Introduction to Plasticizers
Plasticizers are referred to the chemical substance that are added to a polymer, such as plastics and rubber, for making the material softer and flexible. Plasticizers are also used widely to decrease viscosity of the material and increase its plasticity depending upon the end product’s application. They are also widely used to decrease friction during its handling in the process of its manufacturing. They are usually colourless and odourless liquids.
Market Size and Forecast
The global plasticizers market is thriving on the back of growing application of different type of plastics in different end use products across different industry verticals. Plastics are used widely in today’s era. It is found in almost any type of consumer products, ranging from toys to vehicles and several others. The market is also thriving on the back of the growing trade of plastics and the articles thereof. According to the statistics by the International Trade Centre (ITC), exports of plastics and articles thereof increased from USD 483270860 thousand in the year 2010 to USD 657646607 thousand in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
The global plasticizers market is anticipated to achieve a CAGR of around 4% during the forecast period, i.e. 2021-2028. The market is segmented by application into film & sheet coverings, flooring & wall, wires & cables, coated fabrics, consumer goods and others. The consumer goods segment is anticipated to hold the largest market share on the back of the increasing population worldwide, which is raising the need for the consumption of consumer goods. Moreover, increasing disposable income of individuals worldwide, which raises the purchasing capacity of individuals, thereby influencing the greater consumption of consumer goods, are some of the factors anticipated to drive the growth of the consumer goods segment during the forecast period.
Growing Demand for Flexible PVC in End User Industries
Plastics are used in different formats across several end user industries for the manufacturing of different types of goods. Based on the applicability and the utilization of the product, the rigidity of the plastic is decided for manufacturing the product. Several products require greater flexibility and elasticity to give different shapes. Plasticizers are used to enhance the physical properties of the PVC plastic, which are known as flexible PVC. The plasticizers soften the rigid PVC plastic, thereby providing a whole new dimension of market opportunities for flexible PVC, which is anticipated to drive the growth of the market over the forecast period. Flexible PVC are used majorly in the manufacturing of PVC pipes, adhesive films, extruded wires, flooring, napkins, and several others.
Growing Demand for Eco-Friendly Plasticizers
Eco-friendly plasticizers are the new trend which are known to have low toxicity levels and provide a great alternative over conventional plastic forms. Eco-friendly plasticizers do not affect the environment, which is why they find wide application across different end user industries. Moreover, backed by the growing concern for the environment and the increasing awareness for recycling of plastics, are some of the factors that are demanding for eco-friendly solutions, such as eco-friendly plasticizers, which is anticipated to drive the growth of the global plasticizers market. Additionally, the global eco-friendly plasticizers market is anticipated to achieve a CAGR of 13.5% over the forecast period 2018-2027.
Stringent Government Norms For the Use of Plasticizers
Plasticizers are of various types, out of which, the phthalate plasticizer type is known to possess severe effect on health and the environment. As such, several governmental organization and environmental bodies are setting up restrictions in the use of phthalate plasticizers and are promoting the use of non-phthalate plasticizers, which is anticipated to hamper the growth of the global plasticizers market.
Our in-depth analysis of the global plasticizers market includes the following segments:
On the basis of regional analysis, the global plasticizers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in Asia Pacific is anticipated to grow with the highest CAGR owing to the presence of several manufacturing industries that uses plastics in nations such as China and India. Additionally, the market in North America and Europe is anticipated to grow at a moderate pace, backed by the growing construction and automotive industries in the regions.
The global plasticizers market is further classified on the basis of region as follows:
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