Asia-Pacific Plasticizers Market To Prosper in Coming Years

The global plasticizers market reached a value of $13,967.9 million in 2018 and it is expected to generate $16,700.6 million revenue by 2024. According to the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 3.5% from 2019 to 2024 (forecast period). The market is being driven by the booming construction industry and the soaring requirement for polyvinyl chloride (PVC) in the electronics and electrical industry. 

Plasticizers are required for building various tools and materials, such as roof and wall insulation, building interiors, and pipes and tubes, which are needed in large quantities in the construction industry. As most of these tools are produced from PVC, the increasing construction activities in several countries are propelling its demand. Furthermore, the construction industry has exhibited huge expansion during the last few years, primarily because of the increasing urbanization rate and mushrooming population.

Depending on product, the plasticizers market is divided into phthalates and non-phthalates categories. Of these, the phthalate category held the larger share in the market in 2018. This was because of the extensive usage of these materials in the production of products, such as plastics used in the healthcare industry, coatings, emulsifying agents, and anti-viscosity agents. The non-phthalates category is also predicted to demonstrate rapid advancement in the coming years, due to their less toxic nature. 

The market is also categorized, based on end-use, into wires and cables, flooring, roofing, and cladding, films and sheets, automotive parts, medical equipment, and toys and child care products. Out of these, the wires and cables category dominated the market in 2018, and it is predicted to demonstrate a CAGR of 3.8% throughout the forecast period. This is attributed to the extensive usage of wires and cables, that require flexible PVC for insulation and protection. 

Additionally, the expansion of the healthcare, construction, packaging, and several other industries is also predicted to generate a huge requirement for plasticizers in the forthcoming years. Geographically, the Asia-Pacific (APAC) region is expected to be the fastest growing region in the plasticizers market during the forecast period. This is credited to the soaring demand for plasticizers in the automotive, manufacturing, construction, electrical and electronics, and chemicals industries in the region. In these industries, plasticizers are required for imparting flexibility to or smoothening various end products. 

Hence, the market is set to surge sharply in the coming years, mainly because of the increasing construction and infrastructure development activities all over the world. 

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