PUBLISHER: Allied Market Research | PRODUCT CODE: 1396826
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396826
The global bio plasticizers market was valued at $1.4 billion in 2022, and is projected to reach $2.4 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Bio plasticizers are additives used in plastics that are derived from renewable, bio-based sources and serve to enhance the flexibility and other properties of the plastic materials while minimizing environmental and health concerns associated with traditional plasticizers. Bio plasticizers are often considered safer for human health and the environment as they do not contain harmful chemicals commonly found in some traditional plasticizers, such as phthalates. Bio plasticizers are used in a wide range of plastic products, including flexible PVC (polyvinyl chloride) materials, films, and coatings. They help improve the plastic's flexibility, durability, and overall performance.
Bio plasticizers offer the advantage of being biodegradable and compostable, reducing the environmental impact of plastic waste. This aligns with the goals of achieving a circular economy and reducing plastic pollution. Moreover, companies have diversified their supply chains and are sourcing materials from renewable and sustainable sources. This shift supports the use of bio plasticizers as part of an eco-friendlier supply chain strategy. However, while there is a surge in demand for sustainable and eco-friendly products, consumers and industries expect these products to be competitively priced. The cost disparity between bio plasticizers and conventional plasticizers is a barrier to adoption, particularly in price-sensitive markets. Nevertheless, the surge in demand from packaging industry is anticipated to offer many opportunities for market growth in the coming years.
The bio plasticizers market is segmented on the basis of product, application, and region. By product, the market is categorized into epoxidized soybean oil (ESBO), castor oil-based plasticizers, citrates, succinic acid, and others. By application, the bio plasticizers market is classified into flooring & walls, film & sheet coverings, wires & cables, coated fabrics, consumer goods, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report covers strategies adopted by key players in the market to sustain the competitive environment and increase their market share. The key players operating in the bio plasticizers market include Evonik Industries AG, Dow Chemical Company, Avient Corporation, Lanxess AG, MATRCA S.P.A., Vertellus, Emery Oleochemicals, Cargill, BASF SE, and DIC CORPORATION. In addition, the market drivers, restraints, and opportunities are explained in the report.
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