Thanks to the augmenting urbanization, growth of the construction industry, and the infrastructural developments in the medical and the healthcare sector, especially in emerging economies, such as China and India, the global market for plasticizers has been witnessing a remarkable progress in its size and valuation. Along with this, the surge in the demand for PVC products and the expansion of the automotive industry are also boosting this market significantly.
Moving forward, the replacement of a number of wood and iron products, such as windows, floorings, doors, and pipes, with plastics will reflect positively on the sales of plasticizers across the world in the near future. However, the harmful effects of plastics on environment, stringent government regulations limiting the usage of plastics, and the high cost of plasticizer production, together, may restrict this market from growing steadily in the years to come
The offered an opportunity worth US$14.85 bn in 2015. Increasing at a CAGR 5.50% between 2016 and 2024, the market is anticipated to attain US$23.87 bn in revenues by the end of 2024.
Plasticizers to Experience Continued Demand from Floor Walls and Coverings
Phthalates, non-phthalates, aliphates, and polymeric plasticizers have surfaced as the key products available in the global plasticizers market. Phthalates have been the most preferred product among consumers and are anticipated to remain substantial among all the product types over the forthcoming years.
Floor walls and coverings, wires and cables, consumer goods, and films and sheets are the prime applications of plasticizers across the world. In 2015, the demand for plasticizers was higher from floor walls and coverings than other application. With the increasing preference of consumers for new designs of floor walls and coverings in their houses and workplaces, the pace of demand from this segment is anticipated to remain high over the next few years.
Asia Pacific to Remain Leading Plasticizers Market
Asia Pacific has been leading the global plasticizers market since the last few years, thanks to the augmenting usage of PVC products in the housing and construction, electric and electronics, automotive, and the medical and healthcare industries in this region. Analysts anticipate Asia Pacific to continue registering dominance in the global market in the near future, expanding at a CAGR of 6.10% from 2016 to 2024. The increasing infrastructural development, boosted by the economic strengthening of Asian economies, especially China, Korea, Japan, and India, is projected to support the Asia Pacific market for plasticizers considerably over the forthcoming years.
North America and Europe, on the other hand, are likely to witness a sluggish progress in the next few years, as both the markets are near maturation. North America, being the hub of established industries, where leading players have been operating since long, has very limited growth opportunities for this market, which is going to affect the North America plasticizers market adversely in the near future. In the similar fashion, the market in Europe is also well-established, which is becoming unfavorable for this market.
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Ferro Corp., UPC Technology Corp., Nan Ya Plastics Corp., Arkema Inc., Evonik Industries, LG Chem Ltd., Eastman Chemical Co., ExxonMobil Corp., and BASF SE are the leading producers of gastrointestinal drugs across the world. Other prominent players operating in the global gastrointestinal drugs market are Teknor Apex, Shandong Qilu Plasticizers Co. Ltd., Reagens, and Aekyung Petrochemical Co. Ltd.