(MENAFN- GetNews) The global specialty plasticizers market is eyeing for a moderate 3% CAGR during the forecast period (2019-2022) and can exceed a valuation of USD 18,594.07 million by the end of 2022
Market Competition:
The rise in global economy is expected to push the amount of disposable income higher and bring in a change in lifestyle. As a consequence, this can trigger an increase in sales of end-use commodities of plasticizers and open up the market with various possibilities.
The global specialty plasticizers market is impacted by the activities of many significant market players. Some of these players include BASF SE (Germany), Nan Ya Plastics Corporation (Taiwan), Eastman Chemical Company (US), Evonik Industries AG(Germany), UPC Group (Taiwan), Struktol Company of America (US), Shandong Qilu Plasticizers Co. LTD (China), Aekyung Petrochemical Co. LTD (South Korea), ExxonMobil Corporation (US), and Lg Chem LTD. (South Korea).
Market Overview:
The global specialty plasticizer market is deemed to grow at a moderate CAGR of 3% during the forecast period (2016-2022), Market Research Future (MRFR) reports. The rising demand for PVC products and widening scope of high and non-phthalates could drive the market to USD 18,594.07 Mn mark till the end of 2022. Specialty plasticizers have multiple takers across industry verticals owing to its additive quality that increase the flexibility of materials.
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Drivers and Restraints:
Specialty plasticizers are additives that help in increasing the plasticity or flexibility of products. In addition, plasticizers are low temperature resistant, volatility resistant and have good electrical properties which make them a rage across industrial spectrum. Leather, PVC films and electrical wires are segments where specialty plasticizer has strong demand.
However, in regions such as Europe, market growth can take a hit owing to stringent imposition of regulations to curb the usage of plasticizer.
Industry Trend:
Various countries in Europe and North America are taking a more bio-friendly route while expanding industries. This growing concerns regarding environment and a strong urge to lessen the carbon footprint has led many a brand find a better alternative. For instance, Kraton has recently launched a product that is more environmentally sustainable.
Segmentation:
The global specialty plasticizer market can be segmented by type and application.
Based on type the market is segmented into phthalates, trimellitates, aliphatic dibasic esters, polymeric, phosphates epoxides, and others. Phthalates are highly durable, stable and performance-wise superior owing to which it generates the maximum revenue. Its use in PVC components has inflated its market share in APAC region where the demand for PVC is on the rise. Low price and multiple application across myriad sectors can boost the market growth during the forecast period.
Application-wise segmentation include coated fabric, wire & cable, flooring & wall coverings, film & sheet, consumer goods, and others. A rise in construction sector across the globe, also the necessity for renovations and maintenance of existing buildings can propel the need of specialty plasticizer during the forecast period.
Regional Analysis:
Geographically, the Global Specialty Plasticizer Market includes North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
APAC region is accounted for the largest market share and is expected to do so in coming years owing to a growing demand for coated fabric, wire & cable, flooring & wall coverings, film & sheet, consumer goods, and others across myriad sectors. Booming number of end-user industry is also a major market influencer. China leads the market, closely followed by Japan. India is also showing a huge potential in opening up various avenues for plasticizers. Taiwan and South Korea are also among the significant consumers.
Europe closely follows APAC's lead. However, the market here is undergoing some radical shift where growing environmental concerns and demand for alternatives can hamper the growth rate.
North America holds the third position and is also trying to find better and sustainable alternatives for plasticizers.
Latin America and MEA regions are expected to witness a growth in the market owing to an expanding automotive market and demand from construction sector for wire & cable, wall coverings, coated fabric, and others.
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