Dioctyl Terephthalate Market Share Is Expected to Experience Significant Demand Over the Forecast Period 2030
Dioctyl terephthalate (DOTP), the diester of terephthalic acid is widely used as a non-phthalate plasticizer. Toxicological by nature the DOTP possesses several beneficial physical characteristics such as high thermal resistance, high transparency, and excellent durability and hence, it is well-suited for a range of applications.
The global Dioctyl Terephthalate Market Share is growing with the rapid pace mainly due to the burgeoning wires & cables industry that is led by the massive demand for power supply. DOTP is used for insulating wires that are used in electronics wiring to achieve exceptional balance in the heat deformation resistance, flexibility, electrical performance, and low and high temperature wiring applications. Resultantly, wire & cable industries account for the major pull escalating the market on the global platform.
Considering the market prominence, the dioctyl terephthalate is gaining recently and the potential growth its market is demonstrating currently, Market Research Future (MRFR) in its recently published study report asserts that the global dioctyl terephthalate market will get escalated to USD 1,864.7 MN by 2023 registering a CAGR of 9.16% during the forecast period (2018 to 2023). In 2018, the market had valued at USD 1,203.2 MN.
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Additional factors predominantly driving the dioctyl terephthalate market include the burgeoning packaging industry and the growing regulatory support to replacing phthalates with more environmentally viable alternatives such as DOTP. Furthermore, the burgeoning automotive sector where is also fuelling the dioctyl terephthalate market growth up to an extent.
On the other hand, the availability of various other phthalates alternatives such as Acetyl tributyl citrate (ATBC) and epoxidized soybean oil (ESBO) are impeding the growth of the DOTP market, distributing the demand for the DOTP among many options. Nevertheless, technological advancements that allow manufacturers to develop dioctyl terephthalate with low-cost, durable, and greener materials are estimated to support the market growth over the assessment period.
Dioctyl Terephthalate Market - Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Product Type : Content 99.5%, Content 99%, Content 98%, and Content 96%.
By Application : Consumer Goods, Wire & Cable, Film & Sheet, Coated Fabrics, Medical Devices, Automotive Parts, Flooring, and Gaskets among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Dioctyl Terephthalate Market - Regional Analysis
The Asia Pacific region, heading with the burgeoning automotive industry, is expected to continue to lead the global dioctyl terephthalate market. Moreover, rapidly growing markets in the APAC region, such as packaging materials, medical devices, consumer goods, and wires & cables are providing impetus to the growth of the regional markets.
The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.
The Asia Pacific DOTP market is expected to register a strong CAGR of 8.45% over the forecast period. In 2018, Asia Pacific held 37.8% of the share in the global dioctyl terephthalate market, while, Europe the second -most significant market for DOTP accounted for more than 30% the same year.
The prominent 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. Moreover, growing markets such as automotive parts and consumer goods are positively impacting the market growth in the region.
The dioctyl terephthalate market in the North American region is rapidly emerging as a promising market, globally. Due to the rising manufacturing industries and demand for plasticizers, the market is growing at a faster pace, witnessing the increasing use of the dioctyl terephthalate market.
While the Middle East & Africa dioctyl terephthalate market is at the emerging stage. The Middle East and Africa is an emerging region in this market.
Dioctyl Terephthalate Market - Competitive Analysis
Highly competitive, the dioctyl terephthalate market appears to be fragmented owing to the presence of many large and small-scale players.
To sustain their positions and to gain the advantage in this market, these players incorporate strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion. The high growth potential demonstrated by the market attracts several new entrants to the market, which as a result, is expected to intensify the competition in the market. Top players are investing heavily in R&D. Manufacturers operating in the dioctyl terephthalate market strive to deliver the best quality product.
U.S. and European manufacturers have developed dioctyl terephthalate that is free from Phthalate and lead, replacing lead and cadmium stabilizers with calcium-zinc, barium-zinc, and organotin stabilizers in most applications. Such Phthalate free dioctyl terephthalate is up to 40% less toxic than the conventionally manufactured PVC that makes use of phthalates. These products also provide opportunities for cable-makers to achieve carbon credits in line with the U.S. Green Building Council’s LEED certification Rating Systems (Leadership in Energy and Environmental Design).
Manufacturers of DOTP select licensed cable makers to commercialize their product consistent with their Inside program who are supported by compatible technology and versatile products & enhanced services, backed by the creative and responsive supplier that can help them to gain a competitive edge in a demanding industry.
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Major Players:
Key players leading the global dioctyl terephthalate market include Eastman Chemical Company (U.S.), BASF SE (Germany), Merck KGaA (Germany), Hanwha Chemical Corporation (South Korea), OXEA GmbH (Italy), Penta Manufacturing Company (U.S.), Shandong Blue Sail Chemical Co. Ltd. (China), Meltem Kimya Tekstil San. İth. İhr. Ve Tic. A.Ş. (Turkey), Hallstar (U.S.), Grupa Azoty (Poland), and Nan Ya Plastics Corporation (Taiwan) among others.
Industry/ Innovation/ Related News:
October 02, 2018 ---- ICIS News, a channel providing Chemical industry updates, said that the European oxo-alcohol players are considering the challenge of propylene supply in 2019 due to the cracker turnaround schedule in the spring. These industry players are anticipating a pull 2-ethyl hexanol (2-EH) demand due to higher dioctyl terephthalate (DOTP) production.
March 21, 2018 ---- OXEA GmbH (Germany), a global chemical company announced its partnership with Oxxynova GmbH (Germany), a leading global manufacturer of dimethyl terephthalate (DMT) to increase the production of dioctyl terephthalate (DOTP). OXEA aims to produce 60,000 metric tons of DOTP, annually in Europe by the second half of 2019.
Now, Oxea will produce its DOTP at a new, dedicated production unit in the transesterification process that is far superior to conventional esterification. Oxea will supply the key precursor 2-ethylhexanol (2-EH) to Oxxynova and will market the end product DOTP through its own sales channels. The new DOTP production unit will be constructed at Oxxynova’s manufacturing site in Germany, with engineering activities.
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