New York, NY, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Bio Plasticizers Market by Product (Epoxidized Soybean Oil (ESBO), Castor Oil-Based Plasticizers, Citrates, Succinic Acid, and Others) and by Application (Packaging Materials, Medical Devices, Consumer Goods, Wires & Cables, Building & Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global bio plasticizers market was valued at approximately USD 836 million in 2017 and is expected to generate revenue of around USD 1,657 million by 2024, growing at a CAGR of around 9.8% between 2018 and 2024.
Growing demand for bio-based plastic additives across various industries, such as automotive, packaging, agriculture, and consumer goods, is expected to drive the global bio plasticizers market growth in the future. These green polymers are extensively used in the production of surface coatings for cables and polymers and used in the form of additives in plastic industries. Bio plasticizers are produced from vegetable raw materials and used as a substitute to traditional petroleum-based plasticizers. Succinic acid and ESBO are commonly used as raw materials for the production of additives.
Browse through 112 Tables & 50 Figures spread over 110 Pages and in-depth TOC on “Global Bio Plasticizers Market: By Product Type, Size, Share, Applications, Growth Analysis and Forecast, 2017 – 2024”.
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Rising awareness levels regarding harmful effects of petroleum-based plastics are influencing various polymers consumers to switch to green materials, which are expected to further drive industry growth in the future. These resins are necessary to alter polymer’s characteristics to suit a particular application. However, frequent alterations in environmental guidelines, protocols, and policies are some critical limitations faced by the manufacturers, which might hamper the bio plasticizers market in the coming years. Nevertheless, the packaging industry mostly prefers low-cost, eco-friendly petrochemical substitutes without compromising on the performance of the products, which, in turn, is expected to positively impact this market in the projected time period.
By product, the bio plasticizers market has been segmented as citrates, Epoxidized Soybean Oil (ESBO), succinic acid, castor oil-based plasticizers, and others. ESBO held a major revenue share in 2017 and is likely to contribute notably in the near future, owing to its popular use as an additive in the food packaging industry and its massive application in PVC gaskets. ESBO is commonly used as a stabilizer and an additive in the plasticizers. The plasticizers reactivity increases with the addition of ESBO.
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By application, the bio plasticizers market is fragmented into medical devices, packaging materials, wires and cables, building and construction, consumer goods, and others. Packaging materials are anticipated to contribute substantially toward the market growth in the forecast timeframe. These specialty additives have a major role in protective packages, flexible and rigid food contact packaging (cartons, boxes, and others), and various other packaging options for various industries.
The North American bio plasticizers market accounted for a significant share of the global market in 2017. Increasing construction activities and growing automotive sector are likely to drive the bio plasticizers market in North America in the upcoming years. As per the Oxford Economics, construction market in the U.S. is anticipated to grow at a high pace in the next 15 years. The U.S. government is likely to invest over USD 8.5 trillion in the infrastructure industry between 2016 and 2040.
Browse the full "Bio Plasticizers Market by Product (Epoxidized Soybean Oil (ESBO), Castor Oil-Based Plasticizers, Citrates, Succinic Acid, and Others) and by Application (Packaging Materials, Medical Devices, Consumer Goods, Wires & Cables, Building & Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" Report At https://www.zionmarketresearch.com/report/bio-plasticizers-market
Europe held a substantial revenue share of the global bio plasticizers market due to technological advancements made in the packaging and consumer goods industries. Furthermore, the rising government initiatives to increase awareness regarding the adoption of bio-based plastics in manufacturing process is likely to further boost the bio plasticizers market growth in Europe. For instance, EU regulations and legislation have imposed policies to encourage sustainable manufacturing processes, development of eco-friendly products, and decrease in carbon footprints are expected to positively impact this market in the future.
The Asia Pacific bio plasticizers market is likely to register remarkable growth in the upcoming years. India and China are likely to be the major contributors in this regional market, due to rapid urbanization and industrialization over the forecast time period. Moreover, the growing consumption of bio-based packaging material is projected to further fuel this market in the upcoming years.
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The Latin American bio plasticizers market is anticipated to grow significantly in the projected timeframe, majorly due to rapidly growing regional population. In addition, the increasing demand for prepared foods and personal care goods is anticipated to propel the demand for bio plasticizers in the anticipated years.
The Middle Eastern and African bio plasticizers market is predicted to witness a substantial rate of growth in the upcoming years, due to the thriving construction sector. The food processing sector in Saudi Arabia has been flourishing in the recent years, which is likely to contribute substantially toward this market in the years ahead.
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Some key players operating in the global bio plasticizers market include Vertellus Specialties Inc., The Dow Chemical Company, Danisco A/S, Solvay S.A., Evonik Industries AG, BioAmber Inc., Emery Oleochemicals LLC, Lanxess AG, PolyOne Corporation, Myriant Corporation, and Matrica S.p.A., among others.
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This report segments the global bio plasticizers market as follows:
Global Bio Plasticizers Market: Product Segment Analysis
- Epoxidized Soybean Oil (ESBO)
- Castor Oil-Based Plasticizers
- Citrates
- Succinic Acid
- Others
Global Bio Plasticizers Market: Application Segment Analysis
- Packaging Materials
- Medical Devices
- Consumer Goods
- Wires & Cables
- Building & Construction
- Others
Global Bio Plasticizers Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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