The increasing urbanization is boosting the infrastructural construction industry. The demand in medical and healthcare sectors in developing countries are driving infrastructural development. The different applications of flexible PVC is contributing to increased market demand for PVC. Further, increased adoption of high molecular and non-phthalate plasticizers is studied in the market survey on phthalate plasticizers. The growing packaging and automotive industry are contributing to the growth of the plasticizers market. Phthalates, aliphates, polymeric, and non-phthalates are the key products in the global plasticizers market. Among these, phthalates are the most preferred products among consumers and the demands are expected to considerably grow in upcoming years.
The plasticizers market is expecting a compound annual growth rate (CAGR) of 5.50% from 2016 to 2024. Asia Pacific has been dominating the global market over the past few years, as per the research report on plasticizers. China and India serve the massive market demand for plasticizers by engaging in mass production.
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Increasing Per Capita Income Opens Up New Market Avenues
The growing urbanization and per capita income are expected to add value to the size and valuation of the plasticizers market. The plastics are replacing iron and wood products such as floorings, windows, and doors, and pipes. The stringent implementation of regulations by the government are made to limit plastic usage in order to minimize negative environmental effects has hampered the prospect. In addition, expensive plasticizer production may limit the market growth in upcoming years.
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Asia Pacific to Lead Plasticizers Market Whereas Developed Countries have Sluggish Growth Opportunities
PVC products are used in electric and electronic materials, housing and construction application, medical and healthcare industries, and automotive industry. The wide range of applications of plasticizers have thus boosted the revenue potential of the Asia Pacific market in past few years. The analysts are expecting the Asia Pacific region to dominate the market with its presence. The increased infrastructure advancements are boosting Asian countries' economies such as Korea, China, India, and Japan in the forecast period.
On the other hand, countries with mature economies, such as Europe and North America, witness sluggish progress in the near future. North America has been the center of many established industries. The leading market players in North America have been operating for a long period of time. Thus, the limited scope of advancements has adversely affected its market growth in the future. Likewise, the Europe market is also well-developed that does not provide much scope for the growth in the plasticizer market.
The increasing development in the global economy is anticipated to drive increase in disposable income, leading to better lifestyle. It results in increased demand for luxuries among populace. The market survey on phthalate plasticizers has determined an increased sale in electronic equipment, cars, personal care products, toys, and packaged food, etc. This is positively influencing the growth dynamics of the market.
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