The leading players are focusing on technological developments to produce a variety of plasticizer products with world-class quality in a bid to strengthen their foothold on the market. This, as a result, is likely to intensify the competition within this market over the next few years, reports the study.According to TMR, the global market for plasticizers, which was worth US$14.85 bn in 2015, is likely to swell at a CAGR of 5.50% during the period from 2016 to 2024 and attain a value of US$23.87 bn by the end of the forecast period. In terms of production volume, the market is anticipated to touch 12,109.0 kilo tons by 2024. Plasticizers have found significant application in floor walls and coverings, much higher than other applications. Analysts expect the scenario to remain unchanged over the forthcoming years.
Ongoing Infrastructural Advancements to Ensure Asia Pacific’s Lead
The research report, further, provides a comprehensive assessment of the geographical spread of the worldwide market for plasticizers. As per the study, Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa are the key regional markets for plasticizers across the world. Among these, Asia Pacific has acquired the dominant position in this market, thanks to the accelerating usage of PVC products in the housing and construction, automotive, electric and electronics, and the medical and healthcare sectors in this region.
The lead of this regional market is likely to continue during the forecast period, expanding at a CAGR of 6.10%, owing to the infrastructural advancements, fueled by the strengthening economy in Asia Pacific, specifically in China, Japan, Korea, and India.
A sample of this report is available upon request @ [URL]https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=753[/URL]
Rising Urbanization to Have Most Prominent Impact on Market’s Growth
“The substantial rise in the construction industry, thanks to the rapid urbanization taking place across the world, is having the most significant effect on the global plasticizers market,” says the author of the study. With the economic growth, the rate of urbanization in emerging economies has rocketed, resulting in the increase in construction activities, infrastructural developments in the medical and the healthcare sector, and a considerable growth in the automotive industry, which, consequently, is augmenting the demand for plasticizers, globally.
On the other hand, the rising awareness regarding the harmful effects of plastics on the environment, enforcement of strict government norms limiting the utilization of plasticizers, and the high cost associated with the production of plasticizer may act at a restraint against the growth of this market in the near future.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Plasticizers Market (Product – Phthalates, Non-phthalates, Aliphates, and Polymeric; Application – Wires & Cables, Floor Walls & Coverings, Consumer Goods, and Films & Sheets) – Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”