April 24, 2024

The Global Plastisols Market Demand is Projected to driven by wide range of applications

Plastisols are dispersions of PVC resin particles in liquid plasticizers. Plastisols have superior characteristics like excellent flexibility, transparency, corrosion resistance and adhesion properties. They are used to coat fabrics, leathers, films, metals and other materials. Plastisols offer simplicity of application, durability and low-cost solution for many industrial and commercial applications. The wide range of applications of plastisols across industries such as automotive, construction, healthcare, packaging and footwear drives the growth of the global plastisols market.

The global Plastisols Market is estimated to be valued at US$ 18.74 Billion 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.

Market key trends:

One of the key trends in the plastisols market is the shift towards eco-friendly plastisol formulations. Strict environmental regulations regarding use of toxic plasticizers such as phthalates is propelling demand for bio-based and non-phthalate plasticizers. Players are focused on developing bio-based plasticizers from renewable resources like vegetable oils, which are non-toxic and exhibit properties comparable to conventional plasticizers. For instance, 3M offers non-phthalate plasticizers such as 3MTM EastmanTM Plasticizer CAPA TM made from dimer acid which provide flexibility similar to phthalates without toxicity. Additionally, advancements in material science is leading to new plastisol formulations for applications requiring high chemical and UV resistance. Continuous R&D towards new formulations and materials will remain crucial for players to offer innovative and sustainable plastisol solutions over the forecast period.

Porter’s Analysis
Threat of new entrants: The plastisols industry already has established players operating at global and regional level, making it difficult for new companies to enter this market space. Significant capital requirements and strong customer loyalty further discourage new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of various product choices at competitive prices. However, large buyers can negotiate on price and technical factors.
Bargaining power of suppliers: Suppliers of raw materials such as plasticizers, fillers and resins have moderate bargaining power due to limited standardized suppliers at a global scale.
Threat of new substitutes: There exists potential threat of substitutes like solvent-based primers and coatings, however, plastisols have price advantage and eco-friendliness providing less incentive to switch.
Competitive rivalry: Global plastisols market is moderately competitive with top players differentiating through quality, consistency and innovation.

Key Takeaways
The global plastisols market is expected to witness high growth. The global Plastisols Market is estimated to be valued at US$ 18.74 Billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

Asia Pacific dominating the market owing to rising automotive and construction industries especially in China and India. North America also captures significant share in the plastisols market.

Key players related content comprises Key players operating in the plastisols market are 3M, Dow, KONISHI CHEMICAL INC CO., LT. 3M leads the market with its wide product portfolio and global presence. Dow focuses on developing sustainable plastisols through product innovation. KONISHI CHEMICAL INC CO., LT majorly serves automotive industry in Asia Pacific.