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: 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.
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.
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