Plasticizers Market

• Growth in the Cosmetics and Personal Care Sector Will Fuel Market Growth

One of the industries with the fastest growth is the cosmetics and personal care sector. There are several different business divisions in it, including those for skincare, fragrances, and hair care. They are used in the cosmetic and personal care industries to increase the adhesion of nail paint and hair spray and extend the shelf life of scented goods like lotions, body washes, and shampoos.

The personal market in the US is expected to reach US$ 716.6 billion by 2025, rising at a CAGR of 5.9%, according to Acme-Hardesty, one of the top distributors of castor oil and palm oil derivatives. The personal care occupation in the US is projected to rise by 34% between 2019 and 2029, according to the Center for Disease Control and Prevention, showing a rising need in the personal care business. Thus, it is projected that increased demand for it would result from the rise of the cosmetic and personal care industries. Thus, this factor is driving the market CAGR.

Additionally, plasticized PVC films keep meat fresh by encouraging a high transfer of oxygen and water vapor. Due to their compatibility with fast packing machines and their clarity for displays, they are both cost-effective and useful. They have excellent cling properties, are easily heat-sealed, and have strong elastic rebound, making them suitable for handling. For catering and household use, there are thinner films that nevertheless maintain the same levels of cling, transparency, and strength but use less plasticizer. Furthermore, it improves the packaging's aesthetic appeal.

India's packaging market is predicted to reach US$204.81 billion by 2025, according to the Packaging Industry Association of India (PIAI). As a result, the packaging sector's expansion will undoubtedly boost PVC demand, which in turn will drive the plasticizer market's expansion.

Furthermore, eco-friendly plasticizers are being utilised more frequently to avoid dangerous phthalate plasticizers like DOP, DBP, BBP, and DEP. Environmentally friendly plasticizers have a range of qualities, including waterproofing with strong electrical resistivity, resistance to the elements, increased mechanical strength, and good thermal stability. These reasons are leading to the replacement of phthalate plasticizers with eco-friendly plasticizers. Plasticizers that are kind to the environment are polymer additives that increase a material's plasticity. Due to the rising need for eco-friendly plasticizers to protect both human health and the environment, the market for eco-friendly plasticizers is expanding quickly on a scale.

These are mostly utilised in producing films and cables and have low toxicity and good compatibility, propelling the plasticizer market's expansion. Thus, it is anticipated that this aspect will accelerate plasticizer market revenue ly.

The Global Global Plasticizer Market Industry experiences a notable surge in demand for flexible polyvinyl chloride (PVC) products. This demand is largely driven by the construction and automotive sectors, which utilize flexible PVC for applications such as flooring, roofing, and wiring insulation. As urbanization continues to expand, particularly in developing regions, the need for durable and flexible materials becomes increasingly critical. In 2024, the market is projected to reach 20.9 USD Billion, reflecting the growing preference for plasticizers that enhance the performance of PVC products. This trend suggests a robust growth trajectory for the Global Global Plasticizer Market Industry.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Plasticizer market accounted for USD 8.5 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. Several end-use sectors in this region, including electrical & electronics, aerospace, building & construction, automotive, and more, are increasing their demand, which is primarily responsible for this expansion. The Asia Pacific region's need for electrical and electronic components is being further boosted by India's rising mobile phone adoption.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: PLASTICIZER MARKET SHARE BY REGION 2022 (%) Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

North America plasticizer market accounts for the second-largest market share. The market has grown quickly, notably in this area, because to the use of corrugated cardboard. The enormous development projects underway in the area are another major factor in the regional market's expansion. Further, the US plasticizer market held the largest market share, and the Canada plasticizer market was the fastest growing market in the region

Europe Plasticizer Market is expected to grow at the fastest CAGR from 2022 to 2030 due to quick industrialization and significantly rising polymer demand from diverse end-sectors. Italy, Russia, France, the UK, and Germany make up the remaining divisions of the region. The robust automotive industry in the region is primarily responsible for the market's expansion. Moreover, UK plasticizer market held the largest market share, and the Germany plasticizer market was the fastest growing market in the region

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the plasticizer industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the plasticizer industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, plasticizer industry has provided medicine with some of the most significant benefits. The plasticizer market major player such as BASF SE (Germany), DIC Corporation (Japan), LG Chem (South Korea), Evonik (Germany), Exxon Mobil Corporation (US), Lanxess AG (Germany), Nan Ya Plastics (Taiwan), KAO Corporation (Japan), Polynt SPA (Italy), KLJ Group (India), Polyone Corporation (US), Jiangsu Zhengdan Chemical Industry Co.

Ltd. (China), OXEA GmbH (Germany), Vertellus Holdings LLC (US) and Dahin Co. (Taiwan).

Japanese chemical business DIC Corporation specialises in the discovery, production, and marketing of inks, pigments, polymers, speciality plastics and compounds, and biochemicals. In August 2022, the United States Department of Agriculture has certified the polyester plasticizer GLOBINEXRW-1810-BIO, which is now made entirely from biomass, as a biobased product, according to DIC Corporation.

In Essen, North Rhine-Westphalia, Germany, Evonik Industries AG, a speciality chemicals business, is headquartered. It is among the top speciality chemicals firms in the world and the second-largest chemicals company in Germany. As a result of the restructuring of the mining and technology group RAG, it was created on September 12, 2007, and the RAG Foundation owns the majority of it. In January 2022, the plasticizer product ELATUR DINCD was recently introduced by Evonik. The excellent low-temperature flexibility and UV resistance of this novel product make it more durable.

LANXESS plans to introduce Mesamoll, a plasticizer, with a notably lower product carbon footprint (PCF) in 2023. Consumers will still get the same level of quality from the products, plus an enhanced sustainability profile. The Polymer Additives (PLA) business unit of specialty chemicals manufacturer LANXESS has made a significant advancement in the sustainability of its plasticizer portfolio by providing a more environmentally friendly alternative for its plasticizer Mesamoll.

Evonik introduced ELATUR DINCD, a new and revolutionary plasticizer, in 2022. ELATUR DINCD, a cyclohexanoate, possesses a number of highly desired qualities, such as strong UV resistance and exceptional low-temperature flexibility.

Leading polyol producer Perstorp is introducing Pevalen Pro, a new renewable-based polyol ester (non-phthalate) plasticizer, in 2019. According to reports, this will make flexible PVC an even more appealing plastic option because it has a far smaller carbon impact than alternative materials and technologies. Pevalen Pro, a renewable, real non-phthalate plasticizer with 40% renewable content, offers PVC better performance qualities while also improving the environment.