Plastisols Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• The major factors driving the growth of the market studied are the rapidly expanding construction industry​ and the surge in demand from the textile industry in Asia-Pacific.
• The adverse environmental effects of plastisols and the severe phthalates impacts on human health are likely to hinder the growth of the studied market.
• PVC-Free Plastisols and the growing adoption of digital screen-printing applications are likely to create opportunities for the market in the coming years.
• The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.

Plastisols Market Trends

Increasing Demand from Building and Construction Industry

• The building and Construction segment is expected to be the fastest-growing end-use industry segment for the plastisols market.
• Plastisol is utilized in many building applications, from flooring to wall coverings. The expanding construction industry worldwide led to an increase in plastisol consumption over the past few years.
• In the building and construction industry, Plastisols are extensively used in piping and fittings for water distribution, electrical conduits, irrigation and sewers, weather stripping, siding, awnings, soffit, skirting, gutters and downspouts, window frames, door frames and cladding, coated panelling, decking and fencing, landfill liners, swimming pool liners, geomembrane, single-ply roofing, floor and wall coverings, maintenance coatings, etc.
• Asia-Pacific, the Middle East, and African countries are experiencing substantial domestic and foreign investments for setting up industrial units, hospitals, malls, multiplexes, hospitality, and the IT sector.
• Asia-Pacific is an attractive market for foreign companies due to the healthy economic performance of countries like India, China, Indonesia, etc. Also, the efforts made by the Middle Eastern countries to develop tourism and other non-oil sectors, which are driving construction activities in these regions.
• According to Eurostat, building output rose by 3.3% in the eurozone and 3.8% in the European Union in July 2021 compared to July 2020. Construction output rose by 0.5% in the eurozone and 1.3% in the European Union in November 2021 compared to November 2020.
• According to the National Bureau of Statistics of China, the construction industry in China created an added value of around CNY 8 trillion (~USD 1.24 trillion) in 2021, an increase from CNY 7.24 trillion (~USD 1.05 trillion) in 2020. This trend is expected to benefit the studied market.
• Owing to all these factors, the plastisols market will likely grow worldwide during the forecast period.

Asia-Pacific to Dominate the Market

• Asia-Pacific region is expected to dominate the market. In the area, China is the largest economy in terms of GDP. China is one of the fastest emerging economies and one of the world's biggest production houses today. The country's manufacturing sector is one of the significant contributors to the country's economy.
• India is witnessing the construction of numerous airports under planning or development phases. In addition, the Indian government is also planning to construct 100 airports by 2032, owing to the increasing demand for air commutes. In Budget 2021, the Indian government allotted INR 13,750 crore (~USD 1.85 billion) to Atal Mission For Rejuvenation And Urban Transformation and Smart Cities Mission to promote construction initiatives.
• In the Asia-Pacific region, numerous measures have been taken by governments of multiple countries to promote housing and construction. For instance, the Malaysian government allotted MYR 500 million (~USD 113.10 million) in budget 2021 to develop up to 14,000 residences under the Program Perumahan Rakyat (PPR) and MYR 315 million (~USD 71.25 million) to develop 3,000 units of Rumah Mesra Rakyat (RMR).
• China includes one of the world's most significant rates of urbanization. According to data from the American Institute of Architects (AIA), Shanghai, China, would have built the equivalent of ten New York-sized cities since the 1990s by 2025.
• Pingnan County in China's Guangxi region is investing CNY 26.4 billion (~USD 4.08 billion) in a textile manufacturing cluster to capitalize on its geographic position. The county signed over 226 textile and garment projects for the forthcoming textile and garment cluster. It will establish over 100 firms, 37 of which are expected to commence operations by the end of 2021.
• All factors above are likely to fuel the growth of the plastisols market in Asia-Pacific over the forecast period.

Plastisols Market Competitor Analysis

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