According to the latest report by IMARC Group, titled "Bio-plasticizers Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global bio-plasticizers market size reached US$ 1.3 Billion in 2022. Bio-plasticizers are polymer additives derived from renewable sources, including vegetable oil and biomass. It is considered to be a substitute for polyvinyl chloride (PVC) and finds its primary application in diverse end-user industries, including building and construction, electronics, and automotive industries. It helps improve the flexibility, softness, workability, and volatility of plasticized materials. It is incorporated into a material to increase its durability, flexibility, tear resistance, and workability. It lowers the second-order transition temperature of micro-molecules, elastic modulus, density, tensile strength, hardness, and melt viscosity of the material, thereby making it resilient and soft. It is widely used in PVC cables, resins, wire jacketing, vinyl flooring, medical equipment, automobile parts, packaging materials, and consumer goods.
Global Bio-plasticizers Market Trends:
The global market is primarily driven by an enhanced focus on sustainable development. In line with this, bio-plasticizers help reduce the carbon footprint, due to which it is widely gaining prominence as a preferred alternative for PVC. Additionally, the growing awareness regarding the adverse effects of using conventional plasticizers has led several consumers to switch to bio-plasticizers, thereby favoring the market growth. Apart from this, rapid innovations in bio-plasticizers resulting in improved product variants with lower costs is creating a positive outlook for the market. Moreover, the escalating demand for bio-based plastic additives as the substitute for phthalate-based polymers across various industries is catalyzing the product demand. Besides, the shifting inclination of consumers toward new, low-toxic, and low-migration natural-based plasticizers to substitute petro-based options is propelling the market. Other factors, including the imposition of a ban on phthalate-based plasticizers and the rapid uptake of bio-plasticizers in the construction sector, are further providing a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 1.9 Billion by 2028, exhibiting a CAGR of 6.3% during 2023-2028.
- On the basis of the product, the market has been categorized into Epoxidized Soybean Oil (ESBO), castor oil-based plasticizers, citrates, succinic acid, and others.
- Based on the application, the market has been classified into packaging materials, consumer goods, automotive and transport, building and construction, textiles, agriculture and horticulture, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include 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 and Solvay S.A.
|Base Year of the Analysis
||Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Solvay S.A.
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