Plasticizers Market to Grow with a CAGR of 5.44% through 2028
Growth in cosmetics and personal care industry are expected to drive the
Global Plasticizers Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plasticizers
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Plasticizers Market stood at USD17.23 billion in 2022 and is anticipated to grow with a CAGR of 5.44% in the forecast
period, 2023-2028. The initiatives taken by government based on plasticizers
has led to favorable market conditions for the Global Plasticizers Market.
Several factors contribute to the growth of various plasticizers products. One
of the most notable government initiatives impacting the plasticizers market is
the regulatory measures taken against certain phthalates. These measures aim to
address the potential health risks associated with these chemicals, which have
raised increasing concern among consumers and regulators alike. For instance,
the U.S. Food and Drug Administration (FDA) has taken actions by revoking
authorizations for the food contact use of 23 phthalates and two other
substances used as plasticizers. Additionally,
there is a ban on phthalate-based plasticizers in consumer goods, food
packaging material, and medical products. These comprehensive actions are part
of a broader initiative to safeguard public health and reduce the potential
adverse effects of phthalates. Phthalates, commonly used to enhance the
durability of plastics, have been linked to various health issues, further
emphasizing the need for strict regulatory measures and heightened awareness
surrounding their usage.
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Plasticizers Market”
The cosmetics
and personal care industry is experiencing rapid growth on a global scale. This
industry encompasses various sectors, including hair care, skincare, and
fragrances, among others. Plasticizers play a crucial role in this industry by
enhancing the longevity of scented products like lotions, body washes,
shampoos, as well as improving the adhesive properties of hair styling products
such as hair spray and nail polish. According to Acme-Hardesty, a leading
distributor of castor oil and palm oil derivatives, the personal care market in
the US is projected to reach a staggering US$ 716.6 billion by 2025, with a
remarkable compound annual growth rate (CAGR) of 5.9%. Additionally, the Center
for Disease Control and Prevention predicts a 34% increase in the personal care
occupation in the US from 2019 to 2029, indicating a growing demand within the
personal care industry.
Considering
these factors, it is evident that the cosmetic and personal care industry is
poised for significant growth, consequently driving the demand for
plasticizers. The Global Plasticizers Market is segmented into type, application,
regional distribution, and company
Based on its type, the non-phthalates segment held the
largest share in the market. Non-phthalate plasticizers have emerged as
alternative plasticizers of choice, driven by regulatory concerns and the
growing demand for safer and more sustainable options. These innovative
plasticizers not only provide comparable performance characteristics to
traditional phthalate plasticizers but are also derived from alternative
chemicals. This unique feature significantly reduces the potential for adverse
health effects, making them an ideal choice for various applications. Based on region, Asia Pacific segment is expected to
grow during the forecast period. The booming industrial sectors, along with significant
infrastructure development and a strong manufacturing base, contribute to the
region's growth. These dynamic economies, coupled with a rapidly increasing
population, create a robust demand for plastic-based products. As a result, the
demand for plasticizers continues to rise, driven by the need to meet the
evolving needs of the consumer markets in the region.
Major companies operating in Global Plasticizers
Market are:
- Amines & Plasticizers Ltd.
- BASF SE
- Daelim Industrial Co., Ltd.
- Eastman Chemical Company
- Evonik Industries AG
- Exxon Mobil Corporation
- Ferro Corporation
- KLJ Plasticizers Limited
- Teknor Apex Company, Inc.
- UPC Technology Corp.
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“Growing application of plasticizers in various end
user industries are key drivers of the plasticizers market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of plasticizers with every
passing year are anticipated to register an impressive growth to Global
Plasticizers Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Plasticizers Market By Type (Phthalates, Non-
Phthalates), By Application (Flooring & Wall Covering, Wire & Cable,
Coated Fabric, Consumer Goods, Film & Sheet, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Plasticizers Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plasticizers Market.
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