Bio Plasticizers Market

Bio Plasticizers Market Size (2023-2028):

Bio Plasticizers market value is estimated to grow to US$ 2.9 billion by 2028, with a CAGR of 12.8% between 2023-2028

Bio Plasticizers market is projected to have the highest market revenue owing to the rising utilization of bio plasticizers by different end-user firms for various applications, including roofing membranes, flooring & wall coverings, electrical cable & wire insulation, medical devices, automotive applications, manufactured leather goods and many more. Bio plasticizers are polymer additives used for softness, improving flexibility, volatility, and workability of plasticized materials. Majorly, bio-plasticizers depend on renewable resources and are processed from palm, soybean, citrates, castor oil, starch, and stearic acid. In addition, the rising growth of packaging firms has increased the global bio plasticizers market size.

Bio Plasticizers Market Drivers:

The growing production of automotive and escalating agricultural initiatives by the government boosts the global bio plasticizers market share during the foreseen period. In the automotive sector, bio-plasticizers were widely used to reduce fuel consumption and high emissions. Not only were there but plant-based polymers were also utilized for making interior fabrics in the automotive sector. The additional benefits of these polymers include excellent dimensional ability, higher stiffness and thermal shock resistance, and improved surface gloss. In the agriculture sector, bio-plasticizers were used for irrigation tubing, drip tape, soil fumigation film, silage bags, and nursery pots. Agriculture is the only way of improving environmental sustainability; thus government invests heavily in this sector projects. Therefore, with the growing agricultural industry, the utilization of bio plasticizers was increased, thus drives the global bio plasticizers market growth shortly.

Bio Plasticizers Market Restraints:

Compared to the typical plasticizers, the cost of bio plasticizers was high, which acts as a significant restraint for the global bio plasticizers market. The global bio plasticizers market trend is increasing due to biodegradable or natural plasticizers, including plastics, resins, rubbers, and elastomers. Traditional plasticizers include phthalates, and natural plasticizers replaced others in many end-user industries. As a result, the usage of natural sources increased, thereby increasing the costs of bio plasticizers that hamper the global bio plasticizers market growth during the forecast period. 

Recent Developments in the Global Bio Plasticizers Market:

Dow Chemical Company announced its introduction of the first bio-based plasticizer for wire and cable applications. It also decided to advance in sustainable chemistry by introducing DOW ECOLIBRIUM bio plasticizers used in wire insulation and jacketing. These bio-plasticizers can help cable makers reduce greenhouse gas emissions by almost 45%.

Challenges in the Global Bio Plasticizers Market:

The cost factor of bio-plasticizers is one of the significant challenges hindering the growth of global bio-plasticizers. The prices of bio plasticizers were two or three times more expensive than conventional plastics, and their production was down due to the high costs. Moreover, bio plasticizers have weak mechanical properties and a shorter lifetime, and these used for terrestrial crops could harm food supplies. These were some of the challenges that slow down the global bio plasticizers market growth during 2022 - 2027.

BIO PLASTICIZERS MARKET REPORT COVERAGE:

Bio Plasticizers Market Segmentation:

By Type:

• Sebacates
• Succinic Acid
• Epoxides
• Citrates
• Glycerol Ester
• Others 

Among these segments, the epoxides type tends to play the dominant role in bio plasticizers' market share. The epoxide is a yellow-colored soybean vegetable oil. Most probably, these are used as an additive and stabilizers in plasticizers. By adding epoxides, the reactivity of plasticizers increases due to the epoxidation process of carbon-carbon double bonds in vegetable oil. Therefore, due to the characteristics of epoxides, the global bio plasticizers market growth is increasing day by day.

 By Application:

• Film & Sheet Coverings
• Wires & Cables
• Medical Devices
• Coated Fabrics
• Roofing Membranes
• Packaging Materials
• Adhesives & Sealants
• Others 

Besides other segments, packaging materials tend to hold the largest market share with a CAGR of 11.7% in 2022 - 2027. It is owing to the rising demand for bio plasticizers for manufacturing materials. These are used to increase the flexibility and chemical properties of plastic products. These features of bio plasticizers boost up the global bio plasticizers market growth soon. 

By End User:

• Packaging
• Automobile
• Textiles
• Electrics & Electronics
• Medical & Healthcare
• Building & Construction
• Others

Packaging end-user firm is projected to be the dominant market share due to the increasing use of bio plasticizers in the packaging industry. These were widely used for food touch packaging, including cartons, boxes, and others. Owing to these characteristics, the packaging end-user drives the global bio plasticizers market growth during 2022 - 2027.

Bio Plasticizers Market Regional Analysis: 

Bio Plasticizers report includes the segmentation of Regions:

•  North America 
•  Europe 
•  Asia Pacific 
•  Latin America 
•  Middle East & Africa 

The Asia Pacific predominantly holds the highest Global Bio Plasticizers market share by 43% due to the growing demand for bio plasticizers from packaging end-users. At the same time, North America and Europe are projected to be the second and third most significant regions in the global bio plasticizers market. On the other hand, the Middle East & Africa tend to grow with a substantial CAGR during the forecast period.

Impact of COVID-19 on Bio Plasticizers Market:

COVID-19 is leading to several destructions in day-to-day life. This has severely affected many sectors, and many of the end-user firms were demolished. Moreover, COVID-19 has also majorly impacted the global bio plasticizers market. Therefore, many importers of bio-plasticizers have kept their stocks at low levels. Thus, the pandemic is hindering the global bio plasticizers market growth in the coming years. 

Bio Plasticizers Market Key Players:

The companies covered in the report include:

• Dow Chemical Company 
• Vertellus Specialties Inc.
• Evonik Industries Solvay S.A. 
• Lanxess AG
• BioAmber Inc.