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Plasticizer Market: How a market will be categorized into 6 applications segment?

Author : Ronak Bora | Published Date : 2019-03-20 

By application, global plasticizer market is segmented into six categories viz. floors & walls, coverings for films and sheets, wires & cables, consumer goods, coated fabrics and others. The products application in floors and walls has a substantial share in its global consumption in 2016 due to its use as a concrete additive. The product is also used extensively for coverings owing to its properties such as viscosity reducers, low volatile organic compounds and fast fusers. Plasticizers will be mostly used for these two categories of applications in the forecast period due to increasing preference of customers for new designs in coverings and floor walls in their buildings. As the economic condition of people improve, the products application in production of wires & cables and consumer goods will also increase.

Global Plasticizer Market size is estimated to grow at a steady rate from 2016 to 2024. Rising demand for PVC products, robust growth in automotive sector, urbanization and infrastructural growth and high demand for consumer products will be the major drivers for the plasticizer market in the future.

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Plasticizers are additives that increase a materials viscosity and plasticity and are usually combined with polyvinyl chloride (PVC) or other polymers to impart unique properties. Growing demand for PVC products and expanding automotive industry will boost the market in the coming years. PVC is the third most widely produced polymer in the world and global PVC market was valued at around USD 5 Billion in 2016 and will grow at a moderate rate till 2024. The growth in the PVC market will augment the products market due to the its extensive use in PVC manufacturing. The market will also witness growth due to rapid urbanization and construction projects around the world where the product is used as an additive for concretes and other polymers and in the production of wires and cables. Growing automobiles demand and sales worldwide will boost the market owing to the products use in tire manufacturing. Global tire demand in 2015 was more than 2000 mi  llion units and is expected to rise further till 2024 which will influence the market positively. Improving economic condition of people around the globe and the resultant demand for consumer products and growth in packaging industry will bolster the plasticizer market. Stringent government regulations on the use and disposal of plastics, harmful effects of plastics on the environment and high cost of production may hamper the market during the forecast years. Research on bio-based plasticizers which are biodegradable and environment friendly will likely open growth opportunities for the product in the near future.

By product, global plasticizer market is segmented into the following categories – phthalates, aliphatics, terephthalates, trimellitates, polymerics, epoxy, phosphates and others. Phthalates accounted for major share of the market in 2015. Market share of terephthalates, epoxy and aliphatics is expected to rise at a moderate rate due to its use as a replacement to phthalates in many countries.\

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By end users, global plasticizer market can be segmented in the following categories – construction & remodeling, electronics & communication, automobile and tire industry, medical & healthcare and others. Among these, the products usage in the construction & remodeling industry has a substantial share and is expected to drive the market in the forecast period. Its use in electronics & communication, automobiles and healthcare industries will also influence the market in a positive way.

By region, global plasticizer market is divided into five segments viz. North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific has been the leading market for plasticizers, both in terms of production and consumption, due to improved economic condition and increasing infrastructural development and is expected to retain this position owing to the presence of many end user industries in this region It is followed by North America and Europe where the market is expected to grow at a slow pace in the forecast period because both the markets are well established and mature having only a limited potential for growth. Middle East and Africa and Latin America will witness steady growth during this period.

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The key players in the global plasticizer market are – BASF, Dow chemicals, ExxonMobil, Evonik Industries, Arkema, Eastman Chemicals, Clariant International, Adeka, UPC Group, Blue sail Chemical Group and Aekyung Petrochemical.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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