PORTLAND, Oregon and PUNE, India, February 8, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Plasticizers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," 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. The phthalates type held two-thirds of the global market in 2015.
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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.
According to Eswara Prasad, Team Leader, Chemicals & Materials at Allied Market Research, "Construction & packaging firms have resulted in high growth rates of flooring & wall as well as film & sheet covering application segments. Asia-Pacific is a leader in plasticizers market due to huge production & demand in China. Increasing focus of manufacturers & consumers on bio-derived plasticizers has led to rigorous R&D, thus resulting in a large number of patents published on it in recent years".
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.
The major companies profiled in the report include 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research