Vinyl Flooring Plasticizers Market to Garner Brimming Revenues by 2018 to 2027
Flooring industry has gained momentum across the globe which generates opportunities in vinyl flooring plasticizers market. Flooring in construction industry is undergoing major changes from past many years. Various new products like new technology, advanced materials and specialized machineries have been introduced in the flooring industry over span of time. Commercial and industrial flooring space has evolved significantly. They have been undergoing healthy growth at moderate growth rate from the past many years. Commercial spaces like sports club and hospitals demand flooring products like vinyl flooring plasticizers to make attractive floors.
Ecologically sound products demanded
Latest fact.MR report predicts vinyl floor plasticizers to have positive growth in the coming years. The global vinyl flooring plasticizers market is expected to grow at 3.2% CAGR in the forecast period. Vinyl products that are ecologically sound are demanded today and this significantly influences the usage of non-phthalate plasticizers. Major stake holders are innovating various techniques and materials to suffice the increased demand in non-phthalate plasticizers market.
Asia Pacific is a prominent region in vinyl flooring plasticizers market. APAC is generating huge opportunities in the segment and is anticipated to dominate the vinyl flooring market during the forecast period 2018-2027. Growth in adoption of construction products which are sustainable largely influences the market growth in Asia Pacific. Although, sustainability is trending, phthalate-based plasticizers are used at a considerable rate and account for 90% of the plasticizers manufactured in the flooring industry.
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Hardwood and linoleum flooring preferred
Europe holds a major position in the market as it generates 26% of demand for vinyl plasticizers. North America owns 22% of the global market share. USA Trade Online states that import of flooring products is on rise in US and the majority of it comes from Asia. The import has increased over five times during the past decade. The major segment of the import are material like DEHP which are considered to be toxic.
The competitive landscape of vinyl flooring market is highly intense and the major Tier 1 companies are striving to gain competitive edge by adding variations in their product portfolio. Major stake holders like BASF, Evonik and ExxonMobil are strategizing to create non-phthalate plasticizers. This strategy is expected to amplify their sales in various emerging markets. They are also collaborating and launching joint ventures with companies of different scale to strengthen their foothold in different regions. Nan Ya Plastics and LG Chem are some of the players in the region that are dedicated to increase their production capacity to fulfil the increasing demand of vinyl flooring materials.
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Different factors like regulatory strictness on phthalate usage along with increased use of materials like hardwood and linoleum for flooring have the potential to hinder the growth of global vinyl flooring plasticizers market. Many prominent companies in the market manufacture linear alcohols which is used in making vinyl floor plasticizers. They are using their raw material production capacity to strengthen supply chain and to be cost-efficient.