ALBANY, New York, April 15, 2019
ALBANY, New York, April 15, 2019 /PRNewswire/ -- Transparency Market Research predicts entry of several new players in the global plasticizers market. This could intensify completion in the market further. ASF SE, ExxonMobil Corporation, LG Chem Ltd., Eastman Chemical Company, Evonik Industries, Arkema Inc., Ferro Corporation, and UPC Technology Corp. are some of the predominant players operating in the global plasticizers market.
Key players operating in the plasticizers market are focusing on launch of new products to improve their products portfolio. Apart from this, they are incorporating advanced technology to offer eco-friendly, innovative, and high quality products.
According to a recently report by TMR, the global plasticizers market was noted at a valuation of US$14.85 bn in 2015. The market is expected to rise at a steady 5.50% CAGR from 2016 to 2024. Rising at this CAGR, the market is projected to reach a valuation of US$23.87 bn by the end of 2024.
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Based on end use industry, building and construction industry is anticipated to dominate the market in terms of volume during the forecast period. This is due to the steady demand of PVC products in building construction. Geographically, Asia Pacific dominates the plasticizers market at present. The same is expected to continue in the forecast years as well. They global plasticizers market in Asia Pacific is expected to rise at 6.10% CAGR from 2016 to 2024.
Rising Demand for Plasticizers in Construction Industry to Drive Market
The global plasticizers market is expected to rise at a significant pace during the forecast period. This is mainly due to the rising adoption of PVC and other polymers in the global plasticizers market. Plasticizers are additives mainly used to enhance features of plastics. Rising use of PVC in construction industry as replacement of traditional products such as iron and wood for windows, doors, and floorings for the past few years are positively influencing growth of the plasticizers market.
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Along with this, rising adoption of PVC in several other industries such as oil and gas, aerospace, automotive, and marine is another strong factor influencing growth of the plasticizers market.
The rising inclination of consumers towards lightweight vehicle is boosting demand for PVC-based products in the automotive industry. The demand of PVC is expected to continue in automotive industry in next few years as well, this is expected to benefit the global plasticizers market in the forecast period. Furthermore, proliferation of affordable housing schemes by governments for the welfare of lower economy population is expected to inflate growth in the plasticizers market. In addition to this, the market is projected to benefit from factors such as lowered interest rates in the housing sector, this is expected to provide several investment opportunities for the influx of investment in the building and construction sectors.
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Stringent Government Regulations over Use of Plasticizers to Dampen Growth
However, stringent regulations imposed by government on the use of certain plasticizers owing to their harmful effect on humans and environment is expected to hamper growth of the plasticizers market. Nevertheless, continuously rising demand from diverse industries is supporting the global plasticizers market exhibit a steady rise in the coming years.
The information is represented in this review is based on a TMR report, titled, "Plasticizers Market (Product - Phthalates, Non-phthalates, Aliphates, and Polymeric; Application - Wires & Cables, Floor Walls & Coverings, Consumer Goods, and Films & Sheets) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024."
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The global plasticizers market has been segmented as presented below:
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