COVID-19 Impact on Adipate Plasticizers Market
- The COVID-19 outbreak hindered the demand for adipate plasticizers in several ways. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for adipate plasticizers.
- Major end-users of adipate plasticizer are automobile and construction sectors. Lockdowns imposed across the world hindered construction and production activities around the world. Consumer goods market was also affected due to the lockdowns. Demand for automobiles, wires and cables, pipes, and other goods, which use plastic, plummeted. This hampered the adipate plasticizers market.
- The COVID-19 outbreak has directly affected production activities of different non-essential goods. Industrial shutdown caused by the COVID-19 pandemic created disruption in the production of adipate plasticizers. Disruption in supply of raw materials also hampered full-scale operations of companies operating in the market.
Key Drivers of Adipate Plasticizers Market
- Adipate plasticizers are important part of the plastic industry, as most of the plastic products require flexible low viscosity material at the time of manufacturing. Plastic industry is expected to expand at a fast pace due to the increased demand for plastics in automobile, building & construction, and consumer products industries. Growth of these industries is likely to boost the adipate plasticizers market during the forecast period.
- Adipate plasticizers specialize in improving low temperature properties of plastics and rubber. This makes them key ingredients of the plastic industry in cold regions such as North America and Europe.
Restraints of Adipate Plasticizers Market
- Availability of numerous alternatives can affect the adipate plasticizers market negatively. Many different plasticizers are available in the market. These are much cheaper options than adipate plasticizers. Thus, presence of substitutes is one of the constraints of the adipate plasticizers market.
North America and Europe to Constitute Significant Share of Global Adipate Plasticizers Market
- In terms of region, the global adipate plasticizers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America and Europe are key consumers of adipate plasticizers. Weather in these regions is cold; therefore, plastic products are needed, as they have low temperature properties. Adipate plasticizers help impart low temperature properties to plastics and rubbers. Thus, North America and Europe are the key consumers of adipate plasticizers.
- Asia Pacific is projected to account for significant consumption share of the adipate plasticizers market in the near future, as its major end-use sectors, such as construction, automobile, and electronic, are expanding at a considerable pace in the region. Expansion of construction and automotive sectors in India and China as well as electrical & electronic industry in China creates significant opportunities for the adipate plasticizers market.
Competitive Landscape of Global Adipate Plasticizers Market
The global adipate plasticizers market is highly diversified. Several small and medium players operate in the market. Some of the key market players are as follows:
- ExxonMobil Chemicals
- Mitsubishi Chemicals
- UPC technology Corp.
- Nan Ya plastics
- Daihachi Chemicals
Global Adipate Plasticizers Market: Research Scope
Global Adipate Plasticizers Market, by Product Type
- Dioctyl Adipate
- Diisononyl Adipate
- Diisodecyl Adipate
Global Adipate Plasticizers Market, by Application
- PVC Resin
- Adhesives & Sealants
Global Adipate Plasticizers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Adipate Plasticizers Market Introduction
- Adipate plasticizers are chemicals added to polymer and rubber materials to make them softer and more flexible by increasing plasticity, reducing viscosity, and reducing friction during handling in manufacturing processes
- Adipate plasticizers are used in a blend with general purpose phthalates to improve low temperature properties. Adipate plasticizers are ideal options for extremely low temperature applications, UV light resistance, and food contact applications. Adipate plasticizers have application in industries with high use of plastic materials such as automobile, building & construction, and consumer products.