Citrate Plasticizer Market Size, Share, Growth, and Global Industry Analysis by Type (TBC, ATBC, TEC, and Others) By Application (Food Packaging, Toy Manufacturing, Medical, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2030

Updated On: 15 May 2023

CITRATE PLASTICIZER MARKET REPORT OVERVIEW

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The global citrate plasticizer market size was USD 235.8 million in 2022 and is expected to reach USD 256.3 million in 2028, exhibiting a CAGR of 1.4% during the forecast period.

The sudden rise in CAGR is attributable to the citrate plasticizer market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with citrate plasticizers experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. Citrate plasticizer is formed with citric acid and alcohols as raw resources. Tributyl citrate (TBC) and acetyl tributyl citrate (ATBC) are the most common citrate plasticizer. They have been permitted by FDA as a harmless plasticizer. Citrates have decent solubility in both polar and nonpolar solvents, which eases their applications as lubricants in paints & coatings. It has been used extensively for the engineering of organic polymers such as vinyl chloride resins, styrene-butadiene copolymer latexes, unsaturated polyesters, cellulose nitrates, etc., owing to its great compatibility & chemical strength contrary to these materials.

The global citrate plasticizers market is anticipated to witness stable growth over the forecast period due to its growing usage in numerous end-user sectors such as paints and coatings, food & beverage packaging material, wire & cable, and medical products. Moreover, these plasticizers have been progressively used in high-performing elastic PVC resins containing bottles for milk; cake molds; pouches for baby foods, etc.

COVID-19 Impact: Supply Chain Disruption to Impede Market Progress

The market was destructively compressed by COVID-19 in 2020. Due to the pandemic situation, the construction events were on momentary halt owing to the government forced lockdown. Therefore, this directed in a reduction in the consumption of bio-plasticizers created on flooring and wall coverings, wires, and cables harmfully impacts the market demand for bio-plasticizers. Though, the demand for packing from the food and e-commerce section has been considerably increasing during this situation, which, in turn, encourages the demand for packaging material made up of bio-plasticizers, thus, improving the citrate plasticizer market growth.

LATEST TRENDS

"Increasing Adoption of PVC to Foster Market Growth"

Plasticizers play a vigorous role to create PVC soft by instructing the required stretchy and strong properties. PVC products that are tempered by plasticizers are known as flexible PVC. These flexible PVCs unlock up new application markets owing to their toughness property with high performance. The use of PVC has observed stable growth owing to its outstanding water resistance and non-flammable properties. It majorly discovers applications in flooring, wall covering, pipe, napkins, pool liners, extruded wires, adhesive films, synthetic leather coated textiles, medical devices and automotive.

CITRATE PLASTICIZER MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into TBC, ATBC, TEC, and Others.

• By Application Analysis

Based on applications, the market is classified into Food Packaging, Toy Manufacturing, Medical, and Others.

DRIVING FACTORS

"Internal and External Methods of Plasticization to Foster Market Growth"

Plasticized PVC is often naturally created by the internal or external plasticization approaches. While the internal plasticization technique is difficult and can lead to lengthier response times and augmented costs. Conversely, external plasticization is the most usually used process because low-cost PVC plasticizers and stabilizers pay for the preparation of a wide range of products. Chemical processing contains numerous modules like phthalate, terephthalate, functional groups of ester, citrate, and benzoate giving them characteristics of solvency, resistance to hydrolysis, outdoor weather ability, and flame retardancy.

"Increasing Demand from Food Packaging Sector to Promote Growth"

The increasing population, growth in disposable income of customers, and rise in inclination towards varied culinary routines have donated to the increase in demand for food products. Acetyl tribute citrate is extensively used as a plasticizer. It is primarily used in the production of goods such as food wraps and food packaging. Therefore, an upsurge in demand in the food & beverage packaging sector is driving the global citrate plasticizer market.

Rapid development has directed to the development of the construction sector. This deals with profitable prospects for the citrate plasticizer market. It is active in the preparation of colorings that are used as significant components in the fabrication of paints, ink, coatings, etc.

RESTRAINING FACTORS

"Health Effects to Impede Market Progress"

Plasticizers are widely used owing to their easy accessibility at a low cost. Numerous corporations are willingly moving away from phthalate plasticizers as a growing number of studies are revealing the health effects produced owing to the use of phthalate plasticizers. Moreover, non-governmental groups such as the U.S. Green Building Council (USGBC) are endorsing the use of non-phthalates plasticizers owing to their ecologically friendly nature.

CITRATE PLASTICIZER MARKET REGIONAL INSIGHTS

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"Increasing Application from End-Use Sector to Foster Market Growth in Asia Pacific"

Asia Pacific is projected to dominate the citrate plasticizer market share due to significant development in demand for citrate plasticizer from several end-use applications such as cosmetics, personal care, Polymer & plastics textiles, and paints & coatings, among other that delivers stimulus for the growth of the market in the region.

North America is anticipated to witness a substantial expansion in the plasticizers market owing to the existence of infrastructural development. The market for plasticizers grants a restricted improvement in the region. The enriching demand for plasticizers is on the back of industrialized growth.

KEY INDUSTRY PLAYERS

"Incorporation of Strategies for Increasing Product Adoption to Help Companies Grow"

The citrate plasticizer market is fragmented, and the key competitors have used various techniques to strengthen their positions in the market, including expansions, agreements, new product releases, joint ventures, partnerships, and acquisitions. Major players strive to gain acquisitions and collaborations in the market to expand their product portfolio. The players try to gain a competitive advantage by adopting advanced technology. Companies also strive to gain market insights to offer an all-inclusive market report to the stakeholders. The companies are also developing strategies that offer long-term growth to the market. 

List of Market Players Profiled

• Vertellus
• Oxea
• SurfaTech
• ChemCeed
• Jungbunzlauer
• Lanxess
• Morimura
• Asahi Kasei
• Indo Nippon
• KLJ Group

REPORT COVERAGE

The research examines the most recent developments and the most profitable categories. It goes through the influence of COVID-19, the driving and restraining elements in detail. It keeps track of the important players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.