The increasing number of infrastructural development and construction projects being launched in several countries is propelling the sales of plasticizers. This is because of most of the majorly used building tools and materials are made from polyvinyl chloride (PVC), which requires plasticizers such as DBP, DOTP, DINP, and DOP for softness. Moreover, the PVC products are widely used in construction activities, on account of their various beneficial traits such as high resistance to ultraviolet (UV) light and temperature.
Because of the aforementioned factors, the rapid growth of the construction industry is positively impacting the global sales of plasticizers. Apart from various infrastructural development activities and industrialization, the increasing urbanization, especially in the developing nations such as India, Brazil, and China is also pushing up the demand for plasticizers. These materials are heavily required in the construction of residential buildings as they are extensively used for producing the materials required for flooring, roofing, and cladding.
Apart from the construction industry, the ballooning requirement for PVC in the electronics and electrical industry is also fueling the surge in the demand for plasticizers across the globe. As per many reports, more than 90.0% of the plasticizers produced around the world, particularly phthalates, are used for making PVC. As plasticizers have the ability to smoothen or provide flexibility to the end products, they are increasingly being used in the automotive and chemical industries.
Due to the burgeoning requirement for PVCs in several industries, the sales of plasticizers are rising rapidly, which is, in turn, fueling the expansion of the global plasticizers market. According to the estimates of PS Intelligence, a market research company based in India, the valuation of the market would rise from $13,967.9 million to $16,700.6 million from 2018 to 2024. Additionally, the company predicts that the market would exhibit a CAGR of 3.5% from 2019 to 2024.
Phthalate and non-phthalate are the two main types of plasticizers used around the world. Between these, the sales of non-phthalate plasticizers will rise at a faster rate over the next few years, mainly because of the toxicological profile of a few phthalate plasticizers. Due to the numerous health concerns associated with the usage of phthalate plasticizers, many developed nations have banned the utilization of these plasticizers, particularly in the products used by children below the age of 3 years.
Globally, the plasticizers market recorded the highest growth in the Asia-Pacific (APAC) region in the past few years. This is credited to the extensive utilization of plasticizers in the region in the years gone by due to the presence of flourishing automotive, electrical and electronics, construction, and chemicals industries in the regional countries. Moreover, the predicted boom of these industries in the future years will massively boost the demand for plasticizers in the region in the coming years.
Hence, it can be said without any hesitation that the sales of plasticizers would surge all over the world in the forthcoming years, mainly because of the growing requirement for PVCs in the construction, electrical and electronics, and automotive industries.
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