Plasticizers Market Driven by Demand for Polyvinylchloride (PVC) in Electronics and Electrical Industry

In 2018, the plasticizers market valued $13,967.9 million, and it is predicted to reach $16,700.6 million by 2024, witnessing a 3.5% CAGR during 2019-2024 (forecast period). The increasing demand for polyvinylchloride (PVC) in the electronics and electrical industry and requirement for construction material is driving the market growth. Plasticizers are additives used during the manufacturing of plastics, to improve their performance, as they are usually cheaper than other additives.

Get A Sample Copy of Market Analysis at: http://bit.ly/3bqhQGp

The global production of plastics increased during the historical period (2016-2018), so did the production of PVC, for use as an insulation for electrical wires. PVC is used in these products owing to its flexible nature and good resistance to temperature and ultraviolet (UV) rays, which is because of the presence of plasticizers. The share of plasticizer-containing PVC in wires and cables is expected to witness a considerable progress during the forecast period. Thus, the rising consumption of PVC, containing plasticizers, in the electrical and electronics industry, will boost the growth of the global plasticizers market.

Based on end use, the market is classified into flooring, roofing, & cladding, wires and cables, automotive parts, films & sheets, toys and child care products, medical equipment, and others. Among these, wires and cables held the largest value and volume shares in the plasticizers market in 2018. The category is projected to witness considerable growth, at a CAGR of 3.8%, in terms of value, during the forecast period. The growth of the category is driven by the high wire and cable demand in the automotive, construction, healthcare, electrical, and packaging industries.

Make inquiry before purchase at: https://www.psmarketresearch.com/send-enquiry?enquiry-url=plasticizers-market

In terms of product, the plasticizers market is bifurcated into phthalates and non-phthalates. Non-phthalate plasticizers are expected to witness the higher CAGR during the forecast period, because of their non-toxic profile. Health concerns across the developed countries have led to the banning of major phthalate plasticizers, and the strict policies implemented by governments have increased the demand for non-phthalate variants. These are the key factors boosting the demand for non-phthalate plasticizers, which is why this bifurcation is expected to grow considerably during the forecast period.


Almost 90% of the plasticizers used to produce PVC are phthalates; however, they impart toxicity, and with severe health concerns in developed countries, a ban on the use of such plasticizers has been implemented. The ban and strict regulations enforced by the government have boosted the demand for non-phthalate variants, which are non-toxic in nature. Now, they are increasingly being used for the production of PVC, which is itself used to manufacture medical devices, toys, and several other end products.


Globally, the highest demand for plasticizers was witnessed in the Asia-Pacific (APAC) region, which accounted for an over 60.0% share, in terms of value and volume, in 2018. The market size and predicted growth during the forecast period are attributed to the region's high-volume manufacturing, chemicals, automotive, electrical and electronics, construction, and several other end-use industries, majorly in India, China, and Indonesia. All these industries require plasticizers in PVC, so that the end products are flexible. Thus, the increasing demand for PVC is expected to boost the regional plasticizers market growth during the forecast period.


Therefore, it is clearly visible that with the rising demand for non-phthalate plasticizers in the electronic and electric industry, the market will prosper in the coming years.

Contact:
P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.