Plasticizers Market Size, Share, Growth Drivers and Business Opportunities | P&S Intelligence

The global plasticizers market generated a revenue of $13,967.9 million in 2018, and it is predicted to reach a value of $16,700.6 million by 2024. Furthermore, the market will progress at a CAGR of 3.5% between 2019 and 2024, as per the estimates of P&S Intelligence, a market research company based in India. As plasticizers are extensively required in the production of construction materials, the market is being mainly driven by the surging construction activities all over the world.

Plasticizers are widely used as a raw material for producing construction materials such as tubes and pipes, building interiors, and roof and wall insulation. This is why the expansion of the global construction industry, on account of the rising urbanization rate and the booming population in several countries such as India, Brazil, and China, is positively impacting the sales of plasticizers across the world. Plasticizers are also heavily used for roofing, cladding, flooring, and various other construction applications.

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Besides the aforementioned factor, the burgeoning requirement for polyvinyl chloride (PVC) in the electrical and electronics industry is also fueling the demand for plasticizers. Depending on product, the plasticizers market is divided into phthalates and non-phthalates categories. Between these two, the phthalates category held the larger share in the market, in terms of volume, in 2018. This is credited to their extensive usage in the production of coatings, anti-viscosity agents, emulsifying agents, and plastics used in the healthcare industry.

When end-use is taken into consideration, the plasticizers market is classified into wires & cables, flooring, roofing, & cladding, films & sheets, medical equipment, automotive parts, and toys & child care products. Out of these, the wires & cables category dominated the market in 2018, and this category is predicted to register a CAGR of 3.8% between 2019 and 2024. This is attributed to the surging requirement for wires and cables, that use flexible PVC for insulation and protection.

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Across the globe, the plasticizers market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is credited to the booming automotive, electrical & electronics, construction, and chemicals industries in the region. As plasticizers are heavily used in these industries for making end products flexible and smooth, the surge in these industries is massively boosting the demand for plasticizers, which is, in turn, driving the market advancement in the region.

Hence, it is safe to say that the market will grow substantially in the coming years, primarily because of the expansion of the construction and automotive industries across the world and the growing usage of plasticizers in these industries.

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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.