The global Plastisols Market is estimated to be valued at US$ 18.74 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Plastisols are liquid polyvinyl chloride (PVC) suspensions in solvent that can be applied by dipping, spraying, screen printing or brushing. Once applied, the solvent evaporates leaving a durable film. Plastisols offer benefits like soft texture, corrosion resistance, superior bonding and seam sealing capabilities. They are used for wide range of applications like coatings for fabrics, leather and paper. Growing use of plastisols in automotive, construction and consumer goods industries due to their light weight, flexibility and durability is augmenting the market growth.
Market key trends:
One of the key trends in the plastisols market is the rising demand for lightweight materials in various end use industries like automotive and construction. Plastisols allow lighter weight fabric coatings and sealants for improved fuel efficiency and reduced cost. Another trend is the growing popularity of eco-friendly plastisol formulations with lower volatile organic compound (VOC) emission. Major players are focusing on developing bio-based and recyclable plastisols using plant-based plasticizers to reduce environmental impact. Advancements in application technologies like powder coating and print coating have also increased plastisol use in new product segments like liquid applied roofing and functional fabrics.
Threat of new entrants: Low- moderate capital requirements along with threat from existing players makes threat of new entrants moderate.
Bargaining power of buyers: Moderate bargaining power of buyers due to availability of substitute products.
Bargaining power of suppliers: Low bargaining power of suppliers due to availability of substitute raw materials.
Threat of new substitutes: Low threat of new substitutes as plastisols have established application in various industries.
Competitive rivalry: High due to presence of many global and local players offering similar products.
The global plastisols market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from the construction and transportation industries.
North America holds the major share in the global plastisols market due to wide industrial base and high consumer spending. Asia Pacific is expected to witness fastest growth in the market over the forecast period attributed to rapidly growing construction and automotive industries in China and India.
Key players operating in the plastisols market are 3M, Dow, KONISHI CHEMICAL INC CO., LTD., H.B. Fuller Company., Henkel Adhesives Technologies India Private Limited, CHEMENCE, Illinois Tool Works Inc., ITW Polymers Sealants North America, HERNON MANUFACTURING INC., FUJIFILM Corporation, Avient Corporation, US Plastic Coatings, hubergroup India Pvt. Ltd., International Coatings, Chemionics Corporation, Polyblend, HUTCHINSON, Hodgson Sealants., Lancer Group International, and Carlisle Plastics Company, among others.