The global bio plasticizers market was surpassed at USD 1.65 billion in 2022 and is expected to hit around USD 2.89 billion by 2032, growing at a CAGR of 5.76% from 2023 to 2032.
Report Scope of the Bio Plasticizers Market
|Market Size in 2022||USD 1.65 billion|
|Revenue Forecast by 2032||USD 2.89 billion|
|Growth rate from 2023 to 2032||CAGR of 5.76%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||The Dow Chemical Company; Evonik Industries AG; Solvay S.A.; PolyOne Corporation; BioAmber Inc.; Danisco US Inc.; Emery Oleochemicals LLC; Myriant Corporation; Lanxess AG; BASF SE|
Bio-plasticizers are additives with moderate side effects than synthetic chemicals, high safety, and biodegradability levels. The growing demand for bio-based materials in various end-use industries is anticipated to increase its production and consumption globally. These green polymers are widely utilized for the manufacturing of surface coatings for polymers, cables, and as an additive in plastic industries.
The supply of toxic phthalates including dibutyl phthalate (DBP), benzyl butyl phthalate (BBP), dioctyl phthalate (DOP), and diethyl phthalate (DEP) has led to the growing consumer awareness in emerging economies such as China and India, which is expected to propel the demand for bio-based plasticizers. It offers several benefits such as temperature as well as electrical functioning as compared to conventional synthetic polymers when used for manufacturing cables. These additives are derived from renewable feedstock such as succinic acid, castor oil, epoxidized soybean oil (ESBO), citrates, and others that help in reducing carbon footprints.
In addition, the ban on phthalate-based additives due to stringent regulatory policies in the major packaging segments of food and pharmaceutical industries has fueled the growth of environmental-friendly plastic resins. However, fluctuations in raw materials prices and high costs associated with bio plasticizers are anticipated to restrain the market growth during the forecast period.
The U.S. market is driven by increasing demand for bio-plasticizers used in producing a broad range of finished product packaging, textiles, building & construction, agriculture, automotive, and transport. High implementation of innovative and advanced extraction technologies and processes to support the rising demand from global clients are some of the significant factors influencing the regional industry growth in the coming years.
Bio-plasticizers are primarily manufactured from vegetable raw materials, and it is used as an alternative to traditional petroleum-based plasticizers. ESBO and succinic acid are the two most commonly utilized raw materials for the production of these additives. ESBO is one of the most preferred additives in food packaging particularly used in PVC gaskets. Myriant and BioAmber are major succinic acid manufacturers which are the key supply the raw materials to the product manufacturers through the North American region.
However, continuous changes in environmental guidelines, protocols, and blending policies are critical constraints faced by manufacturers, intensifying the threat to affect the global bio-plasticizers trade. Moreover, packaging companies are opting for low-cost, yet eco-friendly petrochemical alternatives without compromising on product performance are expected to trigger the market growth in the eight years.
Rising awareness about the adverse effects of using petroleum-based plastics has led to several key U.S. consumers of polymers to shift to green materials, resulting in a steady surge in the global industry. These resins are essential to alter a polymer’s characteristics to suit a particular application in which it is to be used.
Bio Plasticizers Market Segmentations:
|By Product||By Application|
Epoxidized Soybean Oil (ESBO)
Castor Oil-Based Plasticizers
Automotive & transport
Building & construction
Agriculture & horticulture