Global Plasticizers Market- Product Type, Applications, Growth, Trends and Forecast Analysis to 2024
Theglobal plasticizers market is projected to witness a healthy growth in thecoming years, as reported by Transparency Market Research (TMR). The market’sbusiness landscape features fragmentation at present, with the marked presenceof several vendors. Both local and global vendors feature in the globalplasticizers market. High rivalry exists among the marketvendors, and they are expected to adopt several strategies to beat theircompetitors.
A leadingstrategy leveraged by vendors in the global plasticizers market is the launchof novel products. Vendors are focusing on providing technological innovationsin their product offering. This is expected to work in the favor of new vendorsentering the global plasticizers market in the coming years. Maintaining highproduct quality, and development of eco-friendly products are other strategieslikely to be adopted by market vendors in order to sustain in the global plasticizersmarket in the coming years.
Key playersoperating in the global plasticizers market are LG Chem Ltd., BASF SE, UPCTechnology Corp., ExxonMobil Corporation, and Eastman Chemical Company.
Aspredicted by TMR analysts, the global plasticizers market, estimated to beworth US$14.85 bn in 2015 is expected to reach US$23.87 bn by 2024. Over theforecast duration from 2016 to 2024, the global market is likely to exhibit a5.50% CAGR.
Thecolossal demand from commercial, residential, and corporate sectors contributesto the healthy and growing demand in the floor walls and coverings segment ofthe market. Geographically, the global plasticizers market is anticipated to beled by Asia Pacific, with a 6.10% CAGR.
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Bio-plasticizersto Offer Lucrative Growth Opportunity
Variousregulatory authorities have underway efforts to promote products that areenvironmentally friendly and have led to an increase in the demand forbio-plasticizers in developed regions. Bio-based plasticizers are produced fromvegetable raw materials and used as a plasticizer alternative to petroleum. Endusers are looking for secure, biodegradable and non-phthalate-basedplasticizers to guarantee sustainability. The plasticizer based on phthalateswas prominent and accounted for more than 75% of the global plasticizer market.But the demand for bioplasticisers, which is a current top market trend hasbeen stimulated through tough governance legislation and increased consumerhealth concerns.
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Surge in Disposable Incomes toBoost Growth
The globalrising working and consumer class is expected to escalate disposable incomesand improve lifestyle, thereby facilitating the population's luxuries. In turn,sales for end-user products such as automobiles, packaged food, electronics,personal care product, toys and others may increase. This is expected toamplify demand in the global plasticizers market.
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Trend of Lightweight Vehicles toDrive Market
Inparticular, consumers are increasing demand for PVC products in the automotiveindustry as a preference for lightweight vehicles and need for vehicles basedon the new emissions standard It is anticipated that the trend to useplasticizers for car floors will continue in the next few years as well, whichwill benefit the industry's growth. However, the harmful environmentalconsequences of plastics, rigorous regulations on the use of plastics and thecombined high cost of the production of plasticizers can limit the market toconstant growth in years to come.
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