Plasticizers Plot an Upward PathPlasticizers Plot an Upward Path

A fresh report from Meticulous Market Research predicts the plasticizers market will grow from $18.6 billion in 2024 to $26.9 billion by 2031, with a CAGR of 5.4% during the interval.

Plasticizers are additives that boost the flexibility and workability of polymers during processing. The report analyzes the market by plasticizer type, by end-use industry, and by region.

Plasticized polymers are used in categories such as consumer goods, automotive, medical devices, and packaging.

Market growth drivers will include robust construction activity in emerging economies and more use of plasticizers in consumer goods and automotive applications.

Increasing reliance on plasticizers in plastic packaging materials and growing demand for environmentally friendly plasticizers also present opportunities for suppliers.

Meticulous Market Research

On the other hand, raw-material cost volatility will have a constraining effect on market growth. An increasingly stringent regulatory environment for plastics producers, globally, will also challenge plasticizer suppliers.

Bio-based plasticizers set for sustainable growth.

Of the various types of plasticizers — phthalate, non-phthalate, and bio-based — the bio-based category is expected to enjoy the highest CAGR between 2024 and 2031. The reasons include growing environmental awareness and increased regulation as well as greater consumer interest in environmentally friendly products.

Bio-based plasticizers are increasingly used in food and beverage packaging materials, medical tubing, and other products, and demand has increased for bio-based plasticizers such as epoxidized soybean oil (ESBO) and citrate esters.

The plasticizer end-use category expected to experience the highest growth in the forecast period is medical devices. The movement toward nontoxic, biocompatible materials and increased use of plasticizers in the materials used to manufacture medical devices will help drive growth in this product category.

The market analysts predict that Asia-Pacific will enjoy the highest growth rate during the forecast period, with a CAGR topping 6.5%. Consumer preference for durable, flexible, safe products, together with more regulations and standards targeting product safety and environmental protection, will fuel growth of advanced non-phthalate and bio-based plasticizers in the region.

A summary of the report is available from Meticulous Research.

Read more about plasticizers at PlasticsToday.