The global bio-plasticizers market size is speculated to witness significant expansion during the forecast period of 2024-2032.
This information is provided by Fortune Business Insights, in its report titled, “Bio-plasticizers Market, 2024-2032.”
Bio-plasticizers are additives that are mixed into a material to increase its workability, tear resistance, flexibility and durability. They reduce the tensile strength, transition temperature, elastic modulus, density, and hardness & melt viscosity of the material make it soft and resilient.
Bio-plasticizers are derived from biomass such as castor, soybean, starch, and citrates. They are used as high-range water reduces and are added to concrete to increase the workability and strength of concrete.
As per the International Journal of Engineering Research & Technology, the demand for bio- plasticizers was recoded at 887 kilotons in 2016 and is predicted to cross 1,900 kilotons in 2025. The revenue generated was estimated at USD 1,124 million and USD 2,683.7 million in 2016 and 2025 respectively.
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Segmentation:
Based on type, the global market is split into citrates, epoxides, glycerol esters, succinic acid, sebacates, and others.
As per application scope, the industry is divided into packaging, consumer goods, medical devices, building & construction, wires & cables, and others.
Geographically speaking, the global market is fragmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage:
The report encompasses an exhaustive analysis of growth stimulants and challenges impacting market trends over the analysis timeframe. It studies the market extensively by splitting it into segments and regions. Revenue generated, market share held, and growth rate of each segment and region is also given. The report includes company profiles of prominent companies along with strategic moves made by them recently. The impact of COVID-19 on global and regional markets is documented as well.
Drivers and Restraints:
Changing Consumer Preferences to Aid Market Proliferation
Consumers are preferring plasticizers that are less toxic as compared to the traditional petro-based ones which is driving global bio-plasticizers market growth. The properties offered by bio-plasticizers such as relatively low cost, non-toxicity during metabolism, high resistance to leaching & efficiency is raising their demand thus contributing to market expansion.
On the other hand, the high cost associated with the production of bio-plasticizers will act as a challenge for businesses operating in this domain.
Regional Insights:
North America to Dominate the Market Owing to Stringent Government Regulations
North America held the largest bio-plasticizers market share in the recent past due to the implementation of stringent rules restricting the usage of phthalates. For instance, the usage of di-phthalate, dibutyl phthalate, and butyl phthalate is permanently banned in childcare products and children’s toys under the Consumer Product Safety Improvement Act of 2008.
Asia Pacific is slated to expand faster than other regions due to the growth of the construction industry in the region.
Europe is anticipated to showcase moderate growth in the upcoming years.
Meanwhile, the Middle East & Africa and Latin America will likely expand considerably owing to implementation of stringent government regulations in UAE and Saudi Arabia.
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Competitive Landscape:
Collaborations Among Industry Leaders to Elevate the Market
Leading players often make strategic decisions such as partnerships, mergers & acquisitions, product launches and investments in research & developments to generate higher profits and strengthen their hold in the market. One such move is collaborating with other prominent companies to expand their reach.
Key Industry Development:
September 2021: Dow Chemical Company decided to offer Crocs with its “Ecolibrium” line of phthalate-free plasticizers that are created from 100% renewable feedstock in an effort to reduce Crocs’ greenhouse gas emissions.
List of Key Players Mentioned in the Report:
- Dow Chemical Company
- Evonik
- BASF
- Solvay
- PolyOne Corporation
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