The global plasticizers market generated a revenue of $13,967.9 million in 2018, and it is predicted to reach a value of $16,700.6 million by 2024. Furthermore, the market will progress at a CAGR of 3.5% between 2019 and 2024, as per the estimates of P&S Intelligence, a market research company based in India. As plasticizers are extensively required in the production of construction materials, the market is being mainly driven by the surging construction activities all over the world.
Plasticizers are widely used as a raw material for producing construction materials such as tubes and pipes, building interiors, and roof and wall insulation. This is why the expansion of the global construction industry, on account of the rising urbanization rate and the booming population in several countries such as India, Brazil, and China, is positively impacting the sales of plasticizers across the world. Plasticizers are also heavily used for roofing, cladding, flooring, and various other construction applications.
Besides the aforementioned factor, the burgeoning requirement for polyvinyl chloride (PVC) in the electrical and electronics industry is also fueling the demand for plasticizers. Depending on product, the plasticizers market is divided into phthalates and non-phthalates categories. Between these two, the phthalates category held the larger share in the market, in terms of volume, in 2018. This is credited to their extensive usage in the production of coatings, anti-viscosity agents, emulsifying agents, and plastics used in the healthcare industry.
Across the globe, the plasticizers market is expected to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is credited to the booming automotive, electrical & electronics, construction, and chemicals industries in the region. As plasticizers are heavily used in these industries for making end products flexible and smooth, the surge in these industries is massively boosting the demand for plasticizers, which is, in turn, driving the market advancement in the region.
Hence, it is safe to say that the market will grow substantially in the coming years, primarily because of the expansion of the construction and automotive industries across the world and the growing usage of plasticizers in these industries.
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