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
The 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.
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Market Synopsis of Plasticizers Market:
Globally, the market for Plasticizers is anticipated to grow at a CAGR of 2.2% during the forecast period (2016-2022). Plasticizers are organic ester additives, which are added to polymers to enrich the performance of the polymeric material, by enhancing various properties such as, flexibility, diffusivity, heat resistance, stability and toughness. Based on the synthesis steps, plasticizers are classified into polymeric and monomeric plasticizers. Plasticizers are mainly used with PVC, thus altering the characteristics and performance of the PVC for different applications. Some of the important applications of plasticizers includes, flooring, wall covering, roofing membranes, electrical cable & wires, automotive, medical devices among others. Globally, 75-85% of plasticizers used are phthalate type, used commonly with PVC applications.
Globally, Plasticizers Market was valued at USD 16,450 Million in 2016 and is likely to reach USD 18,500 million in 2022, expanding at CAGR of 2.2% between 2016 and 2022. Asia-Pacific region is the dominating plasticizers market with an estimated highest market size and it is anticipated to continue its dominance throughout the forecast period. In Asia Pacific, China market has represented the largest market in 2015 and is expected to reach in millions by 2022 due to the rapid growth in the automotive sector region along with growth of other industrial sectors in the region. Whereas, the developed markets such as North America and Europe markets is anticipated to register a slow growth.
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.
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