ALBANY, New York, September 19, 2018 /PRNewswire/ --
The global plasticizers market is highly fragmented in nature due to presence of large number of players in the market. Presence of both small and large scale vendors can be seen in the market. The market is highly competitive as the vendors are trying to focus on technological advancements coupled with heavy investment in research and development to obtain quality product for its customers. Apart from these, the players are trying to get their hands in ecofriendly plasticizers. Major players are looking ways to develop eco-friendly plasticizers to satisfy rising environmental concerned population. Some of the major players in the market are Eastman Chemical Company, ExxonMobil, LG Chem, BaASF, and Evonik Industries.
According to the research done by Transparency Market Research, the global plasticizers market is anticipated to rise at a robust CAGR of 5.50% during the forecast period, 2016 - 2024. The market was valued at US$14.85 Bn in 2015 is predicted to touch the valuation of US$23.87 Bn by the end of assessed period. On the basis of product, the market is segregated into aliphates, polymeric, phthalates, and non-phthalates. Among these, phthalates are known to dominate the segment owing to better weather and temperature resistance, flexibility, and durability. On the basis og geography, the market is spread across Europe, north America, Asia Pacific, Middle East and Africa, and Latin. Asia Pacific among the rest is known hold the major share in the market owing to rise in usage of PVC products for housing and construction, automotive, electric and electronics, and medicare sector. It is expected that the region is like to grow at a whopping CAGR of 6.10% during the assessed period.
Rising Automotive Industry to Support the Market Growth
High demand for wires and cables, floor walls and coverings, films and sheets, and consumer goods across the world owing to rapid urbanization, change in lifestyle and more importantly rise in disposable income has triggered the growth of the global plasticizers market. Rising demand for flexible PVC products accompanied with robust growth of automotive industry is likely to propel the growth of the market. PVC is the third most used polymer across the world. Growth of PVC market is expected to augment the growth of the market. Rise in construction activities across the world with rapid urbanization is expected to push the growth of the market in positive days. PVC is known to replace wooden and iron doors, flooring, and windows.
Plasticizers are known to have founds its application healthcare sector, rapid advancement in this sector is like to boost the growth of the market. Rising demand for vehicles among middle class families have forced the automobile manufacturer to use plasticizer to meet the demand. Rising preference for light weight vehicle has favored the global market. Plasticizer are known to be used for manufacturing tires, as global tires market is predicted to witness a rapid growth in the market, it envisaged to have a positive influence on the global plasticizer market.
Government Laid Regulations to Deter the Growth Rate
However, it has been noticed that rising concerns by the government of various countries on using plastics is likely to take a back seat in the growth of the market. Concerns regarding the disposal of these plastics and its adverse impact on the environment is likely to deter the growth of the market. Another factor that is hampering the market growth is the expensive production cost of plastics which is likely to act as blockade for new players. Nonetheless, manufacturers are shifting their interest to bio based plasticizers to grow is expected to provide lucrative opportunities to the growth of the market.
The information is represented in this review is based on a TMR report, titled, "Plasticizers Market (Product - Phthalates, Non-phthalates, Aliphates, and Polymeric; Application - Wires & Cables, Floor Walls & Coverings, Consumer Goods, and Films & Sheets) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024."
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