Understanding Impact of COVID-19 on Global Plasticizers Market

 Plasticizers are odorless and colorless esters that perform the function of increasing the elasticity of a specific material. Benefits like durability and flexibility enhance the growth prospects of the plasticizers market. On the basis of type, the plasticizers market can be classified into phthalates, aliphates, polymeric plasticizers, and non-phthalates. Plasticizers improve flow and thermoplasticity properties of a polymer by reducing the viscosity of the polymer melt. Therefore, these aspects can assist in increasing the growth of the plasticizers market.

  • The use of plasticizers as a raw material for producing construction material such as roofs, wall insulation, building interiors, pipes, tubes, etc. is growing at a significant rate. As the construction industry is growing at a steady rate, the plasticizers market is also expected to grow at a steady rate. The Asia Pacific region is observing growth in urbanization. Hence, it is expected to record good growth during the forecast period of 2016-2024. A rise in demand for flexible PVC is also expected to accelerate the plasticizers market.

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  • The manufacturers in the plasticizers market are coming up with new strategies and plans to increase their footprint. Mergers and acquisitions are one of the important strategies for getting stronghold over the plasticizers market. Expansion of production capacity is also vital owing to the growing demand for plasticizers across various sectors. Therefore, manufacturers are expanding production capacity to smoothly meet the demand. For instance, Perstorp Holding AB announced the expansion plan for the production capacity of Pevalen, a non-phthalate polyester plasticizer. This project will enable the company to increase plasticizers production up to 50000 tons per year.
  • In addition, the replacement of numerous wood and iron products such as floorings, doors, pipes, and windows with plastics will bring an increase in the growth rate of the plasticizers market throughout the forecast period.

Global Plasticizers Market: Snapshot

Thanks to the augmenting urbanization, growth of the construction industry, and the infrastructural developments in the medical and the healthcare sector, especially in emerging economies, such as China and India, the global market for plasticizers has been witnessing a remarkable progress in its size and valuation. Along with this, the surge in the demand for PVC products and the expansion of the automotive industry are also boosting this market significantly.

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Moving forward, the replacement of a number of wood and iron products, such as windows, floorings, doors, and pipes, with plastics will reflect positively on the sales of plasticizers across the world in the near future. However, the harmful effects of plastics on environment, stringent government regulations limiting the usage of plastics, and the high cost of plasticizer production, together, may restrict this market from growing steadily in the years to come

The global plasticizers market offered an opportunity worth US$14.85 bn in 2015. Increasing at a CAGR 5.50% between 2016 and 2024, the market is anticipated to attain US$23.87 bn in revenues by the end of 2024.

plasticizers market

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Plasticizers to Experience Continued Demand from Floor Walls and Coverings

Phthalates, non-phthalates, aliphates, and polymeric plasticizers have surfaced as the key products available in the global plasticizers market. Phthalates have been the most preferred product among consumers and are anticipated to remain substantial among all the product types over the forthcoming years.

Floor walls and coverings, wires and cables, consumer goods, and films and sheets are the prime applications of plasticizers across the world. In 2015, the demand for plasticizers was higher from floor walls and coverings than other application. With the increasing preference of consumers for new designs of floor walls and coverings in their houses and workplaces, the pace of demand from this segment is anticipated to remain high over the next few years.

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