The construction sector requires a large quantity of plasticizers due to the large-scale application of polyvinyl chloride (PVC) in the production of several building materials and tools. PVC products are used in the construction sector as they offer excellent resistance to ultraviolet (UV) light and temperature. PVC, in turn, requires plasticizers, such as dibutyl phthalate (DBP), diisononyl phthalate (DINP), dioctyl phthalate (DOP), and dioctyl terephthalate (DOTP), for softness. Thus, the expansion of the construction sector will accelerate the plasticizers market at a CAGR of 3.5% during 2019–2024. The market was valued at $13,967.9 million in 2018, and it is projected to reach $16,700.6 million by 2024.
There are majorly two types of plasticizers: phthalate and non-phthalate. Of these, the demand for the phthalate variants was higher in the past due to their large-scale consumption in the production of coatings, anti-viscosity agents, medical-grade plastics, and emulsifying agents. However, in the coming years, the consumption of non-phthalates is expected to rise faster on account of the toxic profile of certain phthalate plasticizers, which is why health concerns in developed economies have led to a ban on several key phthalate plasticizers.
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Currently, the plasticizers market is dominated by UPC Technology Corporation, a Taiwan-based company, which operates in China, the U.S., the Middle East, Southeast Asia, South Asia, Northeast Asia, and New Zealand. It offers basic plasticizers like DNOP, DOP, DINP, DOTP, DBIP, DPHP, DOA, TOTM, and TNTOM, as well as specialty plasticizers, in these regions and countries. Apart from this, key players such as LG Chem Ltd., BASF SE, Nan Ya Plastics Corporation, Eastman Chemical Company, KLJ Group, LANXESS AG, Evonik Industries AG, and Mitsubishi Chemical Corporation also manufacture all kinds of plasticizers to meet the growing demand.
Thus, the expansion of the construction and electrical and electronics sectors will amplify the usage of plasticizers in the coming years.
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