Bio Plasticizers Market Size, Share | Industry Report [2031]
Bio Plasticizers Market Size, Share | Industry Report [2031]
Segments - Global Bio Plasticizers Market by Type (Citrates, Succinic Acid, Castor Oil-based Plasticizers, and Epoxidized Soyabean Oil (ESBO)), Application (Packaging, Consumer Goods, Textiles, Automotive & Transport, Building & Construction, Medical Devices, and Agriculture & Horticulture), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :MC-5553
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Report Description
The global bio plasticizers market size was valued at USD 2.90 Billion in 2022 and is likely to reach USD 5.62 Billion by 2031, expanding at a CAGR of 8.5% during 2023 – 2031. The growth of the market is attributed to increasing demand for environmentally friendly and biodegradable plastics.
Bio plasticizers replacing plastic due to the growing awareness about the drawbacks of plastic. Bio plasticizers have the potential to replace phthalates in packaging and medical devices. It offers several advantages over traditional plasticizers such as reduced carbon footprint, lower toxicity, and improved biodegradability.
Bio plasticizers are added to polyvinyl chloride (PVC) to make it pliable and soft, which makes it suitable for clothing, flexible plastic tubing, shower curtains, vinyl flooring, and electric wire coating. It is a safe plasticizer made from renewable resources. Bio plasticizers improve the performance of plasticized materials in terms of softness, volatility, workability, and flexibility through polymer additives.
The rapid surge in the number of packaging firms in developing nations is anticipated to boost the global market, as bio plasticizers are used to manufacture bottles, containers, and wraps. It provides improved mechanical properties and flexibility to the packaging, making it more resistant to cracking and tearing.
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For instance, according to the Packaging Industry Association of India (PIAI), packaging is the 5th largest sector in India and is estimated to grow at 22% to 25% per annum.
The COVID-19 pandemic hindered the global market. Automotive and construction industries faced a sharp downfall during the pandemic, due to the labor shortage. Preventive measures imposed by the government such as emergency lockdowns, social distancing, and restrictions on import and export activities led to a labor shortage and disrupted the supply chain of raw materials, which encouraged many industries, including construction, packaging, and automotive to halt their projects.
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According to the Royal Institution of Chartered Surveyors, around 25% of construction projects were halted worldwide in the second quarter of 2020.
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In February 2020, an estimated 92% of the downfall was observed in the sale of new vehicles in China. Whereas, the total vehicle sales dropped by 7.4% in Europe.
Bio Plasticizers Market Dynamics
Major drivers
Rising production of vehicles is expected to drive the market. Bio plasticizers are used in the manufacturing of PVCs, which are used to make passenger compartment parts such as dashboards, door panels seating, and armrests, resulting in a significant increase in the demand for bio plasticizers.
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For instance, according to the European Automobile Manufacturers’ Association, an estimated 85.4 million motor vehicles were produced worldwide in 2022, an 5.7% of increase compared to 2021.
Stringent government regulations and fines on the use of plastic encourage many industries to use bio plasticizers. Bio plasticizers are used in the production of plastic products such as plastic food containers, eyeglass lenses, drinking bottles, CDs and DVDs, mobile phones cover, and food packaging, resulting in boosting the sale of bio plasticizers.
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For instance, the bio plasticizers market observed a 2,148.7 kilotons sales volume in 2019 and is estimated to reach 3,089.6 kilotons by 2030.
Existing Restraints
High cost associated with bio plasticizers is projected to hinder the market. Bio plasticizers are generally 2 to 3 times more expensive than conventional plastics such as polyethylene (PE) or Polyethylene terephthalate (PET). Moreover, low water vapor barrier properties, hydrophilicity, poor mechanical properties, and low freeze stability associated with bio-plasticizers are further expected to restrain the market to a certain limit.
Emerging Opportunities
Ban on plastic creates a lucrative opportunity in the market. Bio plasticizer is a safe alternative due to its non-toxic and biodegradable nature, which further minimizes environmental pollution. This makes it a preferred choice among manufacturers of several industries such as buildings, automobiles, medical devices, and packaging.
Scope of the Bio Plasticizers Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Bio Plasticizers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Citrates, Succinic Acid, Castor Oil-based Plasticizers, and Epoxidized Soyabean Oil (ESBO)), and Application (Packaging Material, Consumer Goods, Textiles, Automotive & Transport, Building & Construction, and Agriculture & Horticulture) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
DuPont; Avient Corporation; BioAmber Inc; EVONIK; Matrìca S.p.A; aurorium; LANXESS; Dow; Cargill, Incorporated; BASF SE; Jungbunzlauer Suisse AG; and Solvay |
Market Segment Insights
Type Segment Analysis
Based on type, the bio plasticizers market is divided into citrates, succinic acid, castor oil-based Plasticizers, and epoxidized soyabean oil (ESBO). The epoxidized soyabean oil (ESBO) segment held a large market share in 2022 and is expected to register a considerable CAGR during the projected period, owing to its good chemical properties. ESBO is a stabilizer and plasticizer to maintain flexibility and softness at varying temperature ranges. Growing awareness regarding the drawbacks of traditional plasticizers and the wide range of applications of ESBO in construction, packaging, and consumer goods are further likely to boost the segment.
The castor oil-based plasticizers segment is expected to grow at a significant pace during the assessment period, due to its ability to improve the compatibility of PVC, which is used in various applications such as construction, health care, electronics, automobile, blood bags tubing, wire and cable insulation. The hydroxyl in castor oil molecule undergoes esterification to obtain more polar groups, which improves its compatibility with polar materials such as PVC and NBR.
Application Segment Analysis
On the basis of application, the global market is categorized into packaging material, consumer goods, textiles, automotive & transport, building & construction, and agriculture & horticulture. The packaging material segment dominated the market in 2022 and is anticipated to grow at a significant CAGR in the coming years, owing to the increasing demand for bio-plasticizers for the manufacturing of packaging materials such as polyvinyl chloride (PVC). Bio plasticizers are compatible with PVC, which exhibits low volatility, improves permanence, and increases the efficiency of plastics used in packaging. Moreover, the growing demand for green packaging is likely to fuel the segment.
The building & construction segment is estimated to hold a large market share during the forecast period, due to the increasing construction activities across the globe. Bio plasticizers are used in the manufacturing of cement to improve quality and reduce water requirements. Moreover, the growing construction of green buildings is projected to boost the demand for bio-plasticizers.
Regional Outlook
In terms of region, the global bio plasticizers market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major market share in 2022 and is expected to dominate the market during the projection period, owing to the rising environmental concerns and the increasing development of green buildings at a rapid pace. Furthermore, the growing automobile sector in the region is likely to fuel the market.
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For instance, according to the data published by the International Organization of Motor Vehicle Manufacturers, an estimated 10,060,339.000 Units of vehicle production was reported in the US in December 2022. This records a significant increase compared to the previous number of 9,157,205.000 Units in December 2021.
The market in Asia Pacific is anticipated to witness rapid growth during the assessment period, due to the growing urbanization and industrialization. Moreover, rising government initiatives toward housing projects and rehabilitation of slum areas are projected to create opportunities in the region for market expansion.
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For instance, India proposes to build around 5.73 million houses under the Pradhan Mantri Awas Yojana (Gramin) to achieve the overall target of building 29.5 million houses by FY24.
Segments
The global bio plasticizers market has been segmented on the basis of
Type
- Citrates
- Succinic Acid
- Castor Oil-based Plasticizers
- Epoxidized Soyabean Oil (ESBO)
Application
- Packaging Material
- Consumer Goods
- Textiles
- Automotive & Transport
- Building & Construction
- Agriculture & Horticulture
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- DuPont
- Avient Corporation
- BioAmber Inc
- EVONIK
- Matrìca S.p.A
- aurorium
- LANXESS
- Dow
- Cargill, Incorporated
- BASF SE
- Jungbunzlauer Suisse AG
- Solvay
Competitive Landscape
Key players competing in the global bio plasticizers market are DuPont; Avient Corporation; BioAmber Inc; EVONIK; Matrìca S.p.A; aurorium; LANXESS; Dow; Cargill, Incorporated; BASF SE; Jungbunzlauer Suisse AG; and Solvay.
These companies adopted development strategies including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion to expand their consumer base worldwide. For instance,
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On February 7, 2023, Avient Corporation announced an expansion of bio-based polyolefins to provide more sustainable solutions to customers.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Bio Plasticizers Market Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Bio Plasticizers Market Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Bio Plasticizers Market Market - Supply Chain
4.5. Global Bio Plasticizers Market Market Forecast
4.5.1. Bio Plasticizers Market Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Bio Plasticizers Market Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Bio Plasticizers Market Market Absolute $ Opportunity
5. Global Bio Plasticizers Market Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Bio Plasticizers Market Market Size and Volume Forecast by Types
5.3.1. Citrates
5.3.2. Succinic Acid
5.3.3. Castor Oil-based Plasticizers
5.3.4. Epoxidized Soyabean Oil (ESBO)
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Bio Plasticizers Market Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Bio Plasticizers Market Market Size and Volume Forecast by Applications
6.3.1. Packaging Material
6.3.2. Consumer Goods
6.3.3. Textiles
6.3.4. Automotive & Transport
6.3.5. Building & Construction
6.3.6. Agriculture & Horticultu
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Bio Plasticizers Market Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Bio Plasticizers Market Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Bio Plasticizers Market Demand Share Forecast, 2019-2026
8. North America Bio Plasticizers Market Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Bio Plasticizers Market Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Bio Plasticizers Market Market Size and Volume Forecast by Types
8.4.1. Citrates
8.4.2. Succinic Acid
8.4.3. Castor Oil-based Plasticizers
8.4.4. Epoxidized Soyabean Oil (ESBO)
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Bio Plasticizers Market Market Size and Volume Forecast by Applications
8.7.1. Packaging Material
8.7.2. Consumer Goods
8.7.3. Textiles
8.7.4. Automotive & Transport
8.7.5. Building & Construction
8.7.6. Agriculture & Horticultu
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Bio Plasticizers Market Demand Share Forecast, 2019-2026
9. Latin America Bio Plasticizers Market Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Bio Plasticizers Market Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Bio Plasticizers Market Market Size and Volume Forecast by Types
9.4.1. Citrates
9.4.2. Succinic Acid
9.4.3. Castor Oil-based Plasticizers
9.4.4. Epoxidized Soyabean Oil (ESBO)
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Bio Plasticizers Market Market Size and Volume Forecast by Applications
9.7.1. Packaging Material
9.7.2. Consumer Goods
9.7.3. Textiles
9.7.4. Automotive & Transport
9.7.5. Building & Construction
9.7.6. Agriculture & Horticultu
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Bio Plasticizers Market Demand Share Forecast, 2019-2026
10. Europe Bio Plasticizers Market Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Bio Plasticizers Market Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Bio Plasticizers Market Market Size and Volume Forecast by Types
10.4.1. Citrates
10.4.2. Succinic Acid
10.4.3. Castor Oil-based Plasticizers
10.4.4. Epoxidized Soyabean Oil (ESBO)
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Bio Plasticizers Market Market Size and Volume Forecast by Applications
10.7.1. Packaging Material
10.7.2. Consumer Goods
10.7.3. Textiles
10.7.4. Automotive & Transport
10.7.5. Building & Construction
10.7.6. Agriculture & Horticultu
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Bio Plasticizers Market Demand Share Forecast, 2019-2026
11. Asia Pacific Bio Plasticizers Market Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Bio Plasticizers Market Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Bio Plasticizers Market Market Size and Volume Forecast by Types
11.4.1. Citrates
11.4.2. Succinic Acid
11.4.3. Castor Oil-based Plasticizers
11.4.4. Epoxidized Soyabean Oil (ESBO)
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Bio Plasticizers Market Market Size and Volume Forecast by Applications
11.7.1. Packaging Material
11.7.2. Consumer Goods
11.7.3. Textiles
11.7.4. Automotive & Transport
11.7.5. Building & Construction
11.7.6. Agriculture & Horticultu
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Bio Plasticizers Market Demand Share Forecast, 2019-2026
12. Middle East & Africa Bio Plasticizers Market Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Bio Plasticizers Market Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Bio Plasticizers Market Market Size and Volume Forecast by Types
12.4.1. Citrates
12.4.2. Succinic Acid
12.4.3. Castor Oil-based Plasticizers
12.4.4. Epoxidized Soyabean Oil (ESBO)
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Bio Plasticizers Market Market Size and Volume Forecast by Applications
12.7.1. Packaging Material
12.7.2. Consumer Goods
12.7.3. Textiles
12.7.4. Automotive & Transport
12.7.5. Building & Construction
12.7.6. Agriculture & Horticultu
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Bio Plasticizers Market Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Bio Plasticizers Market Market: Market Share Analysis
13.2. Bio Plasticizers Market Distributors and Customers
13.3. Bio Plasticizers Market Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. DuPont
13.4.2. Avient Corporation
13.4.3. BioAmber Inc
13.4.4. EVONIK
13.4.5. Matrìca S.p.A
13.4.6. aurorium
13.4.7. LANXESS
13.4.8. Dow
13.4.9. Cargill, Incorporated
13.4.10. BASF SE
13.4.11. Jungbunzlauer Suisse AG
13.4.12. Solvay
Methodology
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