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The Plasticizer Market is undergoing notable changes influenced by a variety of factors, shaping its growth and overall dynamics. As a crucial component in the polymer industry, plasticizers are widely used to enhance the flexibility and workability of plastics. Here's an exploration of key pointers outlining the market dynamics of the plasticizer market:
1. Diverse Applications in Polymer Industry:
A primary driver of the plasticizer market is its widespread use in the polymer industry. Plasticizers play a crucial role in modifying the physical properties of polymers, making them more pliable and adaptable. This versatility results in diverse applications across industries such as construction, automotive, and packaging.
2. Construction Industry Driving Demand:
The dynamics of the plasticizer market are significantly influenced by the construction industry, where plasticizers are extensively used in concrete and mortar formulations. Plasticizers enhance the workability and durability of these construction materials, contributing to the market's growth.
3. Growing Demand for Flexible PVC:
The increasing demand for flexible polyvinyl chloride (PVC) is a major factor shaping market dynamics. Plasticizers are crucial in PVC formulations, providing the flexibility required for applications such as cables, flooring, and inflatable structures. The expanding PVC market contributes to the overall growth of the plasticizer market.
4. Technological Advancements in Formulations:
Ongoing technological advancements in plasticizer formulations are impacting market dynamics. Innovations focus on developing plasticizers with improved performance characteristics, reduced environmental impact, and compliance with regulatory standards, influencing consumer preferences and market trends.
5. Environmental and Regulatory Considerations:
The market dynamics are significantly influenced by environmental and regulatory considerations. Stringent regulations on the use of certain plasticizers, especially phthalates, have led to a shift towards more environmentally friendly alternatives. The demand for bio-based and non-phthalate plasticizers is rising, shaping market trends.
6. Automotive Industry Applications:
The automotive industry plays a crucial role in market dynamics, with plasticizers used in various components such as automotive interiors, wiring, and under-the-hood applications. The demand for lightweight and fuel-efficient vehicles contributes to the growing use of plasticizers in automotive materials.
7. Emerging Trends in Bioplastics:
The dynamics of the plasticizer market are influenced by emerging trends in bioplastics. As the demand for sustainable and bio-based plastics rises, the market for bio-based plasticizers derived from renewable sources such as soybean oil and citrates is gaining traction, reflecting evolving consumer preferences.
8. Global Economic Trends:
The plasticizer market dynamics are closely tied to global economic trends. Economic fluctuations impact the demand from key end-use industries, affecting market dynamics. Economic downturns may lead to reduced construction activities and lower demand for plasticizers, while economic growth can spur investments in infrastructure, positively influencing the market.
9. Competitive Landscape and Market Consolidation:
The market is witnessing increased competition among key players, leading to strategic collaborations, mergers, and acquisitions. Market consolidation is influencing the competitive landscape and shaping overall market dynamics as companies seek to enhance their product portfolios and global market presence.
10. Impact of the COVID-19 Pandemic:
The plasticizer market faced challenges during the initial phases of the COVID-19 pandemic, with disruptions in supply chains and manufacturing activities. However, as industries adapted to new norms and demand patterns evolved, the market showcased resilience, with ongoing developments reflecting the adaptability of the industry.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Application and Region |
Plasticizers Market Highlights:
Global Plasticizer Market Overview
Plasticizer Market Size was valued at USD 17.98 billion in 2023. The plasticizer industry is projected to grow from USD 19.2 Billion in 2024 to USD 28.45 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.17% during the forecast period (2024 - 2032). Increased demand for flexible PVC in various applications, increased use of non-phthalate and high molecular weight phthalate plasticizers, and expansion in the packaging sector are the key market drivers for the worldwide plasticizer market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plasticizer Market Trends
- 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.
Figure 1: Total sales of beauty & personal care industry in US
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
Plasticizer Market Segment Insights
Plasticizer Type Insights
The plasticizer market segmentation, based on type, includes Phthalate Plasticizer and Non-Phthalate Plasticizer. The phthalate plasticizer segment held the majority share in 2022 in the plasticizer market data due to phthalate use limits imposed by the Registration, Evaluation, and Authorization of Chemicals (REACH) rules.
Figure 2: Plasticizer Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plasticizer Application Insights
The plasticizer market segmentation, based on application, includes Flooring & Wall Covering, Wire & Cable, Packaging, Consumer Goods, Medical & Healthcare, Toys and Others. The wire & cable segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to the growing popularity of electronic gadgets in various emerging nations in Asia-Pacific and LAMEA, this region is anticipated to be a major market driver. In order to produce flexible and soft polyvinyl chloride (PVC), known as plasticizers, are required. PVC, or polyvinyl chloride, has a number of inherent properties that make it a great choice for a wide range of applications. All cables, whether they are used for industrial or domestic purposes, must adhere to strict safety standards.
Plasticizer Regional Insights
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, MRFR 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
Plasticizer Key Market Players & Competitive Insights
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.
Key Companies in the plasticizer market includes
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BASF SE (Germany)
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DIC Corporation (Japan)
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LG Chem (South Korea)
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Evonik (Germany)
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Exxon Mobil Corporation (US)
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Lanxess AG (Germany)
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Nan Ya Plastics (Taiwan)
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KAO Corporation (Japan)
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Polynt SPA (Italy)
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KLJ Group (India)
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Polyone Corporation (US)
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Jiangsu Zhengdan Chemical Industry Co. Ltd. (China)
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OXEA GmbH (Germany)
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Vertellus Holdings LLC (US)
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Dahin Co. (Taiwan)
Plasticizer Industry Developments
October 2021: In North America, Cargill introduced the biodegradable plasticizer Biovero. The business wants to grow and introduce the goods all over the world. The product has uses in cables, wires, textiles, and flooring.
January 2019: A non-phthalate plasticizer called Pevalen Pro has been introduced by Perstorp. Pevalen Pro is a renewable substance that increases the flexibility of PVC.Sep 2023: LANXESS is steadfastly committed to lowering the PCF for its plasticizer Mesamoll in the future. LANXESS is still dedicated to pushing the limits of sustainability in its business, even though the present decrease is already much lower than other alternative plasticizers on the market.
Plasticizer Market Segmentation
Plasticizer Type Outlook
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Phthalate Plasticizer
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Non-Phthalate Plasticizer
Plasticizer Application Outlook
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Flooring & Wall Covering
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Wire & Cable
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Packaging
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Consumer Goods
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Medical & Healthcare
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Toys
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Others
Plasticizer Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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