According to the MRFR analysis, the Global Diisononyl Phthalate (DINP) Market is estimated to grow at a notable CAGR of more than 7% to reach over USD 9.5 billion in 2023.
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The significant factors driving this market’s growth are increased demand from key end-use industries such as automotive, construction, paints & coatings, and toy manufacturing. The product is widely employed in practically all rapidly increasing industries, including footwear manufacturing, plastics manufacturing, and electrical manufacturing. This is likely to increase demand for the product during the forecast period. The global market has been rising in recent years as a result of its application in the manufacture of food-grade packaging materials. Over the projected period, the market is likely to be driven by the growing demand for the use of flexible PVC and PVC applications in the construction industry. Additionally, increased demand for highly resistant rubber to water, chemicals, oil, and gasoline in automotive and electrical applications is expected to be a major driver of the Diisononyl Phthalate market during the research period. However, volatility in the pricing of Diisononyl Phthalates raw materials and quick research in the field of developing ecofriendly and new goods by market leaders may restrain market expansion in the next years.
Additionally, the COVID-19 outbreak has impacted end users, most notably building and general economic activity. Lockdowns in numerous nations and difficulties in supplies have impacted the market examined. Whereas the economic downturn has harmed infrastructure development, the introduction of new industries, and expansions, all of which have a cumulative effect on demand for Diisononyl Phthalate (DINP) market.
The five regions analyzed for the global Diisononyl Phthalate market Growth are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific dominated the worldwide diisononyl phthalate market in 2017 and is expected to continue to do so during the forecast period. The market in this region has grown at a rapid pace over the last few years, owing to increased demand for the product from major end-use sectors such as automotive, construction, and electricals. Additionally, the governments of this region’s growing nations are supporting their footwear manufacturing industries, which is expected to raise demand for the product during the projection period. Additionally, the rapid growth of the toys manufacturing industry in this region is likely to fuel diisononyl phthalate market growth in this region.
North America closely follows Asia-Pacific, and in 2017 held the second largest market share. Rapidly expanding reconstruction operations and increasing demand for the product in the massive automobile industry are expected to fuel the regional diisononyl phthalate market’s growth.
Europe is another sizable geographical market, where demand for automobile-related products is growing at a robust CAGR. Although the Middle East & Africa and Latin American regions accounted for a small part of the market in 2017, their strong investment potential and abundant raw materials are considerably boosting the market’s growth.
Some of the key players in the global diisononyl phthalate market are BASF SE (Germany), Evonik Industries AG (Germany), Exxon Mobil Corporation (US), Polynt (Italy), Mitsubishi Chemical Corporation (Japan), UPC Technology Corporation (Taiwan), Nan Ya Plastics Corporation (Taiwan), Eastman Chemical Company (US), LG Chem (South Korea), KLJ Group (India), Aekyung Petrochemical Co., Ltd. (South Korea), and Guandong Chunda Chemical Industry (China), among others.
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The market for diisononyl phthalate has been categorized by technology, end-use, and geography.
The global diisononyl phthalate market has been segmented according to technology into flooring and roofing, wires and cables, hoses and tubes, insulation, adhesives and sealants, and others.
The market is segmented by application into automotive, electrical, construction, plastics, footwear, toy manufacturing, and rubber.