COVID-19 Impact on Phthalate Plasticizer Market
- The COVID-19 outbreak has affected numerous countries across the globe. Several precautionary measures were taken and lockdowns were imposed. This led to the closure of numerous factories and other professional activities. Thus, the global economy has been facing a stiff challenge during the pandemic.
- Major end-users of phthalate plasticizer are automobile, construction, and cable industries. Lockdowns imposed across the world hindered construction and production activities around the world. The consumer good market was also affected due to the lockdowns. Demand for automobiles, wires and cables, pipes, and other goods, which use PVC plastics, plummeted. Thus, the phthalate plasticizer market has been affected negatively during the pandemic.
- The COVID-19 outbreak has directly affected production activities of different non-essential goods. Industrial shutdown caused by the COVID-19 pandemic has created disruption in the production and demand for phthalate plasticizers. Disruption in supply of raw materials also hampered full-scale operations of companies operating in the market.
Key Drivers of Phthalate Plasticizer Market
- Phthalate plasticizers are an integral part of the plastic industry, especially PVC plastics, as most of the plastic products require flexible low viscosity material at the time of manufacturing. The plastic industry is expected to expand at a steady growth rate in the next few years due to increased demand for plastics in automobile, building & construction, and consumer product industries. Growth of these industries is likely to boost the phthalate plasticizer market.
- Phthalate plasticizers are available at very low cost and are cheapest plasticizers available in the market. Due to the low cost, many small and medium scale industries prefer phthalate plasticizers over other plasticizers. This is one of the drivers of the phthalate plasticizer market.
Restraints of Phthalate Plasticizer Market
- Health hazards caused by phthalates can be the restraining factor of the phthalate plasticizer market. Increasing awareness about the environment and harmful effects of phthalates has already caused many plastic producers to move away voluntarily from phthalate plasticizers.
Asia Pacific to Constitute Significant Share of Global Phthalate Plasticizer Market
- In terms of region, the global phthalate plasticizer market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is projected to offer significant opportunities to the phthalate plasticizer market, as two of its major end-use sectors, construction and electronics, are expanding at a considerable pace in the region. Expansion of construction and automotive sectors in India and China as well as the semiconductor industry in China creates significant opportunities for the phthalate plasticizer market.
- North America and Europe are expected to have moderate growth rate during the forecast period. The phthalate plasticizer market in North America is considered mature. High awareness about the adverse effects of plastic in the region has been slowing down the growth rate of the phthalate plasticizer market.
Competitive Landscape of Global Phthalate Plasticizer Market
The global phthalate plasticizer market is highly diversified. Several small and medium players offer phthalate products. Many large players dominate the global market. Some of the key market players are as below:
- ExxonMobil Corporation
- Mitsubishi Chemicals
- Dow Chemicals
- LG Chem
- Evonik Industries
- Nan Ya Plastics
- UPC technology
- Shandong Qilo Plasticizers
Global Phthalate Plasticizer Market: Research Scope
Global Phthalate Plasticizer Market, by Product Type
- Dioctyl Phthalate
- Di-ethylhexyl Phthalate
- Diisononyl Phthalate
- Diisodecyl Phthalate
Global Phthalate Plasticizer Market, by Application
- Paints & Coatings
Global Phthalate Plasticizer 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
Phthalate Plasticizer Market Introduction
- Plasticizers are chemical compounds added to polymers to make them softer and more flexible. Plasticizers reduce viscosity of plastic material and increase plasticity. This makes it easy to handle during various processes of plastic product manufacturing.
- Phthalate plasticizers help add durability and transparency along with plasticity to plastic materials. They are mainly used with PVC materials and contribute majorly to the plasticizer industry.