Global Plasticizers Market Insights Forecasts to 2032

• The Plasticizers Market Size was valued at USD 16.72 Billion in 2022.
• The Market Size is Growing at a CAGR of 5.3% from 2022 to 2032
• The Worldwide Plasticizers Market Size is expected to reach USD 23.60 Billion by 2032
• North America is expected To Grow the fastest during the forecast period.

The Global Plasticizers Market Size is expected to reach USD 23.60 Billion by 2032, at a CAGR of 5.3% during the forecast period 2022 to 2032.

Plasticizers are a kind of chemical additive that are frequently employed in the production of plastics and other polymeric materials. They are included to make these materials more flexible, strong, and processable. Plasticizers aid in softening and enhancing the malleability of plastics, which is crucial for inherently hard materials like PVC (polyvinyl chloride). Plasticizers' main job is to lower the polymer's glass transition temperature (Tg), which increases its flexibility at lower temperatures. This makes it simple to mould and mold plastic into different shapes. Plasticizers can also improve the plastics' elongation and impact resistance. Phthalates are the most popular class of plasticizers, although there are other varieties as well, such as adipates, trimellitates, and citrates. Due to their ability to leach from plastics and be absorbed by the body or the environment, phthalates have raised certain health and environmental concerns. 

Impact of COVID 19 On Global Plasticizers Market
Global supply networks were severely impacted by the COVID-19 epidemic, which had an impact on both the manufacturing and transit of raw materials and completed commodities. Manufacturers and end users may have been impacted by this disruption in terms of plasticizer availability and cost. Demand changes occurred throughout the pandemic in a number of sectors that depend on plasticizers, including construction, automotive, and consumer products. The demand for plastic products and, consequently, the demand for plasticizers, may have been impacted by lockdowns, decreased consumer spending, and changes in consumer behavior. Certain consumer trends, such a stronger emphasis on sustainability and eco-friendly items, may have been expedited by the pandemic. This might have spurred some businesses to look into more environmentally friendly plasticizers or materials.

Key Market Drivers

It was anticipated that rapid urbanization in developing nations would increase demand for building supplies and infrastructure improvement. Plasticizers are widely used in the construction sector for materials including pipes, wires, cables, flooring, and roofing, which helps drive market expansion. Plasticizer consumption in the automobile industry is enormous, particularly for the production of wires and cables, external parts, and car interiors. The need for plasticizers was anticipated to grow as the automobile sector developed more. Plasticizers are frequently employed in the manufacturing of a wide range of consumer goods, including toys, flexible home items, and packaging materials. It was anticipated that the expansion of the consumer goods sector would increase demand for plasticizers. There has been an increase in interest in sustainable and bio-based plasticizers generated from renewable resources as a result of rising environmental concerns and prohibitions on conventional plasticizers like phthalates. This pattern was probably going to spur innovation and open up new business opportunities.

Key Market Challenges

As businesses and consumers look for more environmentally friendly options, the demand for bio-based and renewable plasticizers is increasing. Due to technical, economic, and scale-up issues, the development and commercialization of these alternatives might be difficult. The price of raw materials like petrochemicals, which might fluctuate, has an impact on the plasticizers industry. Price changes for raw materials can have an effect on production costs, which can then have an effect on product pricing and profitability. The demand for plasticizers might fluctuate depending on the state of the economy, customer tastes, and other external variables. This market is directly correlated with sectors including building, automotive, and consumer goods. Manufacturers of plasticizers may face difficulties in anticipating and scheduling their output as a result of these changes.

Market Segmentation

Product Insights

Phthalate plasticizers segment is dominating the market over the forecast period

On the basis of product, the global plasticizers market is segmented into Phthalate, Non-Phthalate, and Others. Among these, the phthalate plasticizers segment is dominating the market over the forecast period. PVC items like pipes, wires, vinyl flooring, and automotive parts are among the many products that use phthalates. They also appear in consumer products including toys, packaging, and medical equipment. Phthalates are a favoured option for many industries, especially in situations where cost is a crucial consideration because they are reasonably cost-effective compared to some other plasticizers. Because phthalates' production and supply networks have been well-established throughout the years, these plasticizers are consistently and steadily available on the market.

Application Insights

Film and Sheet segment holds the highest market share over the forecast period

Based on the application, the global plasticizers market is segmented into Flooring & Wall Covering, Wire & Cable, Coated Fabric, Consumer Goods, Film & Sheet, and Others. Among these, film and sheet segment holds the highest market share over the forecast period. One of the biggest users of plastic sheets and films is the packaging sector. Plasticizers are needed to provide flexible packaging, such as food packaging, pouches, and wraps, the required flexibility and barrier qualities. The demand for flexible packaging also rises along with the demand for convenience foods and consumer goods, encouraging the expansion of plasticizers in this market. Toys, stationery, and home goods are just a few examples of the consumer goods that use plastic films and sheets. When flexibility and softness are desired, plasticizers are crucial for ensuring that these products have the necessary qualities. Mulching, greenhouse covering, and crop protection all use agricultural films. To survive outside conditions and offer the required flexibility for application and removal, these films need plasticizers.

Regional Insights

Asia Pacific is dominating the market over the forecast period

Asia Pacific is dominating the market with the largest market share over the forecast period. Rapid urbanization in the area has increased building activity and raised the need for plasticizers in things like pipelines, wires, flooring, and roofing. The demand for plasticizers in automotive parts and interiors is being driven by the rapidly expanding automotive industries in nations like China, India, Japan, and South Korea. The demand for consumer goods like flexible PVC items, which primarily rely on plasticizers, rises as the middle-class population grows. Due to environmental and health concerns, non-phthalate plasticizers are becoming more and more popular. The Asia Pacific region has also seen this trend.

North America is witnessing the fastest market share over the forecast period. In North America, the automotive industry is a significant consumer of plasticizers. Flexible PVC materials for car interiors, gaskets, hoses, and other automotive parts are made with the help of plasticizers. Plasticizers are heavily utilized in the construction industry for flexible PVC applications such as pipes, flooring, cables, and roofing materials. Flexible packaging materials, which are widely used in the food and beverage industry, are produced using plasticizers, which are essential to their production.

Recent Market Developments

• In January 2022, A new plasticizer labeled ELATUR DINCD was introduced by Evonik. Due to its excellent low-temperature flexibility and UV resistance, this new product is more durable.

List of Key Companies

• Arkema S.A.
• BASF SE
• Daelim Industrial Co. Ltd.
• Dow Chemical Company
• LG Chem Ltd.
• Evonik Industries AG 
• ExxonMobil Chemical
• Eastman Chemical Company

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Plasticizers Market based on the below-mentioned segments:

Plasticizers Market, Product Analysis

• Phthalate
• Non-Phthalate
• Others

Plasticizers Market, Application Analysis

• Flooring & Wall Covering
• Wire & Cable
• Coated Fabric
• Consumer Goods
• Film & Sheet
• Others

Plasticizers Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa