Global Plasticizer Market is segmented By Type (Phthalate Esters, Polyesters, Citrates, Benzoates Esters, Bio-Based Plasticizers, Terephthalates Esters, Aliphatic Dibasic Acid Esters, Others), By Application (Coatings, Footwear, Rubber Products, Adhesives, Flooring, Flexible Packaging, Wires & Cables, Others), By End User (Automotive, Electrical & Electronics, Building & Construction, Packaging, Healthcare, Industrial, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Plasticizer Market Overview
The Global Plasticizer Market is expected to grow at a CAGR of 5.3% during the forecasting period (2024-2031).
Plasticizers are colorless and odorless liquids used primarily to soften plastic which is the most widely used additive in the plastic industry. Moreover, plasticizers are relatively non-volatile organic substances; when incorporated into a plastic or elastomer, they improve the polymer's properties, including flexibility, extensibility, and processability. It also increases the polymer melt's flow and thermoplastic by reducing the polymer melt's viscosity, the glass transition temperature, the melting temperature, and the elastic modulus of the finished product without altering the fundamental chemical character of the plasticized material.
Plasticizer Market Scope
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Metrics |
Details |
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Market CAGR |
5.3% |
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Segments Covered |
By Type, By Application, By End User and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Europe |
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Largest Market Share |
Asia Pacific |
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Plasticizer Market Dynamics and Trends
The growing concern towards eco-friendly products and government regulation is expected to boost the bio-based plasticizer market growth during the forecast period. Bio-based plasticizers are manufactured from vegetable raw materials and are used as an alternative to petroleum-based plasticizers. To ensure sustainability, end users are looking for safe, non-phthalate-based plasticizers and bio-degradable. According to industry analysis, the bio-based product holds approximately 47% share of the global production.
Furthermore, the growing demand for flexible packaging is expected to boost the plasticizer market growth during the forecast period due to the effective use of less material than rigid containers. They require less energy to form into a packaging product. In addition, the manufacturing process for flexible packaging also produces fewer greenhouse gas emissions, making it a better solution for the environment. Moreover, flexible packaging offers various significant features such as recycling, packaging design, product preservation, shipping and handling, and consumer convenience benefits which are expected to drive the plasticizers market growth. According to analysis, flexible packaging is expected to reach USD 58.3 billion from the recorded value of USD 44.64 billion.
However, a decreasing supply of harmful phthalate and increasing consumer awareness are key factors that hinder market growth. Simultaneously, a ban on phthalate-based plasticizers in food packaging, consumer goods, and medical products has led to the development of eco-friendly bio-based plasticizers. Compared to phthalate-based plasticizers, bio-based plasticizers' higher cost makes it a key challenge for the manufacturer.
Plasticizer Market Segmentation Analysis
By type, the market is segmented into phthalate esters, polyesters, citrates, benzoates esters, bio-based plasticizers, terephthalates esters, aliphatic dibasic acid esters, and others. By application, the market is segmented into footwear, coatings, rubber products, adhesives, flooring, flexible packaging, wires & cables, and others. By end-user, the market is segmented into automotive, electrical & electronics, building & construction, healthcare, industrial, and others.
Polyvinyl chloride plasticizers derived from biomass resources such as vegetable oil, cardanol, vegetable fatty acid, glycerol and citric acid have been widely studied to replace petroleum-based o-phthalate plasticizers. These bio-based plasticizers mainly include an epoxidized plasticizer, polyester plasticizer, macromolecular plasticizer, flame retardant plasticizer, citric acid ester plasticizer, glyceryl ester and internal plasticizer. Moreover, bio-based plasticizers with the advantages of renewability, degradability, hypotonicity, excellent solvent resistant extraction and plasticizing performances make the potential to replace o-phthalate plasticizers partially or totally.
Furthermore, PVC is hard and brittle, to make it soft and pliable, we commonly use plasticizers for making it suitable for products such as vinyl flooring, clothing, bags, hoses, and electric wire coatings. Moreover, PVC is expected to drive plasticizers' market growth due to the increasing demand for reconstruction and decorative material. In addition, it also offers various advantages, including cost-effective, durable, easy to install, a non-toxic, fire-resistant, good insulator, strong and lightweight is expected to drive the market growth.
Global Plasticizer Market Geographical Share
APAC holds the largest market share of plasticizers market during the forecast period due to rapid urbanization, increased demand in the automotive industry, and infrastructure projects development. In addition, the growing demand for flexible packaging and the consumer goods industry is expected to drive market growth. Moreover, the top four construction firms in the world in 2019 come from China, with revenue higher than all other companies. China State Construction Engineering Corporation Ltd. generates USD 205.5 billion worth of revenue in 2019 and is expected to increase the market growth in this region during the forecast period.
Europe holds the second-largest market share of plasticizers market due to the increasing demand for the automotive industry in this region as the turnover generated by the automotive sector represents 7% of the EU's total GDP. Moreover, North America is expected to contribute significant growth in the global plasticizer market. The US is expected to be the major contributor to the regional market growth due to growing reconstruction activities. In addition, North America is the most promising market for plasticizers with a fair and sound domestic demand with strict regulations is expected to boost the bio-based plasticizers market in the region.
Plasticizer Market Companies and Competitive Landscape
The plasticizer market is a moderated fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. UPC Technology Corp., Exxon Mobil Corporation, Aekyung Petrochemical Co. Ltd., BASF SE, Nan Ya Plastics Corporation, Eastman Chemical Company, Evonik Industries, LG Chem, Shandong Hongxin Chemicals Co. Ltd., Shandong Qilu Plasticizers are the major player in the plasticizer market. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the plasticizer market globally.
LG Chem
LG chem manufactures various plasticizers in the market with various significant features, including merchantability, processability, and excellent plasticizing efficiency. In addition, it also offers various applications such as wallpaper, flooring, artificial leather, and wire. LG Chem manufactures its products in different types of grades such as
LGflex GL100
Feature: Non-phthalate, Low volatility and Electric insulation
Application: Dipping Product and Wire
LGflex GL300
Features: Non-phthalate, General purpose, Heat-resistance and Excellent viscosity index
Application: Hose, Wallpaper, Gloves, Sheet, Artificial Leather and Toy
LGflex GL400
Features: Light Stability, Heat-resistance and Non-Phthalate
Application: Sheet and Wire
LGflex GL500
Features: Non-phthalate, Low viscosity, Excellent fusion and Excellent plasticization efficiency
Application: Sheet, Artificial leather, Wallpaper, Hose and Floorings
LGflex DOP
Features: General Purpose
Application: Hose, Sheet, Gloves and Artificial Leather
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