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Specialty Plasticizer Market Trends

ID: MRFR//2064-HCR | 140 Pages | Author: Priya Nagrale| July 2024

Specialty Plasticizer Market Overview

A specialty plasticizer is a chemical compound that is used to add to another material to increase its flexibility, easier to handle, and more resilient. Commonly it is added with plastic to improve its performance. And its properties make it more useful for a variety of applications. There are 300 different types of plasticizers available, and each one is used for a different purpose, and among them, 50-100 are used in the commercial sector. A specialty plasticizer is added to the polymer to increase the durability, flexibility, and chemical properties of the product. A specialty plasticizer works as an additive used to increase the plasticity of the material, and it can lower the transition temperature.

Apart from that, specialty plasticizer has low-temperature resistance, volatility resistance, and electrical conductivity, which is why it is used in PVC firms, wall coverings, flooring, electrical wiring, roofing, and it has a huge demand in the construction sector. The major application of Specialty plasticizers in the construction sector is expected to boost Specialty Plasticizer Market Growth. With the growing need for infrastructure, the government is taking initiatives to increase construction work, and it is showing a positive impact on the market. Also, increasing demand for residential and commercial construction work is showing a huge impact on the Specialty Plasticizer Market Growth.  

The global specialty plasticizers market was valued at USD 15.1 billion in 2020 and is projected to reach USD 20.12 billion by 2030, growing at a CAGR of 3% from 2024 to 2032. With the rising rate of the need for PVC products, construction sector, urbanization, infrastructural growth, and automotive sector, the Specialty Plasticizer Industry will see rapid growth. The growing demand for PVC products one of the major reasons behind the market growth. The PVC is highly used and the third most-produced polymer in the world. Due to this, the Specialty Plasticizer Industry will see a positive impact. Also, the rapid growth of automobile sectors will also increase the need for Specialty plasticizers. Economic growth in individuals around the world and demand for customer products and the packaging industry will also contribute to the market growth.

Covid-19 Analysis

The covid-19 outbreak has severely hit all markets around the world, and it has affected many businesses and the economy of all sectors. The public sector, as well as the government sectors, are highly affected by the covid-19 pandemic. The automotive sector, construction sector, and other sectors are suffering because of the covid-19 outbreak. Due to the imposition of lockdown in many areas, and sectors the Industries were shut down. The shortage of laborers was one of the major concerns. Due to the covid-19 pandemic, the laborers were stuck in many areas. Therefore, it is highly affected the production work. Due to less production work in many industries, the demand was also low, and it was the same situation for the Specialty plasticizer as well. Due to less production, the Specialty plasticizer suffered, and the demand was low. Furthermore the due to the financial crisis in many Industries that use Specialty plasticizers and less production were the major reasons behind the lack of demand In Specialty plasticizers. But the key players of the Specialty plasticizer market tried their best to increase the market demand in these tough times.

Market Dynamics

In the Specialty Plasticizer Market, there are many factors available that influence the growth of the market. The factors that drive the growth of the Specialty Plasticizer Market are known as market drivers, and those who have a negative impact on the market growth are called market restraints.

Market Drivers

There are many drivers in the Specialty Plasticizer Industry that drive the growth. One of the major drivers is the rising demand for PVC. PVC has a huge range of applications in so many sectors, and it is one of the most used materials in the world. A specialty plasticizer is used in PVC to give it more flexibility and increase its unique properties. And growing demand for PVC products will drive the Specialty plasticizer market in the coming years. Specialty plasticizer is also used in the automotive sector, and growing automobile sales worldwide will boost the Specialty Plasticizer Industry in the coming years. Specialty plasticizer is largely used in the production of wires and cables. The rapid infrastructural growth, rapid urbanization, increasing construction work, and use of Specialty plasticizers in other polymers will drive market size. With time economic condition of people is increasing, and with it, the demand for consumer products is also increasing. And to satisfy the needs of consumer products and the packaging industry, the Specialty Plasticizer Market will see positive growth.

Market Opportunities

The government is taking initiatives to increase the infrastructural growth in many regions. With the growth of infrastructure, the need for Specialty plasticizers is increasing. And it brings new opportunities for the Specialty Plasticizer Market. Also, the financial condition of people is increasing due to a better economy. As a result, the need for better residential and commercial places is rapidly increasing. As a result, it is showing a positive impact on the market. The need for advanced vehicles world is likely to bring more opportunities for the Specialty Plasticizer Market; with the adoption of online food delivery and products delivery service, the packaging industry on the rise. And it will show a positive impact on the market as well.

Market Restraints

One of the major Specialty plasticizer restraints is the increasing awareness of people towards Specialty plasticizers. Specialty plasticizer has some negative effects on the health, and it is causing a decrease in the demand. In some regions, there is a ban on using Specialty plasticizers in food packaging and for other use. And it has become a major problem for the market.

Market Challenge

There are other replacements of Specialty plasticizers available in the market, and the use of another plasticizer in many sectors has become one of the major challenges for the Specialty plasticizer market. The Specialty plasticizer cost more than phthalate based plasticizers, and due to this, the Industries are using them as a replacement for Specialty plasticizer, and it has become a major challenge for the market. The market key players are trying their best to overcome these challenges of the market to boost the demand.

Cumulative Growth Analysis

The demand for Specialty plasticizers is increasing worldwide. With a wide range of applications of Specialty plasticizers in many sectors, the demand will increase in the forecast period. The global Specialty plasticizer market size will grow at a consistent CAGR rate of 3% in the forecast period, and it is expected to reach a total value of $20.12 billion in the forecast period.

Market Segmentation

The market is divided on the basis of Type, Application, and Region.

  • By Type- By type, the Specialty plasticizer is divided into aliphatic dibasic esters, phthalates, phosphates, polymeric, trimellitates, and others.

  • By Application- The application segment of the Specialty plasticizer market is further divided into the coated fabric, film and Sheetz consumer goods, flooring and covering wire and cable, and others.

  • By Region- On the basis of region, the Specialty plasticizer industry is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Regional Analysis

The major regions of the Specialty plasticizer market are North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific holds the highest market share due to the growing construction work and growing population. Government initiatives to boost infrastructure, urbanization, increasing demand for consumer goods boosting the market share in this region.

Europe holds the second highest market share due to the availability of major key players of the market and global market share. The rapid growth of the automotive sector in this region is also a major reason behind the Specialty plasticizer market growth. North America holds the third-highest Specialty plasticizer market share due to a good economy. The market will grow more in this region due to its application in many industries.

List of Key Players in the Specialty Plasticizer Market

The major key players in the market are:

Among LG Chem LTD, Evonik Industries AG, Eastman Chemical Company, ExxonMobil Corporation, UPC Group, Nan Ya Plastics Corporation, Shandong Qilu Plasticizers Co. LTD, Struktol Company of America, BASF SE, Aekyung Petrochemical Co. LTD, the majorly contributing key player is BASF SE.

Recent Developments

January 2022: OpenGate Capital, a prominent global private equity firm, announced the acquisition of Chemsolv Inc., a major regional distributor of commodity and speciality chemicals and supplier of value-added services. The business was acquired from the Austin family, who retain an ownership share and an active participation in the organisation. The purchase price was not disclosed. Chemsolv distributes over 1,000 chemical products to a diverse spectrum of clients and end markets, including solvents, speciality plasticizers, coolants, lubricants, surfactants, diesel exhaust fluid, and additives. The business leverages integrated technology and systems to manage complex, high-volume activities successfully.In 2017, BASF started the production of DOTP, and it was under the name of Palatinol. This will allow the company to meet the growing demand for plasticizers.In 2016, Eastman launched a new plasticizer.

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