Non-Phthalate Plasticizers Market Share Projected to reach approximately USD 5.97 Billion By 2027 Says Reports and Data
The Global Non-Phthalate Plasticizers market is forecast to reach USD 5.97 Billion by 2027, according to a new report by Reports and Data. There has been an elevating awareness about the safety and environmental concerns associated with the use of traditional plasticizers. It has resulted in paving the path for the expansion of non-phthalate plasticizer market. These plasticizers have wide product ranges which can effectively cater to the diverse needs of various end-applications that is also contributing to the growth of the market. It is effective in fast-fusing or general-purpose plasticizers. One of its major application is in food packaging, containers/utensils polyester. The underlying reason being, its traits like oil resistance and excellent, non-volatility. These plasticizers also allow manufacturing high-performance products with minimal or no reformulation, protecting the manufacturers from long duration of approval, development, and transition time. Factors like expansion of the construction industry, the rising emphasis of the government of various nations for banning Phthalate Plasticizers, also contributes to the expansion of the market. In context to region, Europe can be seen to occupy a significant share of the market. The market share held by the region is attributed to the continuous expansion of the healthcare and automotive sector in this region. The new medical-device directive of this region emphasizes on the abolishment of the application of phthalates by 2020-2026, which also have a significant positive impact on the market growth.
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Key participants include LG Chem Ltd, BASF SE, LANXESS, Eastman Chemical Company, NAN YA PLASTICS CORPORATION, Grupa Azoty, Evonik Industries AG, DIC CORPORATION, Valtris Specialty Chemicals, Velsicol Chemical LLC and Perstorp.
Chemical and manufacturing industry largely caters to a broad range of commodity-related manufacturing and include a wide variety of materials such as sand, gravel, stone, and chemicals. Increasing focus on development of sustainable chemicals and materials, advancements in the development of smart materials such as nanocomposites and other advanced composites, and growing popularity of 3D printing have significantly contributed to revenue growth of the market. In addition, rising emphasis on green building and construction have increased use of renewable resources and this is also a key factor driving market growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/non-phthalate-plasticizers-market
Further key findings from the report suggest
- The Non-Phthalate Plasticizers market held a market share of USD 3.32 Billion in the year 2018 that is forecasted to grow at a rate of 6.5% during the forecast period.
- In context to Type, the Trimellitates segment is projected to witness the fastest growth rate of 7.3% during the forecast period, which is expected to hold, 17.3% of the market by 2027. The growth rate witnessed by the Trimellitates segment is attributed to its low volatility, ease of blending with highest-molecular-weight phthalates, high performance, and enhanced chemical properties as compared to other plasticizers. The mentioned traits have resulted in its extensive application in electrical cable insulation, food packaging, and construction materials, among others, contributing to the growth rate witnessed by this segment.
- In context to Application, the Flooring & Wall Coverings segment held the largest market share of more than 30.0% in 2018, with a significant growth rate of 6.5% during the forecast period. The high durability of these plasticizers and its ease of maintenance have resulted in its wide application in flooring & wall coverings of residential as well as commercial constructions wherein it can survive foot traffic in commercial buildings like in shopping malls.
- In regards to End-user, the Automotive segment is projected to witness the fastest growth rate of 7.2% during the forecast period, which is expected to hold 19.2% of the market by 2027. The market share held by the Automotive segment is attributed to the continuous expansion of the industry, increasing demand for light weight vehicles and applicability of these plasticizers in seat upholstery, seat belt, and airbags, contributing to the growth rate witnessed by this segment.
- In regards to the region, North America held 26.0% of the market in 2018, with a CAGR of 6.1% during the forecast period. The market share held by the region is attributed to the stringent government regulations associated with the use of traditional phthalate plasticizers and high demand for PVC products in commercial and residential applications, which is boosting the market growth in this region.
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For the purpose of this report, Reports and Data have segmented the global Non-Phthalate Plasticizers market according to Type, Application, End-user, and Region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Building and construction
- Food & beverage
- Sports and leisure
- Consumer goods
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Wire & Cable
- Flooring & Wall Coverings
- Consumer Goods
- Film & Sheet
- Coated Fabric
- Adhesives, sealants and caulks
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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Published Sat, 05 Mar 2022 18:59:29 -0600