The global plasticizers market is projected to witness a healthy growth in the coming years, as reported by Transparency Market Research (TMR). The market’s business landscape features fragmentation at present, with the marked presence of several vendors. Both local and global vendors feature in the global plasticizers market. High rivalry exists among the market vendors, and they are expected to adopt several strategies to beat their competitors.
A leading strategy leveraged by vendors in the global plasticizers market is the launch of novel products. Vendors are focusing on providing technological innovations in their product offering. This is expected to work in the favor of new vendors entering the global plasticizers market in the coming years. Maintaining high product quality, and development of eco-friendly products are other strategies likely to be adopted by market vendors in order to sustain in the global plasticizers market in the coming years.
Key players operating in the global plasticizers market are LG Chem Ltd., BASF SE, UPC Technology Corp., ExxonMobil Corporation, and Eastman Chemical Company.
As predicted by TMR analysts, the global plasticizers market, estimated to be worth US$14.85 bn in 2015 is expected to reach US$23.87 bn by 2024. Over the forecast duration from 2016 to 2024, the global market is likely to exhibit a 5.50% CAGR.
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The colossal demand from commercial, residential, and corporate sectors contributes to the healthy and growing demand in the floor walls and coverings segment of the market. Geographically, the global plasticizers market is anticipated to be led by Asia Pacific, with a 6.10% CAGR.
Bio-plasticizers to Offer Lucrative Growth Opportunity
Various regulatory authorities have underway efforts to promote products that are environmentally friendly and have led to an increase in the demand for bio-plasticizers in developed regions. Bio-based plasticizers are produced from vegetable raw materials and used as a plasticizer alternative to petroleum. End users are looking for secure, biodegradable and non-phthalate-based plasticizers to guarantee sustainability. The plasticizer based on phthalates was prominent and accounted for more than 75% of the global plasticizer market. But the demand for bioplasticisers, which is a current top market trend has been stimulated through tough governance legislation and increased consumer health concerns.
Surge in Disposable Incomes to Boost Growth
The global rising working and consumer class is expected to escalate disposable incomes and improve lifestyle, thereby facilitating the population's luxuries. In turn, sales for end-user products such as automobiles, packaged food, electronics, personal care product, toys and others may increase. This is expected to amplify demand in the global plasticizers market.