The plasticizers market size is projected to grow from USD 17.0 billion in 2022 to USD 22.5 billion by 2027, registering a CAGR of 5.7% during the forecast period. This growth is attributed to the growing construction and electronics industries. The growing infrastructure development in developing countries, such as China, India, and Brazil, is driving the demand for plasticizers, as these countries require a large amount of construction material and automotive parts. The construction of new roads, bridges, airports, ports, and other projects requires plastic products, such as pipes, wires, and cable insulation. Thus, the increasing need for more efficient and sustainable infrastructure and government initiatives to modernize and upgrade the existing infrastructure is expected to drive the demand for plasticizers in the coming years.
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Players have adopted different strategies to strengthen their market positions and ensure long-term growth and success. These strategies enable them to efficiently meet the growing demand for plasticizers by various industries. Also, companies operating in this market, such as UPC Technology (Taiwan), ExxonMobil (US), Nan Ya Plastic (Kaohsiung), BASF (Seoul), and Eastman Chemical Company (US), adopt product launches, acquisitions, expansions, collaborations, and partnerships to increase their market shares and expand their geographic presence.
BASF(Seoul) a key market player with a wide product portfolio, strong market presence, and effective business strategies. The wide product portfolio enables them to serve most regions worldwide. BASF primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity. BASF SE (Germany) and StePac Ltd. (Israel) partnered to create next-generation sustainable packaging specifically for the fresh produce sector. Moreover BASF presented a comprehensive product portfolio of engineering plastics and polyurethanes with a markedly less carbon footprint (PCF) at the K 2022 trade fair, including Ultramid A and B, Elastopir, Ultradur, Ultraform, Elastollan, and Elastocool families, all with PCF reductions.
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ExxonMobil is a well-established company with effective business strategies. They offer innovative solutions, services, and hardware portfolios and have an extensive network of channel partners and resellers to increase the deployment of their solutions across numerous vertical markets. They focus on a specific product-related technology. The company leveraged its existing worldwide distribution network and regional sales offices to support its international business for the Products segment. It assembles products for the international markets at the US and Australian locations. ExxonMobil partnered with Mitsubishi Heavy Industries (MHI) to deploy MHI’s leading CO2 capture technology as part of ExxonMobil’s end-to-end carbon capture and storage (CCS) solution for industrial customers. This agreement will enhance next-generation carbon capture technologies.
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