The global plasticizers market attained a value of $13,967.9 million in 2018 and is predicted to generate a revenue of $16,700.6 million by 2024. According to the forecast of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 3.5% between 2019 and 2024. The mushrooming construction activities in several countries and the burgeoning requirement for polyvinyl chloride (PVC) in the electronics and electrical industry are the main growth drivers of the market.
The boom of the construction industry is a major factor fueling the progress of the plasticizers market across the globe. This is because a large volume of construction tools and materials are made from PVCs, that require various plasticizers such as DBP, DOTP, DINP, and DOP for softness. Moreover, PVC materials are widely used in construction activities, on account of their beneficial traits such as excellent resistance to ultraviolet (UV) light and temperature.
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Plasticizers are used as raw materials in the production of various construction materials such as tubes and pipes, building interiors, and roof and wall insulation. Additionally, these materials are used in construction materials that are used for flooring, roofing, cladding, and various other applications. Hence, with the increasing number of construction activities in several countries such as India, Brazil, and China, on account of the rising urbanization rate, the demand for plasticizers would grow enormously in the coming years.
This would, in turn, push up the sales of these materials around the world. Depending on product, the plasticizers market is classified into phthalates and non-phthalates. Between these, the phthalate category registered higher growth in the market in the past years. This was because of the extensive utilization of phthalate plasticizers in the production of several products such as plastics required in the healthcare industry, coatings, emulsifying agents, and anti-viscosity agents.
When application is taken into consideration, the plasticizers market is divided into wires & cables, flooring, roofing, and cladding, films & sheets, medical equipment, automotive parts, and toys & child care products. Out of these, the wires & cables category recorded the highest growth in the market in the years gone by. This was because of the heavy usage of wires & cables, that require flexible PVC for insulation and protection.
Globally, the plasticizers market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend is likely to continue in the upcoming years as well. This is credited to the ballooning construction and production activities in the manufacturing, healthcare, and chemicals industries and increasing urban infrastructural development activities in various countries such as Indonesia, China, India, and several Southeast Asian nations. Plasticizers are extensively used in all these industries for producing flexible PVC.
Hence, it is quite clear from the above paragraphs that the market would exhibit substantial advancement across the world in the years to come, mainly because of the increasing construction and infrastructural development activities in various countries around the world.
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