Source: Polaris Market Research & Consulting LLP
Bio Plasticizers Market to Surpass USD 5.90 Billion by 2032, Predicted CAGR of 9.0% | Polaris Market Research
The implementation of stringent regulations and incentives by governments worldwide to encourage the use of renewable materials drives the increased demand for bio plasticizers.
New York, USA, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Market Outlook:
Polaris Market Research analyzes that the market for bio plasticizers is anticipated to witness robust growth in the coming years. The bio plasticizers market size was valued at USD 2.73 billion in 2023 and is projected to grow to USD 5.90 billion by 2032. It is anticipated to register a CAGR of 9.0% from 2024 to 2032.
Market Overview:
What are Bio Plasticizers?
Plasticizers are chemical additives utilized in plastic processing. They are additives applied to plastics and rubber to make them softer, more flexible, and more workable. Also, plasticizers can reduce production costs and improve productivity. Yet, there are issues associated with the toxicity of phthalic-based components used in traditional plasticizers. Bio plasticizers are an emerging alternative to traditional plasticizers that are made from renewable sources and are more environmentally friendly.
The organic composition of bio plasticizers makes them biodegradable. Also, they are non-toxic and have high solvent resistance. Epoxidized plant oils, citrates, isorbide esters, succinic acid, and ethyl acetate are some commonly used bio plasticizers in the manufacturing process of polylactic acid and polyvinyl chloride. The increasing environmental awareness and rising need for sustainable and eco-friendly products has led to increased bio plasticizers market demand.
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Bio Plasticizers Market Facts:
| Report Attribute | Details |
| Market Value in 2023 | USD 2.73 billion |
| Market value by 2032 | USD 5.90 billion |
| CAGR | 9.0% |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Important Takeaways from Report:
- Various factors, including rising environmental consciousness and growing technological advancements, drive the expansion of the market.
- The bio plasticizers market segmentation is primarily based on product, application, and region.
- The key regions covered in the research report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Bio Plasticizers Market Key Players:
The market for bio plasticizers has the presence of several key players striving to gain a competitive edge through strategic partnerships, innovation, and expansion of production facilities. The top market participants are:
- ACS Technical Products
- Avient Corporation
- BASF SE
- DIC CORPORATION
- Dow
- Emery Oleochemicals
- Evonik Industries
- GOLDSTAB ORGANICS PVT LTD
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Bio Plasticizers Market Dynamics:
Growth Drivers:
- Technological Advancements: Advances in technology have led to enhanced efficiency, performance, and application range of bio plasticizers. Research and development initiatives are being focused on the creation of bio plasticizers with superior thermal stability and improved compatibility with several polymers.
- Eco-friendly Products: With consumers and industries becoming more conscious about the environmental impact of traditional plasticizers, there is a notable shift towards bio-based alternatives. The increased environmental consciousness and shift towards eco-friendly products are driving the bio plasticizers market size.
- Regulatory Policies: Governments and regulatory authorities across the globe have implemented stringent regulations and incentives that encourage the use of renewable materials in manufacturing processes. These regulations and policies have led to increased focus on R&D efforts and are impacting the market expansion favorably.
Restraints:
- Production Complexity: The high cost and production complexity associated with bio plasticizers are limiting their widespread adoption. Bio plasticizers typically need more expensive raw materials and complex processing technologies as compared to conventional plasticizers.
Bio Plasticizers Market Regional Landscape:
- North America: North America led the bio plasticizers market in 2023. The presence of advanced technological infrastructure and rising demand for sustainable products fuels the region’s growth. Besides, the implementation of stringent environmental regulations is having a favorable impact on the regional market expansion.
- Asia Pacific: Asia Pacific is projected to witness substantial growth from 2024 to 2032. Rapid industrialization and supportive government policies primarily drive the demand for bio plasticizers in Asia Pacific. Besides, the booming manufacturing sector in the region has resulted in an increased need for sustainable and high-performing materials.
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Bio Plasticizers Market Segmentation:
By Product Outlook:
- Epoxidized Soybean Oil (ESBO)
- Citrates
- Castor oil
- Succinic Acid
- Glycol Esters
- Others
By Application Outlook:
- Packaging Materials
- Building and Construction
- Consumer Goods
- Automotive
- Medical Devices
- Others
By Region Outlook:
- North America (US, Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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