Plasticizers Market Value to Cross $18.5 Billion by 2022
Plasticizers Market Outlook 2014-2022:
Global Plasticizers
Market major key players Arkema S.A., BASF SE, Daelim Industrial Co. Ltd.,
Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical,
Eastman Chemical Company, Ineos Group, and UPC Group.
The plasticizers market was
valued at $15,179 million in 2015, and is projected to reach $18,538 million by
2022, growing at a CAGR of 2.9% from 2016 to 2022, according to a new report
published by Allied Market Research. The phthalates type held two-thirds of the
global market in 2015.
Plasticizers are additives
applied in polymers & other materials to enhance their softness,
flexibility, and processability. They are applicable in flooring & wall
coverings, films & sheets, wires & cables, coated fabrics, consumer
goods, and several others. The global plasticizers market is segmented based on
type, application, and geography. Raw materials for plasticizers generally
comprise esterification of different types of alcohols & acids as well as
other chemicals as per the required application.
Emerging applications of
plasticizers in various end-user industries and high demand for non-phthalate
plasticizers in different regions are major factors that are expected to drive
the market growth. However, strict government regulations over some of the
phthalates and toxicity of PVC polymer may hamper this growth. Increase in
demand for bio-based plasticizers for products, such as personal care
cosmetics, toys, food contact materials, health care commodities, and others,
are expected to create growth opportunities for various players in the market.
Bio-based plasticizers,
such as epoxides & sebacates, are expected to grow at the highest CAGR
throughout the analysis period, due to their remarkable properties such as
non-toxic nature, high efficiency, improved heat stability, lower volatility,
and others. These are employed in automotive, adhesive & sealants, paints
& coatings, and other end uses.
In 2015, the phthalates type occupied major market in terms of
revenue; However, this trend is expected to decline to some extent during the
forecast period, owing to the harmful effects of few phthalate plasticizers
such as endocrine disruption and damage to reproductive system as well as
kidney, lungs, and liver, resulting in their complete or interim level ban by
regulatory bodies. The main applications employing plasticizers include
floorings & walls and wires & cables. Moreover, the wires & cables
application segment accounted for second largest market share in 2015, and is
expected to grow at the CAGR of 2.3% during the forecast period.
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Key
findings of Plasticizers Market
- Film & sheet
coverings is anticipated to be the fastest growing application segment, in
value terms, growing at a CAGR of 3.5% from 2016 to 2022.
- Asia-Pacific is
expected to continue to be the dominant share holder, with more than half
of the global plasticizers market, with highest CAGR of 3.2% in terms of
revenue.
- The flooring
& wall segment occupied the maximum market share, and is expected to
grow at a CAGR of 3.4% during the forecast period.
- China is the
largest country in terms of demand & supply in global plasticizers
market.
- DINP segment
accounted for one-third of the global phthalates market in 2015
In 2015, Asia-Pacific and
LAMEA collectively accounted for more than half of the global plasticizers
market, with lucrative CAGR and are expected to continue this trend. This is attributed
to upsurge in construction & packaging industries, specifically in China,
India, Brazil, and other developing economies. Growth in urbanization &
industrialization are the main reasons for growth of the plasticizers market in
Asia-Pacific.
Source Medium: https://medium.com/@robertturner1307/plasticizers-marketplasticizers-market-is-projected-to-cross-18-5-billion-by-2022-95c47a519625
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