iCrowdNewswire Jan 15, 2021 4:10 PM ET
Market Research Future (MRFR) has launched a new report on the Global Dioctyl Terephthalate Market. The report studies the market’s historical and present statistics in order to come up with reliable forecasts for the market’s likely growth trajectory over the 2018-2023 forecast period. According to the report, the global dioctyl terephthalate market is expected to rise from a 2018 valuation of USD 1,203.2 million to USD 1,864.7 million by 2023 at a CAGR of 9.16%.
Dioctyl terephthalate (DOTP) is the diester of terephthalic acid and is widely used as a non-phthalate plasticizer. Its toxicological and physical characteristics, such as high thermal resistance, high transparency, and excellent durability, are well suited for this application. The growing regulatory support to replacing phthalates with more environmentally viable alternatives is likely to drive the global dioctyl terephthalate (DOTP) market over the forecast period. Phthalates have also been linked to a number of diseases ranging from asthma to breast cancer, which has also driven the demand for alternatives. The safer, toxicologically harmless dioctyl terephthalate is thus likely to take their place in the increasingly lucrative consumer goods and plastics markets in the coming years.
The production of 2-ethylhexanoic acid during the biodegradation of DOTP is likely to emerge as a major opportunity for players in the dioctyl terephthalate market over the forecast period. 2-ethylhexanoic acid has a wide range of industrial applications, including as an automotive coolant, synthetic lubricant, wetting agent, and a defoaming agent in pesticides. Biodegradation of dioctyl terephthalate by the Rhodococcus rhodochrous bacteria, in the presence of a carbon source such as hexadecane, releases significant quantities of 2-ethylhexanoic acid. The commercial production of 2-ethylhexanoic acid, on the other hand, is significantly more expensive, which has led to the popularity of the DOTP method increasing among key players.
While the increasing demand for phthalate alternatives is likely to be a driver for the global dioctyl terephthalate market, the abundance of such alternatives is likely to be a major restraint against the market. There a large number of commercial alternatives to conventional phthalates, which can lead to a dissolution of demand from the DOTP market.
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Key players profiled in the report Nan Ya Plastics Corporation (Taiwan), Penta Manufacturing Company (U.S.), Merck KGaA (Germany), BASF SE (Germany), Hanwha Chemical Corporation (South Korea), Grupa Azoty (Poland), Meltem Kimya Tekstil San. ?th. ?hr. Ve Tic. A.?. (Turkey), Eastman Chemical Company (U.S.), Shandong Blue Sail Chemical Co. Ltd. (China), Hallstar (U.S.), and OXEA GmbH (Italy). Increasing the production capacity of dioctyl terephthalates is likely to be a popular competitive strategy among players in the global dioctyl terephthalate market over the forecast period.
The dioctyl terephthalate market is segmented on the basis of product type, application, and region in the report. By product type, the global dioctyl terephthalate market is segmented into content 96%, content 98%, content 99%, and content 99.5%. The highly pure 99% and 99.5% segments are likely to be the major contributors to the market over the forecast period. The 99% segment is likely to exhibit the highest 9.59% CAGR over the forecast period, with the 99.5% segment clocking in a CAGR of 9.07% over the same period.
By application, the DOTP market is segmented into consumer goods, films and sheets, coated fabrics, flooring, medical devices, wires and cables, gaskets, automotive parts, and others. The consumer goods segment is expected to be the major application segment of the global dioctyl terephthalate market over the forecast period due to the growing consumer disposable income in emerging economies around the world. The segment accounted for close to 25% of the market in 2018 and is likely to remain similarly dominant over the forecast period, wherein it is expected to exhibit a CAGR of 10.52% over the forecast period.
By region, the dioctyl terephthalate market is segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Asia Pacific, followed by Europe, is expected to be the major contributor to the global dioctyl terephthalate market over the forecast period. The growing consumer goods industry in Asia Pacific is likely to be a key factor in driving the DOTP market in the region over the forecast period. Asia Pacific held 37.8% of the global dioctyl terephthalate market in 2018, while Europe accounted for more than 30% the same year. The Asia Pacific market for dioctyl terephthalates is expected to exhibit a strong CAGR of 8.45% over the forecast period. The extensive REACH regulations in Europe against the use of phthalates are likely to be a major driver for the dioctyl terephthalates market over the forecast period.
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