Dioctyl terephthalate (DOTP) is widely used as a plasticizer on account of its toxicological and physical properties such as high transparency, excellent durability, and high thermal resistance. Market Research Future (MRFR)'s new report on the global dioctyl terephthalate market is a compilation of key trends and patterns that are likely to govern the market over the forecast period of 2022-2030, The report asserts that global dioctyl terephthalate market is likely to rise from a valuation of USD 1,203.2 Mn in 2018 to USD 1,864.7 Mn by 2023 at a CAGR of 9.16%.
Conventional phthalates are progressively being replaced with dioctyl terephthalates due to the various advantages aligned with it. Convectional phthalates are associated with the cause of various diseases such as asthma and breast cancer, which has barred its application in end use cases. Dioctyl terephthalates are an ecologically viable and harmless alternative to conventional phthalates which has raised its application across major end use industries. The expanding consumer goods industry has unlocked a host of growth potentials for the dioctyl terephthalate market. They are used for diverse applications in the consumer goods industry, and a majority of the market demand is being generated from the developing regions.
Competitive Leaderboard:
Hallstar (U.S.), Grupa Azoty (Poland), Penta Manufacturing Company (U.S.), Meltem Kimya Tekstil San. İth. İhr. Ve Tic. A.Ş. (Turkey), Eastman Chemical Company (U.S.), Hanwha Chemical Corporation (South Korea), OXEA GmbH (Italy), Shandong Blue Sail Chemical Co. Ltd. (China), Nan Ya Plastics Corporation (Taiwan), Merck KGaA (Germany), and BASF SE (Germany) are the notable players in the dioctyl terephthalate market.
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Market Segmentation:
The global dioctyl terephthalate market has been segmented based on product type and application.
By product type, the dioctyl terephthalate market has been segmented into content 96%, content 98%, content 99%, and content 99.5%. The 99% and 99.5% segments are anticipated to lead the market over the forecast period owing to their high purity.
By application, the dioctyl terephthalate market has been segmented into consumer goods, medical devices, films and sheets, coated fabrics, flooring, wires and cables, gaskets, automotive parts, and others. The consumer goods segment is likely to account for the largest share of the market. The growth of the segment can be credited to expanding spending capabilities of consumers in the emerging economies. In addition, extensive REACH regulations in Europe has majorly driven the market as it prohibits the use of conventional phthalates, which generates demand for dioctyl terephthalate.
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Regional Analysis:
Region-wise, the dioctyl terephthalate market has been segmented into North America, Latin America, the Middle East Africa (MEA), Asia Pacific (APAC), and Europe. Europe is the largest market for dioctyl terephthalate while the APAC market is likely to exhibit rapid growth over the forecast period. Various regulations banning the use of phthalates in the consumer goods industry in Europe is favoring the growth of the dioctyl terephthalate market. The expanding consumer goods industry in APAC is supporting the growth of the market.
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