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Plasticizers Market Will Reach USD 24.7 Billion By 2030
(MENAFN- P&S Intelligence) The global plasticizers market has garnered USD 17.1 billion in revenue in 2023, and it is projected to rise at the rate of 5.6% from 2023 to 2030, to capture USD 24.7 billion by 2030. Due to the high demand for flexible polymer materials like PVC, the most important end-user for those products is gradually increasing worldwide, i.e., in the construction industry.
Moreover, due to the increasing demand for plastic-based products in different industries such as automotive, building, packaging, and textiles, continued investigations and growth efforts aimed at making plasticizers safer and more durable have led to steady growth worldwide.
Furthermore, plasticizers aid in providing flexibility, viscosity, softness, and other features to done products. Therefore, the demand for plasticizers is growing for the manufacturing of automotive components, medical equipment, toys, packaging products, and others.
On the basis of end-use, the wires and cables category generated the largest industry share and is also projected to maintain the dominant position during the projection period. This is because of the growing need for electrical devices in many nations and the increasing utilization of wires and cables in numerous sectors like construction, automotive, and electrical and electronics. The making of wires and cables requires the utilization of an enormous capacity of PVC to offer advanced protection and insulation.
In 2023, the APAC plasticizers industry generated the largest revenue of USD 8.5 billion, and the region is also projected to showcase a significant growth rate in the coming years.
The existence of numerous rising end-use sectors, like chemical, healthcare, building & construction, automotive, manufacturing, electrical and electronics, aerospace, and infrastructure, in nations such as Australia, India, China, Indonesia, South Korea, Japan, and numerous other Southeast Asian countries, which are fuelling the need for plasticizers for numerous applications.
Moreover, due to the increasing demand for plastic-based products in different industries such as automotive, building, packaging, and textiles, continued investigations and growth efforts aimed at making plasticizers safer and more durable have led to steady growth worldwide.
Furthermore, plasticizers aid in providing flexibility, viscosity, softness, and other features to done products. Therefore, the demand for plasticizers is growing for the manufacturing of automotive components, medical equipment, toys, packaging products, and others.
On the basis of end-use, the wires and cables category generated the largest industry share and is also projected to maintain the dominant position during the projection period. This is because of the growing need for electrical devices in many nations and the increasing utilization of wires and cables in numerous sectors like construction, automotive, and electrical and electronics. The making of wires and cables requires the utilization of an enormous capacity of PVC to offer advanced protection and insulation.
In 2023, the APAC plasticizers industry generated the largest revenue of USD 8.5 billion, and the region is also projected to showcase a significant growth rate in the coming years.
The existence of numerous rising end-use sectors, like chemical, healthcare, building & construction, automotive, manufacturing, electrical and electronics, aerospace, and infrastructure, in nations such as Australia, India, China, Indonesia, South Korea, Japan, and numerous other Southeast Asian countries, which are fuelling the need for plasticizers for numerous applications.
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