS CORPORATION (Taiwan), AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), Shandong Qilu Plasticizers Co., Ltd. (China), Eastman Chemical Company (U.S.), LG Chem (South Korea), Evonik Industries AG (Germany), and Shandong Hongxin Chemicals Co., Ltd. (China) among others are some of the prominent players at the forefront of competition in the Global Plasticizers Market and are profiled in MRFR Analysis.
Plasticizers Market Segment Analysis:
Plasticizers Market as type and application is segmented into by type: Phthalates, Adipates, Trimellitates, Epoxy, Polymerics and Phosphates and by application flooring, wall coverings, roofing membranes, electric wires & cables, automotive, medical devices & others. Plasticizers such as phthalates is anticipated to have considerable demand over the forecast period, owing to its demand in the automotive industry, building & construction along with its huge consumption in PVC products. Adipates plasticizers is followed by phthalates, owing to its use in adhesives and sealants.
Latin America, Middle East and Africa are emerging region in this market, these regions being in the developing stage provide lucrative opportunities for plasticizers manufacturers, as the above-mentioned regions being the sweet spot for expansion, majority of automotive manufacturers and other key industries are being established in these regions.
Geographically, Asia Pacific region holds the major portion of global plasticizers market. China is the leading country in the region due to boundless consumption of plasticizers in polyvinylchloride coatings, cars, trucks, and others. Growing demand for dispersants in vinyl roofing membranes, resilient flooring, wall coverings, acoustical ceiling surfaces, and others has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid investments and technological advancement in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations to adopt dispersants in end-use industries. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to boundless use of the product in medical, outdoor products, and others.
Plasticizers Market Table of Content to be Continue…….,
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