July 2022
20 Sep 2024
The global plasticizers market was evaluated at USD 16.91 billion in 2023 and is projected to attain around USD 28.64 billion by 2033, poised to grow at a CAGR of 4.90% during the forecast period. The increasing demand for plasticizers is expected to enhance the market's growth.
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The plasticizers market deal with substances added to materials, especially plastics, to increase their pliability, workability, and flexibility. They operate by installing themselves between the polymer chains in the material, increasing the distance between chains and reducing intermolecular forces, which makes the material easier and more flexible to handle. Plasticizers are odorless and colorless preservatives that are used to increase the viscosity and plasticity of materials and make their materials softer. The rising adoption of non-phthalates in the packaging industry is expected to drive the growth of the plasticizers market.
In addition, the rising construction sectors in emerging countries, the increasing high need for polymers in the consumer goods sector, and the rising adoption of an inflated and non-phthalate molecular weight of phthalate plasticizer materials in the packaging industry are further anticipated to enhance the market growth during the forecast period.
Increasing growth in the personal care and cosmetics sector to fuel the market
The fastest-growing industries are the personal care and cosmetics sectors. There are various business divisions in it, such as hair care, fragrances, and skincare. They are used in the personal care and cosmetics industries to increase the adhesion of hair spray and nail plains and increase the shelf life of scented products such as shampoos, body washes, lotions, and perfumes.
The personal care business in developing countries is rising significantly. Plasticizers are used to promote and create flexibility, plasticity, and durability in personal care. Plasticizers help to promote skin penetration and increase the properties of nail polish and hair styling products. Phthalates are the most widely used chemical additives in personal products. Thus, these driving factors are expected to drive the growth of the plasticizers market during the forecast period.
However, health and environmental concerns may restrain the market growth
Health and environmental concerns may significantly restrain the global market for plasticizers. Various conventional plasticizers, especially phthalates such as BBP, DBP, and DEHP, have been associated with various health problems, such as reproductive toxicity, endocrine disruption, and developmental problems in children. These concerns have expected strict regulatory measures in major markets in developing regions.
The regulatory pressures necessitate the preference towards bio-based alternatives, non-phthalate, and safer alternatives, which can increase manufacturing costs and further create challenges that are expected to restrain the growth of the plasticizers market.
Recent Innovation in the Plasticizers Market by Evonik Industries AG
Recent Innovation in the Plasticizers Market by Nylon Corporation
Asia Pacific is expected to grow fastest during the forecast period
The plasticizers market is driven by increasing automotive production in developing countries, robust construction activities, and rapid industrialization in the region. Rising disposable income, urbanization, and a burgeoning population in the region contributed to the high demand for flexible materials in many applications in the Asia Pacific. In addition, the growing consumer products sector, infrastructure development, and favorable government policies are further expected to drive market growth in the region. China, India, Japan, and South Korea are the leading countries in the region.
China and India are the fastest-growing countries in the world. The manufacturing of plasticizers is billions of dollars in China. About 85% of these are phthalate ester plasticizers, particularly in China. In recent times, about 100 different types of plasticizers have been produced in China, and almost 90% of plasticizers are utilized in the manufacturing of plasticized polyvinyl chloride products.
North America dominated the plasticizers market in 2022
The region contributes the second-largest share in the market for plasticizers. This is due to the region's increasing disposable income, the rising number of development projects, the increasing use of corrugated cardboard, and the increasing use of plasticizers in various applications. The U.S. and Canada are the major countries that dominated the market growth in the region.
Rising investment in bio-based and sustainable plasticizers
The development of bio-based plasticizers creates a significant growth opportunity in the market for plasticizers, enhanced by increasing regulatory pressures and environmental awareness. Bio-based plasticizers, made from renewable resources such as sugar starches, starches, and vegetable oils, provide a sustainable and safer alternative to traditional phthalate-based plasticizers. These eco-friendly plasticizers exhibit superior or comparable performance characteristics, such as reduced toxicity, low volatility, and enhanced flexibility. These factors are expected to drive the growth of the plasticizers market in the coming future.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 17.75 Billion |
| Market Revenue by 2033 | USD 28.64 Billion |
| CAGR | 4.90% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Phthalates
By Application
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