A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global plastisol market was worth USD 16.5 billion in the year 2020. According to the report, the market is estimated to grow at a CAGR of 7.2%, earning revenue of around USD 26.7 billion by the end of 2027. Plastisol are suspensions made of polyvinyl chloride (PVC) materials and plasticizers. These chemicals are increasingly used in various industries, such as automotive, textiles, and construction, which is driving the global plastisol market growth.Plastisol is also used for high-density (HD) prints and more complex spin casting processes like slush molding. It is less expensive and less sophisticated than injection molding, which is commonly used for plastics.
Prospering Automobile and Military Sector Is Driving the Global Plastisol Market Growth
Plastisol provides excellent vibration damping, corrosion resistance, chemical resistance, and moisture resistance, which is why it has gained considerable traction in the automotive industry and the military sector.The automobile industry increasingly uses this chemical to coat dashboards and slide door panels.Due to the growing scale and volume of automobile industries, as well as the growing demand for electric vehicles, the global plastisol market should flourish in the coming years.Furthermore, plastisol are also increasingly being used for coatings of military equipment as it provides great durability, has anti-inflammatory properties, etc.
Surging Demand for Plastisol inthe Textile Industry Is Projected to Boost The Global Plastisol Market Growth
Fashion trends and consumer behavior in the textile industry are constantly changing. Therefore, consumers are always in need of the latest, trendy clothes since they can afford to change their wardrobes with every trend.In the textile industry, plastisol are widely used for screen printing on dark fabrics using lighter inks. Chemicals like this are popular in the textile industry since they don't dry out quickly, so colors can be transferred easily and correctly while maintaining high quality. These factors are driving the global plastisol market growth.
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Global Plastisol Market - By End-User
Based on end-users, the global plastisol market is segmented into construction, transportation, defense, textiles, metal finishing, and others. Among these, the textile industry accounts for the largest market share and is also estimated to witness the highest CAGR during the forecast period. The use of these chemicals is increasing in the treatment of nonwoven and knitted textiles, printing inks, as well as dyeing purposes. Furthermore, plastisol offers better color opacity, high productivity rates, as well as cost-efficiency that favor their use in the textile industry.
Global Plastisol Market - Regional Insights
Geographically, the global plastisol market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, the Asia-Pacific region dominates the market. However, North America and Europe also cover substantial shares in the market. The demand for plastisol is growing at a high rate in North America because of the flourishing transportation, and textile industry in this region. The prospering automobile industry in Germany is also driving the growing demand for plastisol in the European market.
Impact of COVID-19 on Global Plastisol Market
The global plastisol market had to go through a significant setback during the outbreak of the COVID-19-induced pandemic. As a result of the lockdown imposed by the countries to curb the spread of the virus, all manufacturing and production activities were completely stopped, resulting in the decline in demand for plastisol. The automotive and textile industries are the major end-users of plastisol. However, they ceased their operations when their products became nonessential by the governments of different countries during the lockdown. That said, the market is expected to grow significantly as the economy resumes after COVID-19.
The leading market players in the global plastisol market are Bostik, Illinois Tool Works Inc., The Dow Chemical Company, Franklin International, 3M, H.B. Fuller Company, Chemencel, Henkel, Dow Corning Corporation, International Coatings Company, Fujifilm Corporation, Rutland Plastic Technologies, CCR Specialty Chemicals, Monarch Color Corporation, Polyblend, U.S. Plastic Coatings, Wright Coatings Technologies, Rack Coating Service, Indian Dyes Sales, and other prominent players.
The global plastisol market is very competitive as well as fragmented due to the presence of several industry players. The manufacturers are constantly adopting competitive strategies, such as partnerships, mergers & acquisitions, collaborations, etc., to expand their product portfolio and establish their footprint in the market.
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