IMARC Group, a leading market research company, has recently released a report titled “Bio-plasticizers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global bio-plasticizers market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Bio-plasticizers Industry?
According to the report, The global bio-plasticizers market size reached US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
What is Bio-plasticizers?
Bio-plasticizers are additives derived from biological sources incorporated into plasticized polymers to improve their features, including durability, softness, flexibility, texture, tear-resistance, and functional properties. Some commonly used bio-plasticizers are epoxidized plant oils, cardanol, citrates, and isosorbide esters. They decrease the second-order transition temperature of micro-molecules, elastic modulus, tensile strength, density, hardness, and melt viscosity of the material, which results in a softer with increased resilience. In addition, they minimize polymer–polymer chain secondary bonding by spreading them apart, raising the free volume, which improves toughness, elongation at break, power factor, and dielectric constant. Moreover, they are obtained from raw vegetable materials such as soybean oil, palm, castor, citrates, stearic acid, agricultural products, biomass, and waste materials. Furthermore, they provide numerous advantages, including non-toxicity, eco-friendliness, leaching resistance, miscibility, and cost-effectiveness. Nowadays, bio-plasticizers find extensive applications in transportation, textiles, automotive, packaging, consumer goods, agriculture and horticulture, and building and construction sectors across the globe.
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What are the growth prospects and trends in the bio-plasticizers industry?
The market is primarily driven by expanding building and construction activities. Additionally, the rising product demand for construction materials due to their ability to lower the water requirements of concrete and enhance the functional stability of other building materials is contributing to market growth. In line with this, the extensive use of bio-plasticizers in polyvinyl chloride (PVC) products to enhance the safety, stability, and effectiveness of flexible sheets, films, coated fabrics, and electrical components is influencing the market growth. Moreover, the widespread adoption of bio-plasticizers in the packaging industry for producing plastics employed across numerous industries represents another major growth-inducing factor. In addition, the increasing sustainable practices in the plastic manufacturing industry by promoting reduced waste and pollution, resource efficiency, and innovation are accelerating the product adoption rate. Besides this, the development of fast-acting bio-plasticizers using renewable plant-based feedstock with improved productivity, reduced defects, and enhanced biodegradability is providing a positive thrust to the market growth. Apart from this, the bio-plasticizers market is growing at different rates in numerous regions, with North America being one of the largest markets due to rising demand from the packaging industry, expanding automotive and transportation sector, and technological development in packaging and consumer goods industries across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in September 2021, Dow revealed its collaboration with Crocs to introduce a new line of phthalate-free plasticizers called “Ecolibrium,” made from nearly 100% renewable feedstock which aims to reduce Crocs’ greenhouse gas (GHG) emissions. Furthermore, the increasing environmental awareness among individuals and supportive government policies promoting sustainable development is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Epoxidized Soybean Oil (ESBO)
- Castor Oil-Based Plasticizers
- Citrates
- Succinic Acid
- Others
Breakup by Application:
- Packaging Materials
- Consumer Goods
- Automotive and Transport
- Building and Construction
- Textiles
- Agriculture and Horticulture
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Avient Corporation
- BASF SE
- DIC Corporation
- Dow Inc.
- DuPont de Nemours Inc.
- Emery Oleochemicals LLC
- Evonik Industries AG
- Lanxess AG
- Matrica S.p.A.
- OQ Chemicals GmbH
- Roquette Freres
- Solvay S.A.
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