Market Overview:
According to the latest report by
Market Research Future (MRFR), the global non-phthalate plasticizer market is
predicted to reach USD 3,412.2 million by 2023, at a CAGR of 6.91% during the
forecast period (2018-2023). The market size has expanded in the past few years
on account of implementation of stringent regulations pertaining to the use of
phthalate plasticizers, with conventional plasticizers being reported to be
carcinogenic in nature. Moreover, growing demand for diverse applications gives
way to market growth as they are used for sensitive applications which involve
food contact, medical, and toys. The growing demand for polyvinyl chloride
(PVC) products in number of industrial, residential, and commercial
applications has triggered the growth of non-phthalate plasticizers market.
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On the flip side, the high cost
of non-phthalate plasticizers as compared to the traditional plasticizers could
potentially undermine the market growth in the coming years. While the presence
of restraints cannot be sidelined, nevertheless market prospects for the market
look promising. The market is witnessing a dramatic rise on account of growing
construction and electronics industry in developing nations coupled with the
emergence of bio-based plasticizers. This factor could result in generation of
massive revenues for the market during the forecast period.
One of the prominent trends
picking up pace in the global non phthalate plasticizer market is shifting
focus of manufacturers on the development of non-phthalate plasticizers with
the capability withstand higher temperature and abrasion resistance.
Global Non-Phthalate
Plasticizer Market: Segmental Analysis
The report specifies that the
global market is segmented on the basis of type, application, end-use industry,
and region.
The types of non-phthalate
plasticizers are adipates, benzoates, trimellitates, epoxies, terephthalates,
citrates, and others. The adipates segment claims the largest share of the
market and likely to reach a size worth USD 1,050.9 million during the forecast
period. Whereas, the trimillitate segment is expected to expand at the highest
CAGR.
Various applications mentioned in
the report are flooring & wall covering, film & sheets, wires &
cables, coated fabrics, toys & childcare articles, and adhesives, sealants
& caulks, and others. Among all the applications, the flooring & wall
covering segment is expected to lead the market growing at a tremendous CAGR of
7.29% during the forecast period. Non-phthalate plasticizers offer a wide array
of benefits when used in the manufacture of floorings and wall coverings. It
also offers improved efficiency and lower fusion temperatures.
The end-users in the market
include building & construction, automotive, food & beverage,
healthcare, consumer goods, sports & leisure, and others. The building
& construction segment is expected to dominate the market owing to the
growing demand in carpeting, flooring, vinyl tiles, and composite solutions.
The segment accounted for 28.63% share of the market in 2017 and is estimated
to reap USD 986.7 million during the forecast period.
Regional Outlook
The non-phthalate
plasticizer market is segmented on the basis of five key regions which
are Asia Pacific, North America, Europe, Latin America, and the Middle East
& Africa.
MRFR states that in 2017,
Asia-Pacific claimed the largest share of the market and will continue
dominating throughout the assessment period. The leverage can be credited to
increasing demand from major end-use industries in the region which include
construction, food & beverage, and automotive. Moreover, rigid government
policies adopted by developing countries such as India, China, and Malaysia
will prove beneficial for the market in the coming years. Rapid growth of the
construction industry in the region grants leeway to non-phthalate plasticizer
market.
On the other hand, North America
has secured the second position in the global market owing to increasing
construction activities, and significant growth in the electronics industry has
marked the market growth in the region. In addition, major stakeholders are
increasingly investing and focusing on technological innovations in the field
buoys the market growth immensely.
Europe also has made noteworthy
strides in the global market as the automotive industry in the region is a
major consumer of non-phthalate plasticizers. Moreover, stringent regulations
prohibiting the use of traditional phthalate plasticizers propel the demand for
non-phthalate plasticizer, giving the necessary push to the market growth in
the region.
The Middle East & Africa and
Latin America markets are projected to witness moderate growth. However, the
coming years can positively affect market growth on account of the increasing
use of non-phthalate plasticizers in major end-use industries such as adhesives
and sealants, sports, medical devices, flooring & covering, and others.
Global Non-Phthalate
Plasticizer Market: Competitive Dashboard
The key players profiled in the
report include BASF SE, NAN YA PLASTICS CORPORATION, DIC CORPORATION, Evonik
Industries AG, Velsicol Chemical LLC, Valtris Specialty Chemicals, LG Chem Ltd.,
Eastman Chemical Company, LANXESS, and Grupa Azoty.
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