The construction industry has been witnessing rapid growth, on account of the increasing disposable income of people and growing focus of governments of different countries on infrastructural development. This is creating wide demand for raw material in the construction industry. A major product that is utilized in the construction industry is poly vinyl chloride (PVC). The wide usage of this product in the construction industry is attributable to its advantages such as good resistance to ultraviolet light and temperature. In order to make PVC softer, manufacturers make use of different kinds of plasticizers.
Ascribed to these factors, the global plasticizers market size is predicted to generate a revenue of $16,700.6 million by 2024, increasing from $13,967.9 million in 2018, progressing at a 3.5% CAGR during the forecast period. Plasticizers are odorless and colorless esters which are utilized for increasing the elasticity of materials, majorly PVC. Plasticizers make PVC bendable and flexible and increase its durability, thereby ensuring high performance for about 50 years. Plasticizers are produced by reacting an alcohol with an acid, including phthalic anhydride and adipic acid. The choice of acid and alcohol determines the type of ester that will be produced and thus the type of plasticizer.
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Owing to health concerns, several developed countries have banned the utilization of major phthalate plasticizers, particularly in products that are used by children under the age of three. This is leading to the increasing adoption of different non-phthalate products, including 1,2-cyclohexane dicarboxylic acid diisononyl ester, maleates, terephthalates, and adipates. Major end users of plasticizers are toys & child care products, wires & cables, medical equipment, automotive parts, films & sheets, and flooring, roofing, & cladding. The largest demand for plasticizers in the past was created for wires & cables, as these products make use of flexible PVC for insulation and protection.
Furthermore, the growing demand for wires & cables in different industries, such as electrical & electronics, automotive, and construction, is projected to result in the rising need for plasticizers in the years to come. Geographically, Asia-Pacific (APAC) has emerged has the largest plasticizers market in recent years, which can be owing to the growth of the manufacturing, healthcare, construction, chemicals, urban infrastructure, and various other endues industries in countries including Indonesia, China, India, and various Southeast Asian countries.
Hence, the demand for plasticizers is majorly being driven by the expansion of the construction industry all across the globe.
Read more: https://www.psmarketresearch.com/market-analysis/plasticizers-market
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