Plasticizers Market

Global Plasticizers Market Size (2024 to 2029)

The global plasticizers market was valued at USD 13.39 billion in 2024 and is predicted to reach USD 19.22 billion in 2029, with a CAGR of 7.5% during the foreseen period.

MARKET OVERVIEW

A strong call for plasticizers in various applications, such as floor and wall coatings, wire and cable, coated fabrics, consumer goods, and films and foils, is driving the plasticizers market. The worldwide plasticizers market is driven by the growing call for flexible PVC in different applications, the increasing adoption of phthalate-free and high molecular weight phthalate-free plasticizers, and the expansion of the packaging industries. The strict regulatory bans on some of the phthalates and the toxicity of PVC limit market expansion. Plastic additives are important chemical compounds that are generally added to plastic or polymer to change, alter, modify, or improve its physical and chemical properties. These types of additives alter the general physical properties of the substance. In the market, the product may be available in low-volatility liquids or in solids. In general, plasticizers decrease the attraction between monomers or within a polymer chain to make it more flexible and elastic.

During the last 60 years, of all the substances studied for their plasticizing capacity, around 50% are currently employed in commerce. Most of these plasticizers are consumed primarily by polyvinyl chloride (PVC) plastics. Plasticizers find application in almost all major end-use industries, namely construction, automotive, electronics and electrical, consumer goods, and packaging, among others.

MARKET DRIVERS

PVC, in general, is a rigid thermoplastic polymer. Plasticizers play an essential role in making PVC more flexible, giving it the necessary flexible and durable properties. PVC products that are softened with plasticizers are known as flexible PVC. These flexible PVCs open up new application markets due to their high-performance durability property of up to 50 years. The use of PVC has grown steadily since the 1930s due to its excellent water resistance and non-flammable properties. Flexible PVC represents around 30 to 40% of the total PVC market. Flexible PVC finds applications primarily in pipes, floors, wall coverings, towels, cling films, pool liners, extruded yarns, automotive, synthetic leather-coated textiles, and medical devices. The increasing call for lightweight PVC materials in various end-use industries and the longer lifespan of conventional PVC are driving the call for flexible PVC. Furthermore, the growing population and the rising standard of living are also increasing the call for flexible PVC materials in various construction and automotive applications. 

MARKET RESTRAINTS

Phthalate plasticizers account for more than 60% of the total plasticizer market. They are the most widely employed plasticizers due to their easy availability at low cost. Many companies are deliberately moving away from phthalate plasticizers as a growing number of studies expose the health effects caused by the use of phthalate plasticizers. Additionally, non-governmental organizations (NGOs) such as the U.S. Green Building Council (USGBC) promote the use of phthalate-free plasticizers due to their eco-friendly nature. The European Parliament bans the use of three phthalate plasticizers, namely DEHP, DBP, and BBP, in toys and childcare articles. DINP, DIDP, and DNOP are also prohibited for use in sensitive applications. These strict regulations are the main limitations to the expansion of the phthalate plasticizers market.

MARKET OPPORTUNITIES

Strict regulations, as well as the supply of harmful phthalates, such as DOP, DBP, BBP, and DEP, have led to the development of environmentally friendly plasticizers to replace traditional phthalates. Approximately 90.0% of all plasticizers are consumed by PVC manufacturers to change the ownership of their PVC products according to end-user requirements. Plasticizers are the key component employed to make flexible PVC where flexibility and durability are essential properties that are required. They are employed in a variety of applications, such as flooring, car interiors, cables, and toys. The plasticizers industry is focused on introducing safer alternatives, with the recent emphasis on renewable and bio-sourced raw materials that offer a more favorable environmental footprint. Due to their harmful nature and various laws, phthalate plasticizers are being replaced by alternatives such as bio-based plasticizers. Therefore, suppliers are introducing bio-based alternatives to meet the call for green plasticizers. Therefore, bio-based plasticizers should be a crucial opportunity to capitalize on market players.

MARKET CHALLENGES

Strict regulations on the use of phthalate plasticizers in packaging, toys, and consumer goods are likely to limit worldwide market expansion during evaluation periods.

Impact of Covid-19 on the global Plasticizers Market

COVID-19 has impacted the global economy in an unprecedented way. All the key players have faced many challenges in order to sustain themselves in the market. Especially in the first half of 2020, due to strict lockdown restrictions, there was a delay in the supply chain and manufacturing units which interrupted the shares of the plasticizers market. The market is expected to hold significant shares by the end of 2023. 

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL PLASTICIZERS MARKET INCLUDED IN THIS REPORT

This research report on the global plasticizers market has been segmented and sub-segmented based on type, application, and region.

Global Plasticizers Market By Type

• Phthalates
• Non-phthalates

Non-phthalates are predicted to be the fastest-growing plasticizer market segment by type.

Global Plasticizers Market By Application

• Flooring & wall covering
• Wire & cable
• Coated fabric
• Consumer goods
• Film & sheet

Films and sheets are predicted to be the fastest-growing segment of the plasticizers market. The expansion in this segment is attributed to the growing call for packaging applications in the food and beverage industry. Health and hygiene awareness further stimulates the packaging industry market, thus driving the application of films and foils.

Global Plasticizers Market By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East & Africa 

The Asia Pacific region market accounted for the largest share in 2023.

The Asia Pacific market is predicted to grow at the highest CAGR over the foreseen period. This is mainly attributed to rapid urbanization, the development of infrastructure projects, and the strong expansion of the automotive industry in this region. In addition, the growing call for the product from the toy manufacturing, packaging, and consumer goods industry is predicted to promote the expansion of this regional market. Europe held the second-largest market share in 2023. The countries, namely Germany, Italy, France, and Spain, are the main contributors to the regional market due to the high call for the product from the well-established automotive industry in this region. North America is also predicted to see healthy expansion in the worldwide plasticizers market. The United States is predicted to be the main contributor to regional market expansion due to increased reconstruction activity in this market.

KEY PLAYERS IN THE GLOBAL PLASTICIZERS MARKET

UPC GroupExxon Mobil Corporation, AEKYUNG CO, BASF SE, NAN YA PLASTICS CORPORATION, Eastman Chemical Company, Evonik Industries AG, LG Chem., Bloomberg L.P., Chemamde, DIC CORPORATION, Jiangsu Zhengdan Chemical Industry Co, Kao Corporation, KLJ Group, LANXESS, OXEA GmbH, Polynt , Velsicol Chemical LLC, Shandong Hongxin Chemicals Industry Co, Ltd, Vertellus Specialities Inc, Supreme Plasticizers are some of the notable companies in the global Plasticizers market.

RECENT HAPPENINGS IN THE MARKET

Evonik this year launched a new generation of PVC plasticizers with its new ELATUR® brand of products.