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The phthalate segment was the largest segment and was valued at USD 12.51 billion in 2018. Phthalates are in high demand in the plasticizers market due to their superior performance characteristics, which include low volatility, high stability, exceptional resistance to UV radiation and harsh temperatures, and low cost in comparison with other materials. Furthermore, there has been a change in focus toward the creation and application of substitute plasticizers, such as non-phthalate or bio-based plasticizers, which are thought to be safer and more environmentally friendly. Thus, such factors will drive the growth of the phthalate segment of the market during the forecast period.
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APAC is estimated to contribute 68% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Chemical additives known as plasticizers are added to polymers to increase their processability, flexibility, and durability. These are extensively utilized in many different industries, including consumer products, packaging, construction, and automotive.
In addition, a significant factor propelling the growth of the plasticizers market in APAC is the swift industrialization and urbanization of nations such as China and India. Furthermore, to meet the increasing demand, producers are devoting resources to research and development to create novel and eco-friendly plasticizers. Hence, such factors are expected to drive market growth in this region during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the plasticizers market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of manufacturing and supply chain operations. Also, the pandemic accelerated the adoption of digital manufacturing technologies in the plasticizer industry. Furthermore, the pandemic increased awareness of sustainability issues, and this is driving the demand for bio-based and other sustainable plasticizers. Therefore, the increased demand for plasticizers in this region will drive the growth of the regional plasticizers market during the forecast period.
The plasticizers market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Plasticizers Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.91% |
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Market Growth 2024-2028 |
USD 6.02 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.69 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 68% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AEKYUNG PETROCHEMICAL Co. Ltd., Arkema Group, BASF SE, Clariant International Ltd., DIC Corp., Eastman Chemical Co., Evonik Industries AG, Exxon Mobil Corp., jiangsu zhengdan chemical Co. Ltd, KLJ Group, Lanxess AG, LG Chem Ltd., Mitsubishi Chemical Group Corp., Nan Ya Plastic Corp., OQ SAOC, PETRONAS Chemicals Group Berhad, Qingdao Haizhijiao Biotechnology Co. Ltd., Shandong Gaoxin Chemical Ltd., UPC Technology Corp., and Blue sail Chemical Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
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The plasticizers market size is estimated to grow at a CAGR of 5.91% between 2023 and 2028. The market size is forecast to increase by USD 6.02 billion. The growth of the market depends on several factors such as the growing urbanization and infrastructure development, the increasing consumer demand for PVC-based products, and technological advancements and innovations.
The research report on the Plasticizers Market offers industry forecasts and segmentation based on Type including phthalate and non-phthalate. It also segments the market by Application, which comprises wires and cables, flooring and wall coverings, films and sheets, coatings, and others. Geographically, the report covers APAC, Europe, North America, Middle East and Africa, and South America. The market size, historical data for 2018-2022, and future forecasts are presented in terms of value (in USD million) for all these mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing urbanization and infrastructure development is the key factor driving market growth. The need for different infrastructure facilities, such as buildings, roads, bridges, and transit networks, is rising as cities continue to grow and their populations grow. Owing to these advancements, materials that offer strength, flexibility, and durability are needed, which makes plasticizers a crucial component in the building sector. Chemicals known as plasticizers are added to polymers or plastics to improve their workability and flexibility.
Furthermore, industries such as consumer products, automotive, electronics, and packaging use plasticizers. Plasticizers are used in the fabrication of several parts and components, including dashboards, upholstery, wiring, and coatings, in the automotive industry. Hence, the growing urbanization and infrastructure development will drive the growth of the global plasticizers market during the forecast period.
The shift toward eco-friendly plasticizers is the primary trend shaping market growth. Eco-friendly transition is important. Due to the possible hazards to human health and the environment, traditional plasticizers such as phthalates have come under increased investigation. Consequently, the need for substitute environmentally friendly plasticizers that provide equivalent results while lowering these possible risks has been raised.
Furthermore, businesses with the ability to create and market cutting-edge, environmentally friendly plasticizer solutions will have a distinct advantage in this dynamic market. Hence, the shift towards eco-friendly plasticizers will drive the growth of the global plasticizers market during the forecast period.
Environmental concerns due to use of plasticizers is a challenge that affects market growth. Plasticizers are chemicals added to plastics to make them more flexible and durable. However, several environmental issues arise from the production, use, and disposal of plasticizers. Pollution, endocrine disruption, waste generation, challenges with recycling, regulations, and shifting customer preferences are some of the factors that are impeding market growth.
Moreover, in order to produce plasticizers with lower toxicity and environmental impact, manufacturers are also spending money on research and development. Furthermore, recycling technologies are being developed to reduce the environmental impact of plasticizers and increase the recycling efficiency of PVC products. Therefore, the environmental concerns due to the use of plasticizers will hamper the growth of the global plasticizers market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Plasticizers Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The phthalate segment is estimated to witness significant growth during the forecast period. The phthalate category includes a sizeable portion of the global plasticizers market. Phthalates are a class of compounds that are added to plasticizers to enhance the workability, flexibility, and durability of polymer materials, especially polyvinyl chloride (PVC). Concerns about the possible effects of phthalates on human health and the environment have presented some difficulties in recent years.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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