Plasticizers market is expected to reach $18,538 million by 2022, from $15,179 million in 2015, growing at a CAGR of 2.9% from 2016 to 2022. Plasticizers are polymer additives meant for improving flexibility, softness, workability, and volatility of the plasticized materials.
The global plasticizers market is driven by rise in demand for flexible PVC in different applications, increase in adoption of non-phthalate & high molecular weight phthalate plasticizers, and growing packaging industries. Asia-Pacific dominates the market, in terms of volume & growth, due to massive demand and production in China as well as high developing rate of the market in India & other countries.
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The global increment in economic growth rate is expected to lead to increase in the disposable income and improvement in lifestyle, facilitating luxuries of the population. This in turn may result in increase in sales for end-use commodities of plasticizers such as cars, electronic equipment, packaged food, toys, personal care products, and others.
China accounted for the highest market share in the Asia-Pacific plasticizers market, with $3,398 million in 2015, and is expected to reach $4,292 million by 2022, growing at a CAGR of 2.9%.
Key leading players operating in plasticizers industry are Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, Ineos Group, and UPC Group.
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Asia-Pacific leads the market, accounting for more than half of the global plasticizers market share, both in terms of value and volume, and is expected to retain its position ahead as well, owing to high growth rate of end-use industries. Asia-Pacific is the fastest growing region, with highest CAGR, in terms of both value and volume.
The plasticizer market consists of its different types, with phthalates segment occupying the maximum market share. Thus, several types of acids and alcohols are utilized as raw materials for manufacturing plasticizers.
The aforementioned facts indicate prevalence of high product differentiation in the plasticizers industry leading to high switching cost. Presence of large number of domestic and international raw material suppliers lowers their bargaining power.
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