Non-phthalate Plasticizer Market is anticipated to surpass of High CAGR 6.91% by 2023 with to reach $3,412.2 Million: MRFR
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).
Pune, India – March 28, 2019 /MarketersMedia/ —
Non-phthalate Plasticizer Market Overview:
The global non-phthalate plasticizer market size is anticipated to touch USD 3,412.2 million by 2023, as per an in-depth report by Market Research Future (MRFR).
It is predicted to experience a 6.91% CAGR during the assessment period (2018-2023) owing to pressing demand for plasticizers amid stringent health regulations and policies. The inclination of the automotive industry to comply with said regulations and replace conventional plasticizers can provide growth opportunities to the market. The automotive industry can benefit from non-phthalate plasticizers by reducing vehicle weight and reduced use of energy.
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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.
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.
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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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