Plasticizers are chemicals that are added to polymers to improve their flexibility, durability, and other properties. Plasticizers increase the flow of a polymer by decreasing the viscosity of the polymer melt. They are also cheaper than other additives used in polymer processing.
In terms of plasticizers demand by type, phthalate plasticizers are the most commonly used plasticizers accounting for more than 50% of the market share. They are widely used in the production of PVC pipes, cables, and vinyl flooring. Major phthalates include dioctyl phthalate (DOP), diisononyl phthalate (DINP); diisodecyl phthalate (DIDP), and di(2-propylheptyl) phthalate (DPHP). Non-phthalate plasticizers are free of phthalates and have a different chemical structure. These include terephthalates like dioctyl terephthalate (DOTP), epoxy, polymerics, phosphates, and others.
In terms of plasticizers demand by application, the wire and cable segment holds the largest share in the plasticizers market. Plasticizers are used to make PVC flexible and soft, which is necessary for the manufacturing of wires and cables. Wires and cables have massive applications in telephonic lines, power lines, domestic appliances, medical equipment, industrial automation, etc. Thus, the growing use of wires and cables will boost the plasticizers demand and consumption in the upcoming years.
Asia Pacific holds the largest share in the plasticizers market on the back of China accounting for more than 60% of the global demand followed by Western Europe and North America. This growth is mainly due to the strong presence of in the electronics industry in the APAC region. Electrical and electronics are estimated to be the significant segment of the plasticizer market owing to the surge in demand for semiconductors used in a variety of electronic devices such as computers, mobile phones, and audio-video equipment.
Some of the key plasticizer manufacturers are Aekyung Petrochemical, BASF, Eastman, Evonik Industries, ExxonMobil, LG Chem, NAN YA Plastics, Shandong Hongxin Chemicals, ShangdongQilo Plasticizers, UPC Technology.
Plasticizers are extensively used in the construction and automotive industries to improve the flexibility and durability of materials, such as PVC and rubber. These industries are expected to grow, driving the demand for plasticizers. Plasticizers are used in the manufacture of automotive parts to reduce the weight of the vehicle which helps in improving fuel efficiency. They are also used in the manufacture of synthetic leather seats, exterior rims, compartment parts, etc. Plasticizers are used in the insulation of automotive cables to improve their flexibility and to improve the resistance to breakage. In the construction industry, plasticizers are used for pipes, wires, and insulating cables for the construction of new roads, airports, bridges, etc.
There is a growing demand for biobased and non-phthalate plasticizers due to concerns about the environmental impact and health risks associated with traditional phthalate-based plasticizers. The development of new plasticizer technologies, such as vegetable oil-based plasticizers, has enabled the production of plasticizers with improved properties, such as low toxicity and high biodegradability which will boost the plasticizers market in the forecast period.
Phthalates have been associated with health and safety concerns, including endocrine disruption and reproductive toxicity. These concerns have led to regulations limiting the use of certain types of plasticizers. The environmental impact of plasticizers, such as their potential to leach into soil and water, is a concern for some consumers and regulators. This may limit the adoption of certain types of plasticizers in certain applications.
In 2017, Consumer Product Safety Commission banned the use of 8 ortho-phthalates that are widely used in toys and childcare articles. The European Restriction of Hazardous Substances Directive have restricted the use of DEHP, DIBP, DBP and BBP. These restrictions on plasticizers on account of the harmful effects imposed on the health are restricting the global plasticizers market.
The cost of raw materials used to produce plasticizers, such as crude oil and natural gas, is subject to fluctuations that can affect the cost and availability of plasticizers. The volatility can significantly increase the production costs of plasticizers and impact the market globally. Manufacturers are finding different ways to derive plasticizers with different raw materials or shifting their focus to bio-based plasticizers.
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