Global Plasticizers Market Size, Share, Growth Analysis, By Type(Phthalates, Terephthalates), By Application(Flooring & Wall, Film & Sheet Coverings) - Industry Forecast 2024-2031

Plasticizers Market size was valued at USD 17.0 billion in 2022 and is poised to grow from USD 17.97 billion in 2023 to USD 26.49 billion by 2030, at a CAGR of 5.7% during the forecast period (2023-2030).

The plasticizers market exhibits a highly competitive landscape with the presence of several key players striving to maintain their market position. These companies engage in various strategies such as mergers, acquisitions, partnerships, and new product developments to gain a competitive edge. Major players focus on expanding their product portfolios and developing innovative, eco-friendly plasticizers to meet the evolving consumer demands and stringent regulations. Additionally, manufacturers are investing in research and development activities to enhance the performance and sustainability of their products. With the growing demand for eco-friendly solutions, players are anticipated to increasingly focus on developing bio-based plasticizers to cater to a more environmentally conscious market. 'BASF SE - Germany', 'ExxonMobil Corporation - United States', 'Eastman Chemical Company - United States', 'Evonik Industries AG - Germany', 'LG Chem Ltd. - South Korea', 'UPC Technology Corporation - Taiwan', 'Aekyung Petrochemical Co. Ltd. - South Korea', 'Perstorp Holding AB - Sweden', 'DIC Corporation - Japan', 'Jiangsu Zhengdan Chemical Industry Co., Ltd. - China', 'Nan Ya Plastics Corporation - Taiwan', 'OXEA GmbH - Germany', 'Arkema SA - France', 'LANXESS AG - Germany', 'Shandong Qilu Plasticizers Co., Ltd. - China', 'KLJ Group - India', 'Mitsubishi Chemical Corporation - Japan', 'Songwon Industrial Co., Ltd. - South Korea', 'KLATencor Corporation - United States', 'ExxonMobil Chemical Company - United States'

The plasticizers market is expected to be driven by various factors in developing economies, including rising population, urbanization, and industrialization. Notably, countries such as China, India, and Brazil are experiencing significant infrastructure development, leading to a surge in demand for plasticizers. These developing nations require substantial amounts of construction materials and automotive components. As they construct new roads, bridges, airports, ports, and other projects, the demand for plastic products like pipes, wires, and cable insulation also increases. Consequently, the need for more efficient and sustainable infrastructure is expected to fuel the demand for plasticizers in the coming years.

The plasticizers market is experiencing several key trends that are shaping its growth and dynamics. One prominent trend is the increasing demand for non-phthalate and bio-based plasticizers due to growing environmental concerns and regulatory restrictions on phthalates. Additionally, there is a rising trend of using high molecular weight phthalate plasticizers, which offer enhanced performance and compatibility with various polymer materials.

The plasticizers market report covers several countries across different regions. In the Asia-Pacific region, the market is dominated by countries like China, Japan, and India, where there is a strong demand for polymer additives . The region's dominance is driven by the expanding electrical and electronic industries, which are experiencing significant growth in Asia-Pacific. Particularly, China stands out as the leading country in terms of plasticizers demand and commercialization, showcasing a robust market for these polymer additives. The surge in demand for plasticizers in the electrical and electronic sectors is attributed to the rising adoption of electronic devices in various applications. As Asia-Pacific continues to witness industrial expansion and economic development, the plasticizers market in the region is expected to further thrive, propelled by the growing electrical and electronic industries, with China at the forefront of this growth.