The plasticizers market is estimated at USD 12.23 billion in 2017 and is projected to reach USD 16.15 billion by 2022, at a CAGR of 5.7% from 2017 to 2022. Rising demand for plasticizers is majorly due to the increasing production of flexible PVC for various applications. Moreover, the growing construction activities are also driving the market.
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The report analyzes the key growth strategies adopted by the leading market players between 2013 and 2017. UPC Technology Corporation (Taiwan), Exxon Mobil Corporation (US), Aekyung Petrochemical Co., Ltd (South Korea), BASF SE (Germany), and Nan Ya Plastics Corporation (Taiwan) are the key players operating in the plasticizers market. These companies adopted new product launches, agreements & partnerships, and investments & expansions strategies to strengthen their presence in the plasticizers market.
UPC Technology Corporation leads the Plasticizers Market and has adopted investments & expansions as its major strategy. The company acquired a plasticizer plant in Gebeng Petrochemical Park, Malaysia from BASF Petronas Chemicals Sdn. Bhd. (BPC). The plant is capable of manufacturing 40,000 metric tons of phthalic anhydride and 100,000 metric tons of plasticizer every year. This move is expected to increase the company’s position in the Asia Pacific region. The company focuses on the needs of end consumer segments and a strategic agenda for continuous growth. The company is focusing on financial consolidation, targeting higher returns on capital, and higher profitability.
BASF SE has adopted investments & expansions to grow in the plasticizers market. In July 2017, the company started the production of Dioctyl Terephthalate (DOTP) under the brand name, Palatinol in its Texas facility. This development is expected to enable the company meet the growing demand for non-ortho-phthalate plasticizers in North America. In November 2014, the company doubled the capacity of its non-phthalate plasticizer, Hexamoll DINCH from 100,000 metric tons to 200,000 metric tons at its site in Germany. This development enabled the company to strengthen its supply security worldwide.
The plasticizers market is estimated at USD 12.23 billion in 2017 and is projected to reach USD 16.15 billion by 2022, at a CAGR of 5.7% from 2017 to 2022. The growing demand for flexible plastics in applications, such as wire & cable, flooring & wall covering, and film & sheet is expected to drive the plasticizers market during the forecast period.
In addition, the demand for plasticizers in the construction and automotive sectors is fueling the market. Plasticizers help in softening rigid plastics by increasing the flexibility limit with respect to the required application.
Non-phthalates is projected to be the fastest-growing type segment of the plasticizers market between 2017 and 2022 due to its environment-friendly nature. Non-phthalate plasticizers have gained prominence over the last decade as traditional phthalate plasticizers have come under increased scrutiny for their potential adverse health effects. In addition, the REACH regulations have placed restrictions on the use of phthalates plasticizers, majorly in regions, such as North America and Europe. Dioctyl Terephthalate (DOTP) is the majorly used non-phthalate type for a wide range of applications, such as coatings, wire & cable, and film & sheet.
Film & sheet is projected to be the fastest-growing application in the plasticizers market, majorly due to its increasing use in the packaging application, such as cling film for meat, cheese, and vegetables, among others. In addition, it is used in the automotive industry as commercial signage products, such as car body stripes and stickers. The growing automotive industry is expected to drive the plasticizers market for the film & sheet application.
Asia Pacific is projected to be the fastest-growing market for plasticizers. Increasing population, growing urbanization, and increasing investments in infrastructural projects drive the overall industrial growth in this region, which in turn are expected to drive the market for plasticizers. China is the largest market for plasticizers in the Asia Pacific due to the growing building & construction, automotive, and electrical & electronics industries in the country. The growing population and increasing migration to urban areas have resulted in the high growth of the construction industry in China, making it the largest construction market. This is a major factor driving the plasticizers market in China.
