The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
lastisols are comprised of polyvinyl chloride resin dispersed in a plasticizer. They are used as a coating for metals, fabrics, and other substrates. Plastisols offer properties such as flexibility, durability, and resistance to corrosion and abrasion. They are commonly used in signage, leather finishing, and vehicle decals. Growing automotive and construction industries are driving demand for plastisols.
Market Dynamics:
Increased infrastructural development worldwide is driving demand for plastisols from the construction industry. Plastisols provide resistance to corrosion and weathering, making them ideal for use in roofing, wall panels, pipes, and other applications. Additionally, growing automotive industry is fueling consumption of plastisols in vehicle components manufacturing. Plastisols are used to coat car interiors, trim pieces, dashboards, and other parts due to their ability to withstand heat and offer design flexibility. The ban on volatile organic compound (VOC) containing coatings in various countries and growing environmental regulations are prompting manufacturers to develop water-based and VOC-free plastisol coatings. This is expected to present lucrative opportunities for players in the market over the forecast period.
Segment Analysis:
The global Plastisols Market Size is dominated by the automotive sub-segment. Plastisols are extensively used in automotive interior and exterior applications such as instrument panels, door panels, consoles, and others. The automotive industry’s demand for weight reduction and increased use of plastic parts is driving the consumption of plastisols in this sub-segment.
PEST Analysis:
Political: Any policy changes related to vehicle fuel efficiency and emission norms can impact the demand for plastisols in the automotive industry.
Economic: A rise in disposable income is leading to higher vehicle sales, fueling market growth. Conversely, economic slowdowns can negatively impact the automotive and construction industries.
Social: The increasing population and changing lifestyles driving demand for personal vehicles and real estate.
Technological: Developments in plastisol formulations to provide enhanced properties like durability, heat resistance etc. are supporting their increased adoption.
Key Takeaways
The global plastisols market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing automotive production across emerging economies. Geographically, the Asia Pacific region dominates the market and is expected to maintain its dominance due to rapid urbanization and industrialization in China and India.
Regional analysis
The Asia Pacific region is the fastest growing as well as the dominating region in the global plastisols market. China, India, Japan and South Korea are the major countries contributing to the growth of the Asia Pacific plastisols market. Rapid industrialization, infrastructural growth, and increasing automotive production are driving the consumption of plastisols in the region.
Key players
Key players operating in the plastisols market are Fujifilm Holdings Corporation, Lancer Group International, PATCHAM, Avient Corporation, Carlisle Plastics Company. Fujifilm Holdings Corporation is a prominent player with strong presence across automotive, construction and other end-use industries. Lancer Group International specializes in plastisol coatings for applications such as apparel, leather goods, and furniture.