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 during2019-2024 (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.

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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 cabledem and in the automotive, construction,healthcare,electrical,and packaging industries.

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 theirnon-toxic profile. Health concerns across the developed countries have led to thebanning 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.

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.

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Competitive Landscape of the Plasticizers Market

The plasticizers market is highly dispersed in nature, and only one market player, UPC Technology Corporation, had a significant market share in 2018. The Taiwan-based UPC Technology Corporation maintains a strong global presence, by having a broad product portfolio and well-established supply chain. It has sales operations in Taiwan, China, Southeast Asia, Northeast Asia, South Asia, the U.S., Canada, the Middle East, and New Zealand, where it offers basic plasticizers, such as DOP, DNOP, DINP, DIDP, DPHP, DBP, DBIP, DOTP, TOTM, TNTOM, and DOA, and various specialty plasticizers. In order to increase their market share, like UPC Technology Corporation, several other companies have started adopting strategic measures, including mergers and acquisitions, facility expansions, and product launches.

Apart from UPC Technology Corporation and Perstorp Holding AB, the key players in the global plasticizers market include BASF SE, Evonik Industries AG, Exxon Mobil Corporation, Eastman Chemical Company, Nan Ya Plastics Corporation, Mitsubishi Chemical Corporation, LG Chem Ltd., KLJ Group, Arkema SA, and Lanxess AG.

Recent Strategic Developments of Major Plasticizer Market Players

For instance, in June 2019, Perstorp Holding AB launched a new renewable polyol ester plasticizer (non-phthalate), named Pevalen Pro. This plasticizer for flexible PVC is cost effective, plasticizing-efficient, UV stable, and soft.

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This release was published on openPR.