Plasticizers Market
accelerating usage of PVC products in the housing and construction , automotive , electric and electronics , and the medical and healthcare sectors in this region .
The lead of this regional market is likely to continue during the forecast period , expanding at a CAGR of 6.10 %, owing to the infrastructural advancements , fueled by the strengthening economy in Asia Pacific , specifically in China , Japan , Korea , and India . On the flip side , the plasticizers markets in Europe and North America are anticipated to witness a slowdown in their respective growth rates in the near future . Both the markets are nearing maturity , which is likely to impact them adversely over the forthcoming years , notes the study .
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Rising Urbanization to Have Most Prominent Impact on Market ’ s Growth “ The substantial rise in the construction industry , thanks to the rapid urbanization taking place across the world , is having the most significant effect on the global plasticizers market ,” says the author of the study . With the economic growth , the rate of urbanization in emerging economies has rocketed , resulting in the increase in construction activities , infrastructural developments in the medical and the healthcare sector , and a considerable growth in the automotive industry , which , consequently , is augmenting the demand for plasticizers , globally .
On the other hand , the rising awareness regarding the harmful effects of plastics on the environment , enforcement of strict government norms limiting the utilization of plasticizers , and the high cost associated with the production of plasticizer may act at a restraint against the growth of this market in the near future . However , the increasing replacement of wood and iron products with plastics , such as doors , windows , floorings , and pipes , will reflect positively this market over the forecast period , states the report .
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