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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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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