Plasticizers Market 2024 | Growth, Size, Share, Demand, Strategies, Future Industry Trends
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(EMAILWIRE.COM, February 20, 2024 ) The report “Plasticizers Market by type (phthalate and Non-phthalate), Application (Floorings & Wall Coverings, Films & Sheets, Coated Fabrics, Wires & Cables, Consumer Goods) and Region (North America, Europe, Middle East and Africa) – Global Forecast to 2027″, is expected to grow at a CAGR of 5.7% during the forecast period, from an estimated USD 17.0 billion in 2022 to USD 22.5 billion in 2027.The flexibility of Plasticizers to be used in various applications is pushing the market. These Plasticizers enable to manufacture eco-friendly products.
Browse in-depth TOC on “Plasticizers Market
219 – Market Data Tables
34 – Figures
184 – Pages
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The floorings & wall coverings segment, by application, is expected to be the most significant Plasticizers segment during the forecast period.
Plasticizers are typically used in floorings & wall coverings applications as they offer good stain resistance and a greater filler tolerance. Wall coverings are a popular choice for all building & construction projects, such as residential and commercial enterprises, as they offer increased durability at a nominal price.
Wires & Cables is the second largest segment by application. PVC is broadly employed in insulating wires & cables used in electronics, appliances, and communications systems. Plasticizers increase the flexibility of these materials, preventing them from being brittle and fractured, which can increase the hazard chances. Trimellitates and polymeric plasticizers are typically used to manufacture wires and cables as they offer low volatility, excellent electrical properties, and resistance to water extraction
Phthalate plasticizers is anticipated to be the fastest-growing Plasticizers segment, by type, during the forecast period.
Plasticizers are widely used for the building purposes where the eco-friendly building materials are needed. Phthalate is the most easily available plasticizers type across the country therefore it is more commonly used. However, phthalate prices are somewhat high and tends to be the least efficient in terms of environment concern amongst all bioplastics. Construction sectors are likely to increase its demand in the plasticizer market globally.
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Asia Pacific is expected to be the fastest-growing segment in the global Plasticizers market, by region, during the forecast period.
The region is the most populated region in the world and is expected to become the largest construction region globally. As Plasticizers provide flexible and bio based plastics, thus the market for plasticizers is encouraged to cater the needs of its customers. The customer base is wide from manufacturers to industrial suppliers as Plasticizers are versatile and easy for manufacturing consumer goods produced using sustainable raw material.
Plasticizers Market Key Players
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Plasticizers market. These include UPC Technology (Taiwan), ExxonMobil (US), Nan Ya Plastic (Kaohsiung), BASF (Seoul), Eastman Chemical Company (US), Evonik Industries (Germany).
BASF(Seoul) a key market player with a wide product portfolio, strong market presence, and effective business strategies. The wide product portfolio enables them to serve most regions worldwide. BASF primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity. BASF SE (Germany) and StePac Ltd. (Israel) partnered to create next-generation sustainable packaging specifically for the fresh produce sector. Moreover BASF presented a comprehensive product portfolio of engineering plastics and polyurethanes with a markedly less carbon footprint (PCF) at the K 2022 trade fair, including Ultramid A and B, Elastopir, Ultradur, Ultraform, Elastollan, and Elastocool families, all with PCF reductions.
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ExxonMobil is a well-established company with effective business strategies. They offer innovative solutions, services, and hardware portfolios and have an extensive network of channel partners and resellers to increase the deployment of their solutions across numerous vertical markets. They focus on a specific product-related technology. The company leveraged its existing worldwide distribution network and regional sales offices to support its international business for the Products segment. It assembles products for the international markets at the US and Australian locations. ExxonMobil partnered with Mitsubishi Heavy Industries (MHI) to deploy MHIs leading CO2 capture technology as part of ExxonMobils end-to-end carbon capture and storage (CCS) solution for industrial customers. This agreement will enhance next-generation carbon capture technologies.
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