What Factors are Powering over $16,000.0 Million Revenue in Global Plasticizers Market in 2024?

One of the main reasons behind the surge in the demand for plasticizers is the rising consumption of building materials and tools, due to the expansion of the construction industry across the globe. Several building materials are produced from polyvinyl chloride (PVC), which requires plasticizers, such as dioctyl phthalate (DOP), diisononyl phthalate (DINP), dioctyl terephthalate (DOTP), and dibutyl phthalate (DBP), for softness. PVC products are highly-sought-after in the construction industry owing to their numerous advantages, such as high resistance to ultraviolet (UV) rays and temperature, which is, in turn, pushing the demand for plasticizers.

Further, the demand for plasticizers is also rising owing to the growing need for PVC from the electronics and electrical industry. Due to its temperature resistance characteristics, it is widely used in the manufacturing of various electrical items and devices, which is also fuelling the demand for plasticizers. As a result, the global plasticizers market size is expected to increase from $13,967.9 million in 2018 to $16,700.6 million by 2024, at a CAGR of 3.5% during the forecast period (2019–2024).

Get a sample report of market analysis: https://www.psmarketresearch.com/market-analysis/plasticizers-market/report-sample

The plasticizers commonly available are phthalates, such as diisononyl phthalate (DINP), di(2-propylheptyl) phthalate (DPHP), diisodecyl phthalate (DIDP), dioctyl phthalate (DOP), dibutyl phthalate (DBP), and diisobutyl phthalate (DIBP), and non-phthalates, including terephthalates, adipates, 1,2-cyclohexane dicarboxylic acid diisononyl ester (DINCH), and maleates. Amongst these, the non-phthalate variants are forecast to record faster surge in usage in the coming years, due to the health concerns raised over the use of many phthalate plasticizers because of their toxic profile. Due to this very reason, phthalates are also increasingly being banned by various governments across the world.  

The plasticizers market is currently witnessing the rising popularity of non-phthalate plasticizers for PVC production, throughout the world. As noted above, the biggest factor responsible for this dramatic shift is the toxicological nature of most of the constituents of phthalate plasticizers. Moreover, the governments in various countries are implementing stringent laws pertaining to the use of harmful chemicals. In addition to this, the rising focus toward the use of eco-friendly materials in the construction industry, in order to reduce pollution, is also fuelling the demand for non-phthalate plasticizers.

 Globally, the highest sale of plasticizers was observed in the Asia-Pacific (APAC) region in 2018. This is primarily attributed to the flourishing manufacturing, healthcare, urban infrastructure and construction, chemicals, and several other industries in various regional countries, such as India and China, as well as Indonesia and in many other Southeast Asian countries. These industries require plasticizers for the production of flexible PVC, which is ultimately used in the manufacturing of numerous products, such as those pertaining to the healthcare, automobile, electronics, and food packaging sectors.

Therefore, it can be concluded that owing to the escalating need for PVC from the booming construction and electronics and electrical industries, the demand for plasticizers is expected to witness tremendous growth in the coming years.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Apr 8th 2020 06:53. Viewed 279 times.

Share on APSense

Comments