Global Non-Phthalate Plasticizer Market to Surpass a Valuation USD 3, 400 Mn by 2023
Environmental Implication of traditional plasticiser is driving the adoption of non-phthalate plasticizers. Market Research Future (MRFR) reports that the global Non-Phthalate Plasticizer Market Share is set to reach a valuation of USD 3, 412.2 Mn by the year 2023. The market is projected to exhibit a compound annual growth rate (CAGR) of 6.91% between 2022 and 2027.
Global Non-Phthalate Plasticizer Market: Competition Analysis
Some of the leading companies mentioned in MRFR’s report include NAN YA PLASTICS CORPORATION, Valtris Specialty Chemicals, DIC CORPORATION, Velsicol Chemical LLC, Grupa Azoty, Eastman Chemical Company, LANXESS AG, Evonik Industries AG, LG Chem Ltd. and BASF SE.
Stricter regulations and rising demand for plasticizers are some of the key factors fuelling the demand for non-phthalate plasticizer. The material is also gaining traction due to favourable properties that enhances the flexibility, plasticity and durability of the substrate.
Global Non-Phthalate Plasticizer Market: Segmental Analysis
The segmental analysis of the market has been conducted based on application, end-use and type.
Based on application, the market has been segmented into film sheets, toys childcare article, flooring wall coverings, coated fabrics, wire cable and others.
Based on end-users, the market has been segmented into automotive, healthcare, sports leisure, building construction, consumer goods and food beverage. Of these, the building construction segment represent the largest market share and is likely to remain highly attractive during the assessment period. This is mainly owing to extensive use of non-phthalate plasticizer in flooring, carpets and vinyl tiles making.
Based on type, the market has been segmented into benzoates, epoxies, citrates, trimellitates, adipates, terephthalates and others. In terms of value, the adipates segment accounts for a significant share of the global non-phthalate plasticizer market. It is projected that segment will surpass a valuation of USD 1,000 Mn by the year 2023. The trimellitates segment is also expected to witness an impressive growth over the next couple of years.
Global Non-Phthalate Plasticizer Market: Regional Analysis
Regions covered in the report include Europe, North America, Asia Pacific (APAC), Latin America, and the Middle East Africa (MEA). The market will continue to climb rapidly in APAC during the forecast period. APAC represents the largest market for non-phthalate plasticizer. APAC’s dominant position in the market can be credited to the rapid expansion of the end-user industries in the region. In recent years, tremendous growth has been observed in sectors such as food beverage, construction and automotive. Radical approach towards economic growth by governments in the region has led to a robust expansion of the manufacturing sector. This has greatly benefited the APAC non-phthalate market.
APAC is followed by the North America, which currently represents the second largest market for non-phthalate plasticizer. The U.S. holds a significant chunk of the market share in North America. Increased emphasis on boosting domestic manufacturing is like to provide tailwinds to the market in North America. Moreover, there is a healthy presence of end-use industries in the region, which makes it an attractive destination for market participants.
The market growth has been notable in regions such as Europe and the Middle. In Europe, demand growth is likely to grow steadily with the automotive industry posting a strong demand. The market is also benefiting from the stricter environmental regulations imposed by the EU on the use of traditional phthalate plasticizers. In the Middle East, increased focus on economic diversification is expected to influence the market during the assessment period.
Industry News
American chemical company Eastman Chemical is reportedly planning to introduce an innovative circular recycling technology. The technology will be used for processing polyester waste which are extremely difficult to recycle using existing technologies. In companies to make the technology fully operational within next one to two years.
Sweden based chemical company Perstorp AB is reportedly unveiling an advanced renewable-based polyol ester (non-phthalate) plasticizer Pevalen Pro. This is likely to boost the marketability of flexible PVC on account of reduced carbon footprint. This is aligned with company’s ambition to boost renewable content to 100%.
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