Yahoo Finance Bio-plasticizers Market Worth USD 2.42 Billion by 2030 Witnessing a CAGR of 8.90% - Report by Market Research Future (MRFR)
Bio-plasticizers Market Insights and Industry Analysis by Type (Epoxidized Soybean Oil (ESBO), Succinic Acid, Sebacates, Citrates, Castor Oil), Application (Packaging Materials, Medical Devices, Consumer Goods, Flooring and Walls) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Bio-plasticizers Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bio-plasticizers Market Information by Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 8.90% CAGR to reach USD 2.42 Billion by 2030.
Market Scope:
Bio-plasticizers show great promise as a phthalate-free alternative in a wide range of consumer goods, including cosmetics, food packaging, medical equipment, and toys. Making bio-based plasticizers typically calls for high-priced inputs.
It is well-known that plasticizers are substances added to a polymer matrix to improve its chemical characteristics, increase its flexibility, and facilitate its processing. It makes things softer and more malleable and less brittle. Bio-plasticizers, commonly understood to be biologically derived chemicals incorporated into polymers to make them malleable and workable, have gained a lot of attention in recent years. These bio-plasticizers are manufactured from resources like soybean oil, castor oil, starch, and stearic acid. It uses sustainable, non-renewable resources. Bio-plasticizers can reduce the melt viscosity, glass transition temperature, and elastic modulus of a polymer. In addition, these plasticizers play a crucial role in enhancing the properties of polymers so that they are better suited to the intended use.
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Report Scope:
Report Attribute | Details |
Market Size in 2030 | USD 2.42 Billion |
CAGR | 8.90% (2022–2030) |
Base Year | 2021 |
Forecast Period | 2022–2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Application, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | The increasing demand for PVC in various applications. |
The increasing concern for eco-friendly and safe plastic films in food packaging. |
Competitive Dynamics:
DowDuPont (US)
Evonik Industries AG (Germany)
Vertellus Holdings LLC (US)
Solvay (Belgium)
Matrìca S.p.A. (Italy)
Emery Oleochemicals (Malaysia)
Bioamber Inc (US), PolyOne (US)
Myriant Corporation (US)
Lanxess AG (Germany)
These industry titans recognize the importance of investing in cutting-edge research & development in order to fuel bio plasticizers market expansion. To add, these industry leaders are funding bio plasticizers' R&D. To further boost market expansion during the anticipated time frame, we have included mergers & acquisitions and collaborations.
Market USP:
Market Drivers
It was predicted that the covid-19 outbreak will have a negative effect on the worldwide bio plasticizers market in the first half of 2020. The government has shut down many useful programs in preparation for a pandemic, which is why this is happening. The market for bio-plasticizers has been negatively impacted as a result of the decline in demand for bio-plasticizers in cable, wire, flooring, and wall covering applications. However, this circumstance has raised the demand for packaging in the food and e-commerce sectors, which is expected to boost the bio-plasticizers packaging material and the growth of the bio plasticizers market throughout the forecast period.
The rising demand for PVC in applications such as medical equipment and consumer goods has facilitated the use of bio-plasticizers in PVC. The global bio-plasticizers market is expanding as a result of the ban on phthalate-based plasticizers and the strict rules on safe uses of toys and food packaging. Growing demand for environmentally friendly and secure plastic films in food packaging, as well as an increase in the total number of packaging sectors, are also contributing to the expansion of the international bio-plasticizers market.
Market Restraints
The high price of bio plasticizers could slow the expansion of the global bio-plasticizers industry in the years to come. The size of the bio plasticizers market is expected to be hampered during the forecast period by the stringent laws and regulations pertaining to bio-plasticizers.
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COVID-19 Analysis:
It was predicted that the covid-19 epidemic will have a detrimental effect on the worldwide bio plasticizers market during the first half of 2020. This is due to the government-enforced shutdown of many useful operations in the event of a pandemic. The market for bio-plasticizers has suffered as a result of the decline in demand for bio-plasticizers in cable, wire, flooring, and wall covering applications.
However, this circumstance has raised the demand for packaging in the food and e-commerce sectors, which is expected to boost the bio-plasticizers packaging material and the growth of the bio plasticizers market throughout the forecast period.
Market Segmentation:
By Type
Over the course of the forecast period, the epoxidized soybean oil segment is expected to generate the most value in the bio plasticizers market.
By Application:
At 32% of the global bio plasticizers market in 2017, packaging materials are expected to generate the highest share of the market.
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Regional Analysis:
Due to the Environmental Protection Agency's (EPA) strict limits on the use of phthalate plasticizers in food packaging and medical equipment, the North American market for bio-plasticizers was predicted to be the largest in the world in 2017. Government funding on replacing bio-plasticizers and conventional non-degradable plasticizers is on the rise, making the United States a likely regional leader. Increased demand for bio-plasticizers in consumer goods and personal care items, as well as increased government spending on ecologically friendly projects, helped position Europe as the world's second-largest market for bio-plasticizers in 2017. Due to its large domestic market and rising R&D spending in the medical and packaging sectors, Germany is seen as the leading market in this area. Countries like Spain, France, Switzerland, and Italy are also contributing to the growth of the European market.
As a result of rising government investments in R&D for low-cost and effective bio-plasticizers production and rising awareness regarding safe plasticizers and bio-degradable among the consumers, it is expected that the Asia-Pacific bio-plasticizers market will hold the highest CAGR throughout the research period. Countries like China have a significant impact here because of the region's high plastics use (in both final products and their packaging) and its big customer base. Australia and New Zealand, South Korea, Japan, and India are also making contributions to regional development. Furthermore, the market for bio-plasticizers in the Middle East and Africa is expected to account for consistent expansion during the research period. The United Arab Emirates (UAE) and Saudi Arabia are two of the most promising markets in the area. The government's lackluster investment in bio-plasticizers and the region's lax environmental rules have combined to produce very modest growth in Latin America this year.
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