Market Scope
Market Research Future (MRFR) believes that the plasticizer market was worth more than USD 15 billion in the year 2018. The market size can also project a moderate CAGR of 6% from 2020 to 2027 (assessment period).
Major Drivers & Challenges
Plasticizers are used for improving the softness, flexibility, volatility, and workability of plasticized materials. They may be external or internal, depending on the type of alterations carried out to the materials they are added to. Also, external plasticizers can be segmented into primary as well as secondary. Primary plasticizers facilitate elongation and impart softness to the materials, while secondary plasticizers help curb compatibility between the polymers and are deployed in combination with other types of plasticizers. Plasticizers come in various types in the market, out of which terephthalates, phthalates, aliphatics, and epoxies witness the highest demand worldwide.
The plasticizers industry stands to benefit from the surging use of flexible PVC in a variety of applications, rising consumption of high molecular weight non-phthalate and phthalate plasticizers, along with the expansion of the packaging sector. Asia Pacific has been performing remarkably in the global market, in terms of growth and volume, thanks to the large-scale production and demand in China along with the promising growth in India & several other nations in the region. Stringent regulatory bans on certain types of phthalates and their high toxicity level can however, slow down the market growth in the future. On the bright side, frequent innovations in plasticizers rendering it more environment friendly, in line with R&D activities giving rise to new applications can help the market maintain its striking growth throughout the analysis period.
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Segmentation
The top segments analyzed in the MRFR study of the plasticizer industry include resin type, technology, vehicle type, and application.
The different types of plasticizers in the market include phthalates as well as non-phthalates. The leading position has been attained by the phthalates segment, which can further be classified with respect to Di-isononyl Phthalate (DINP), Di-ethylhexyl Phthalate (DEHP), Di-propylheptyl Phthalate (DPHP), Di-isodecyl Phthalate (DIDP), and more. Some of the key types of Benzoates, non-phthalates are Epoxy, Di-octyl Terephthalate (DOTP), Trimellitate, Adipate, and others. Non-phthalates plasticizers form the biggest segment in the market and therefore, have taken the lead. Attributing factors can be the strict REACH regulations that curb the usage of phthalates, compelling manufacturers to opt for non-phthalates ones.
Depending on application, the plasticizer industry caters to wire & cable, flooring & wall covering, consumer goods, packaging, toys, medical & healthcare, and others. Plasticizers are known for altering the physical characteristics of the wrapping material, elevating the flexibility by reducing the attraction between the polymer chains. As a result, they are used significantly in the packaging sector.
Major Regions
Europe, Asia Pacific, Middle East & Africa, Latin America, and North America are the primary markets for plasticizers.
Asia Pacific has procured the biggest portion of the global plasticizers industry, with China standing at the vanguard, thanks to the surging product use in trucks, cars, polyvinylchloride coatings, and more. Heightened consumption of dispersants for use in resilient flooring, vinyl roofing membranes, acoustical ceiling surfaces, wall coverings, and more has fostered the market demand in India and Japan. Another factor encouraging market growth in the region could be the growing preference for lightweight PVC materials among diverse end-use sectors and the emerging popularity of flexible PVC. Booming population coupled with the improving living standards have also augmented the demand for flexible PVC materials, especially in automotive and construction applications.
With the second biggest market size, Europe is all set to capture further traction in the ensuing years, with significant contribution from countries like Italy, Germany, Spain, and France. These countries are at the forefront of the regional market growth, largely due to the robust use of the product in the well-developed automotive sector. Additionally, the surge in the number of reconstruction activities across the region is also touted to be favorable for the plasticizer market in subsequent years.
North America is a promising market for plasticizers, given the frequent technological innovations catering to the ever-rising needs of different end-use industry, including product customization as well as versatility. Moreover, factors like socio-political events, feedstock availability, and production process have a tremendous impact on the regional industry.
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Renowned Industry Contenders
Shandong Qilu Plasticizers Co., Ltd. (China), BASF SE (Germany), UPC Group (Taiwan), LG Chem (South Korea), Eastman Chemical Company (U.S.), NAN YA PLASTICS CORPORATION (Taiwan), Exxon Mobil Corporation (U.S.), Shandong Hongxin Chemicals Co., Ltd. (China), AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), Evonik Industries AG (Germany), are the top manufacturers of plasticizers worldwide.
Most of the companies are adopting major growth strategies including new launches, acquisitions, joint ventures, and expansions to improve their profit margins. Also, government initiatives aimed at encouraging the use of eco-friendly plasticizers are compelling companies to take up numerous business strategies to remain relevant in the global market.
To illustrate, in April 2021, BASF introduced biomass balanced plasticizers that are based on renewable and sustainable raw materials, under the names Palatinol N BMB, Hexamoll DINCH BMB, Plastomoll DOA BMB, and Palatinol 10-P BMB. Replacing fossil resources, biogas or bio-naphtha have been utilized, which are sourced from vegetable oils or organic waste. Biomass balanced plasticizers also boast of a much lower carbon footprint compared to the traditional ones and help preserve fossil resources.

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