Plasticizer Alcohols Market By Product Type (2-Ethylhexanol, Isononyl Alcohol, Isobutanol, n-Butanol, Other Alcohols); By Application (PVC Production, Adhesives and Sealants, Coatings and Paints, Lubricants, Plastics Manufacturing, Other Applications); By End-Use Industry (Construction, Automotive, Packaging, Textiles, Consumer Goods, Electrical and Electronics, Healthcare); By Source (Petrochemical-Based, Bio-Based); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The Plasticizer alcohols market in 2023 was worth USD 9.8 billion and is expected to be worth USD 16.3 billion by 2030, expanding at a CAGR of 7.5% during the forecast period.

 

Plasticizer alcohols are chemicals that are used in the creation of plasticizers – substances that are incorporated into plastics to enhance their flexibility and elasticity. They are widely used in manufacturing flexible PVC products such as cables, flooring, and synthetic leather.

 

The plasticizer alcohol market is gradually shifting towards greener and phthalate plasticizers due to growing environmental and human health concerns. For instance, the desire of various industries to use non-phthalate plasticizers has increased by more than thirty percent in the recent past because of enhanced legislation in the European and North American markets. Chemical businesses are also purchasing bio-based plasticizer alcohols. This trend is propelled by the increasing demand for environmentally friendly products in industries such as toys, medical instruments, and food packaging.

 

 

Market Dynamics

The major driving factor for the plasticizer alcohol market is the rising requirement for flexible PVC products in the construction, vehicle industry, and packaging sectors. For instance, the construction industry contributes to the consumption of almost 40% of the total PVCs used in the world, and the flexible PVCs are employed in the floorings, wall coverings, and insulation. The automotive industry applies flexible PVC in interior trims, cables, and coatings, aiding the expansion of the market. New trends include the advancement in utilization of high performance plasticizer alcohols such as isononyl alcohol (INA) that enhances the efficient and durable plasticizers. Moreover, the encouragement in regulating agencies for safer substitutes has forced manufacturers to replace phthalate plasticizers in PVC plastics with non-toxic alcohols like 2-ethylhexanol.

 

A major trend in the plasticizer alcohol market is the increasing adoption of bio-based and sustainable plasticizers. Due to the increasing demand for bioplastics in packaging, daily use products, and the medical industry, the global market for bioplastics is projected to hit a growth rate of over 20% annually using bio-based plasticizer alcohols such as bio 2 ethyl hexanol. Recent developments include adopting bio-chemical manufacturing technologies where companies use renewable feedstock like fermentation to produce alcohols. This not only helps to cut down the use of fossil fuel but also caters to the needs of the regulator and consumers looking for environment-friendly and non-toxic plasticizers for food packaging material, children's toys, and medical equipment.

 

Market Segmentation

By Product Type:

• 2-Ethylhexanol

• Isononyl Alcohol

• Isobutanol

• n-Butanol

• Other Alcohols

 

By Application:

• PVC Production

• Adhesives and Sealants

• Coatings and Paints

• Lubricants

• Plastics Manufacturing

• Other Applications

 

By End-Use Industry:

• Construction

• Automotive

• Packaging

• Textiles

• Consumer Goods

• Electrical and Electronics

• Healthcare

 

By Source:

• Petrochemical-Based

• Bio-Based

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

Asia-Pacific occupies the largest share of the market for plasticizer alcohols due to a large demand from construction, automobiles, and packaging, among other industries in the region. China and India are the major producers and consumers of PVC, with China contributing to approximately 45% of the PVC produced globally. It stems from increased urbanization and industrialization that require versatile PVC products for uses like construction, electrical wires, and other end products. New trends include major financial commitments programmed to synthesize new production capacities for high-volume carriers such as plasticizer alcohols such as 2-ethyl hexanol and isononyl alcohol. Furthermore, the increasing preference towards sustainable development across Asia-Pacific has resulted in research on bio-based plasticizer alcohols, which strongly enhances this market's position.

 

Key Players

• BASF SE

• ExxonMobil Corporation

• Evonik Industries AG

• Oxea GmbH

• Sasol Limited

• Eastman Chemical Company

• Dow Inc.

• Mitsubishi Chemical Corporation

• LG Chem Ltd.

• INEOS Group

• Formosa Plastics Corporation

• Qatar Petroleum

 

Recent Development

• In June 2024, The enhanced OXO alcohol technology known as "OXO M-Process" is being licensed by Technip Energies and Mitsubishi Chemical Corporation, a part of the Mitsubishi Chemical Group. OXO alcohols are employed as solvents in the production of chemicals. The enhanced OXO-M technology minimizes the generation of isobutyraldehyde, which is used in the production of plasticizers, resins, and solvents, so removing the need to handle it as a by-product and lowering associated capital and operating costs of separation and purification.

 

• In August 2024, BASF and UPC Technology Corporation (UPC) have formalized their long-standing relationship with the signing of a Memorandum of Understanding (MoU). With an emphasis on the supply of plasticizer alcohols and catalysts for maleic anhydride (MA) and phthalic anhydride (PA), as well as the creation of long-term solutions to lower carbon emissions from operations and products, this strategic collaboration seeks to promote long-term regional cooperation.