A plasticizer is a substance, which added to a material usually a plastic, resin or elastomer, to improve its processability and flexibility. Plasticizers are a versatile product providing unique contributions in widely varying applications. The Global Plasticizer market is expected to grow at a CAGR of 6 %. Plasticizers are largely used in medical and healthcare, consumer goods, packaging, wire and cable, and flooring and wall covering. There is an immense need to ensure eco-friendly manufacturing of plasticizer products and growth in use of PVC material. The plasticizer market is expected to grow in future due to focus on research activities aiming at quality enhancement and to derive cost efficient manufacturing.

There are basically two types of plasticizers viz., phthalates and non- phthalates. In 2020, phthalates were widely used plasticizer owing to its high usage in various end user applications such as flooring & wall, film & sheet coverings, wires & cables, coated fabrics, consumer goods and others (medical, sports, & adhesive & sealants applications). In 2020, the wires and cables segment had a substantial share in global plasticizers market and will continue to dominate the market in the coming years. Market size and forecast of each product type and application is presented for the period 2020 to 2030 along with respective CAGR % for the forecast period 2023-2030.

Demand for PVC Driving Revenues for Plasticizers

The key application of plasticizers include flooring, wall covering as laminating, wires and cables, consumer goods, medical application, manufacturing toys, sealing application and automotive industry. There is significant rise in the application of plasticizers as demand for PVC material increases. The plasticizers play a vital role in softening process of PVC material as it results in light weight material, durability and strengthening. The PVC market reached US $45,069 million in 2020 and is expected to hold significant potential.

Emerging Demand for Eco-Friendly Plasticizers

Phthalates plasticizers are the most widely used type of plasticizers. However, the manufacturers are moving away from production of Phthalates plasticizers as they cause health hazards. Eco friendly counsels and NGOs are largely promoting the use of non - Phthalates plasticizers. Use of Phthalates plasticizers n certain applications such as child care items are banned in certain European countries. In Europe, the safe use of plasticizers is enabled by Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), the most comprehensive product safety regulation in the world. Many studies have been conducted in recent years to evaluate plasticizers’ effects on humans and on the environment. The key activities carried out by the ECPI are related to the European regulatory context. Therefore, the immediate impact of ECPI mainly concerns the European environment.  Regulations remain as the key market restraint. This has propelled the demand for eco-friendly and safe alternatives through bio-based plasticizers and renewable feedstock. The bio-based plasticizers market promises significant opportunities in the long term period.

Asia Pacific Dominates the Market

The North America exports plastic from Asia as it is the leading manufacturer in the plastic industry. The plasticizer industry is dominated by Asia, as raw materials are easily available. The demand for films and sheet is rising, this results growth in the plasticizer market. APAC is followed by North America and Europe. Asia Pacific is expected to achieve highest growth rate compared to other regions due to presence of countries such as China, India and Japan are observing significant industrial and construction growth.

Key players

Key player in this market include UPC Technology Corporation, Exxon Mobil Corporation, Aekyung Petrochemical Co, BASF SE, Daelim Industrial Co. Ltd, Dow Chemical Company, LG Chem Ltd, Evonik Industries AG, Eastman Chemical Company, Ineos Group. Furthermore, the companies are focusing on expanding their business network, across regional markets. They are strengthening their market penetration by offering wide product range in the plasticizers segment.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Plasticizer market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Plasticizer market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Plasticizer market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Plasticizer market?
• Which is the largest regional market for Plasticizer market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Plasticizer market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Plasticizer market worldwide?