Plasticizers Market Growth Prospects, Demand And Forecast 2024
The global plasticizers market is characterized by a tremendously high level of competition due to the consistent efforts of each market player to outsmart its competitors. As new technologies get adopted by several players, the market is expected to witness more stringent competition in the coming years. The market is moderately fragmented, and the top market players account for more than 45% of the total market share. Although this reflects a respectable stronghold of these market players, other players aren’t far behind in the race to gather a substantial market share. The top market players are Exxon Mobil, Eastman Chemical Co., BASF SE, Evonik Industries, and LG Chem Ltd. The technological advancements in the plasticizers industry has persuaded market players to resort to the best technologies in order to produce world-class products, thus, giving them and impetus in the market.
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Transparency Market Research (TMR) gathered that the market is expected to reach a valuation of US$23.87 bn by the end of 2024 vis-à-vis a market value of US$14.85 bn in 2015. The CAGR for the forecast period is expected to settle at 5.50%, thus, reflecting stout growth. In terms of product type, phthalates are anticipated to be the most productive segment with a total market revenue of 9236.9 mn over the forecast period. Based on geography, Asia Pacific is projected to continue its lead over other regional segments with a with a CAGR of 6.10% over the forecast period. The dominance of the Asia Pacific owes to the growing usage of PVC products across a wide range of activities. The Asian economies are in a phase of development that further offers commendable growth opportunities.
Expansion of Constructions Industry Supports Market Growth
The recent turn of events has created stupendous room for urbanization and development. This has led to the construction of new town centers, business houses, and residential buildings. This is propelling the demand within the market for plasticizers across the globe, thus, persuading market players to ensure a regular supply of quality plasticizers. Moreover, the medical and healthcare industry has witnessed the advent of state-of-the-art infrastructure that bolsters the market for plasticizers. Since plasticizers have a wide range of product types, buyers have a choice of customization to fit their needs.
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The emerging economies in Asia Pacific have been the prime consumers of plasticizers due to rapid transitions towards infrastructural soundness in these regions. This creates immense room for growth and soars the cumulative demand for plasticizers within the region. The changing lifestyles of the people have created a demand for better floor walls and coverings in households. This demand is complemented by the rising disposable income of the people in the emerging economies of Asia Pacific. Wires and cables are also one of the key products furnished from plasticizers that also forms the basis of the expansive demand.
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