The global plasticizers market size stood at USD 17.34 billion in 2022. The market is set to expand from USD 17.99 billion in 2023 to USD 23.88 billion by 2030, exhibiting a CAGR of 4.1% over the study period.

Fortune Business Insights™ provides this information in its research report, titled “Plasticizers Market, 2023-2030”.

COVID-19 Impact:

Supply Chain Disruptions Affected Market Growth during COVID-19 Pandemic

The COVID-19 pandemic led to disruptions in the global supply chain owing to the enforcement of lockdown restrictions by the governments of several countries. This created a scarcity of raw materials, affecting manufacturing activities across various regions. This impacted the industry expansion during the pandemic period.

The report presents an overview of the major factors anticipated to boost the industry growth over the coming years. It also gives an account of the key steps deployed by major companies to strengthen their market share. The report also discusses the pivotal trends in the market.

Drivers and Restraints:

The rising awareness regarding the harmful effects of phthalate-usage on the environment and human health has led to a shift toward the use of non-phthalate-based plasticizers. They are a more sustainable option considering their biodegradable nature. These factors are expected to boost their deployment, impelling plasticizers market growth over the coming years.

However, the industry expansion could be hindered owing to the enforcement of stringent regulations associated with the usage of phthalate-based materials.   

Regional Insights:

Asia Pacific registered a key share in the market. The dominance of the region can be attributed to the growing demand for PVC-based products in developing economies such as India and China.

The Europe plasticizers market share is anticipated to rise owing to the growing demand for eco-friendly products and escalating concerns associated with the use of traditional phthalate-based solutions.

List of Key Players Mentioned in the Report:

• BASF SE (Germany)

• Exxon Mobil Corporation (U.S.)

• Eastman Chemical Company (U.S.)

• Evonik Industries AG (Germany)

• Nan Ya Plastics Corporation (Taiwan)

• UPC Technology Corporation (Taiwan)

• LG Chem Ltd. (South Korea)

• Aekyung Chemical (South Korea)

• Kao Corporation (Japan)

• Avient Corporation (U.S.)

Information Source-https://www.fortunebusinessinsights.com/plasticizers-market-104572