by Bio-based plasticizers are derivatives of vegetable oils such as canola oil, soybean oil, corn oil, and citrus oil that are commonly used as replacements for phthalate plasticizers. They offer advantages like biodegradability, bio-compatibility and renewability over conventional plasticizers derived from petroleum sources. Used widely in applications such as films & sheets, wire & cables, flooring & wall coverings and medical devices, bio-plasticizers improve flexibility, permeability and longevity of finished products. The global bio-based plasticizers market is growing due to stringent environmental regulations restricting the use of phthalate plasticizers and rising consumer preference for sustainable materials.
The global Bio Plasticizers Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the bio-plasticizers market is the rising demand for eco-friendly plasticizers from end-use industries like construction, automotive and medical devices. Bio plasticizers are derived from renewable biomass sources making them more sustainable than conventional plasticizers. Furthermore, regulations in Europe and North America restricting the use of phthalates is positively impacting the adoption of bio-based alternatives. Leading players are investing in R&D to develop novel plant-oil based plasticizers with improved properties like UV stability, permeability and longevity. The market is also witnessing increasing applications in shrink films, carton sealing tapes and food packaging due to growing acceptance of sustainable materials in the packaging industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the bio plastics market requires significant R&D investments and certifications. Bargaining power of buyers: The bargaining power of buyers is high as the market has several established players providing substitutable bio plasticizers. Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of raw material substitutes and diversity of suppliers in the market. Threat of new substitutes: The threat of new substitutes is high as ongoing R&D is exploring new types of eco-friendly substitutes. Competitive rivalry: The competitive rivalry is high among the key established players in the market.
Key Takeaways
The Global Bio Plasticizers Market Size is expected to witness high growth. The global Bio Plasticizers Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global bio plasticizers market currently. Asia Pacific region is expected to witness fastest growth over the forecast period led by China and India due to increasing investments in the region toward bio-based products.
Key players: Key players operating in the bio plasticizers market are Avient Corporation, BASF SE, Cargill, Incorporated, DIC Corporation, Dow, Inc., Evonik Industries AG, LANXESS, Solvay, ACS Technical Products, Emery Oleochemicals, Matrìca S.p.A., Roquette Frères, Zhejiangjiaao Enprotech Stock Co., Ltd., GRUPO PRINCZ IPASA, Goldstab Organics Pvt. Ltd., JUNGBUNZLAUER SUISSE AG, Valtris Specialty Chemicals. BASF SE is one of the leading players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
