Burlingame, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The report "Bio Plasticizers Market, By Product (Epoxidized Soybean Oil (ESBO), Castor Oil- Based Plasticizers, Citrates, Succinic Acid, Others), By End Use (Building & Construction, Packaging Material, Consumer Goods, Medical Devices, Automotive & Transportation, Others) and Region - Global Forecast to 2031", Bio Plasticizers Market in terms of revenue was valued to be reach $2.6 Billion in 2022 and is poised to reach $4.4 Billion by 2031,” growing at a CAGR of 6.8% from 2024 to 2031 according to a latest report published by Coherent Market Insights.
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Market Dynamics:
The bio plasticizers market is driven by the growing demand for sustainable packaging materials across various industries. Bio plasticizers are additives that are used to enhance the flexibility and durability of plastic materials. They are derived from renewable sources such as vegetable oils and starch. The increasing environmental concerns and regulations regarding the use of traditional plasticizers have led to a shift towards bio-based alternatives. Bio plasticizers offer several advantages such as biodegradability, reduced carbon footprint, and non-toxicity, which make them highly desirable in the packaging industry.
Bio Plasticizers Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2022 | $2.6 billion |
| Estimated Value by 2031 | $4.4 billion |
| Growth Rate | Poised to grow at a CAGR of 6.8% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By End Use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • High cost of bio plasticizers |
| Growth Drivers | • Growth of end-use industries • Stringent regulations on traditional plasticizers |
Another driver for the growth of the bio plasticizers market is the rising preference for eco-friendly products among consumers. With increasing awareness about the detrimental effects of conventional plastic on the environment, there has been a significant shift in consumer preferences towards sustainable and biodegradable materials. This has led to the adoption of bio plasticizers in various applications such as packaging films, bottles, and bags.
Market Trends:
One of the key trends in the bio plasticizers market is the development of new and innovative bio-based plasticizers. Researchers and manufacturers are focusing on the development of bio plasticizers with improved properties and performance. For instance, the development of bio-based phthalate-free plasticizers that offer similar performance as traditional plasticizers has gained significant attention in the industry.
Another trend in the market is the increasing collaborations and partnerships between bio plasticizer manufacturers and end-use industries. This enables the manufacturers to gain a better understanding of the specific requirements and challenges of different industries and develop customized solutions. It also helps in expanding the market reach and product portfolio of the manufacturers, further driving the growth of the bio plasticizers market.
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Recent Developments:
In June 2021 - Solvay unveiled "Rheozan BLC," a biodegradable rheology agent for personal care products, offering high suspension power without affecting formulation's viscosity.
In March 2021, Evonik Industries Ag sets ambitious target of $416.67 million in additional sales by 2030 through circular plastics solutions in the industry.
Key Market Takeaways:
The bio plasticizers market is anticipated to witness a CAGR of 6.8% during the forecast period 2024-2031, owing to the increasing demand for sustainable plasticizers and rising focus on green packaging solutions.
On the basis of product, the epoxidized soybean oil (ESBO) segment is expected to hold a dominant position, owing to its excellent plasticizing properties and eco-friendly nature.
In terms of end-use industries, the building & construction sector is expected to dominate the market due to the increasing adoption of sustainable materials and eco-friendly practices in construction projects.
Asia Pacific is expected to hold a dominant position in the bio plasticizers market over the forecast period, primarily due to the high demand from developing countries like China and India, where rapid infrastructural development and increasing environmental regulations are driving the adoption of bio plasticizers.
Key players operating in the bio plasticizers market include Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These key players are focusing on product innovation and strategic collaborations to strengthen their market position and cater to the growing demand for bio plasticizers.
Read complete market research report, "Bio Plasticizers Market, By Product, By End Use, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Opportunities:
The market for bio plasticizers, specifically the segment of epoxidized soybean oil (ESBO), is anticipated to experience significant growth in the forecast period. This is primarily due to the increasing demand for sustainable plasticizers. With growing awareness about the harmful effects of conventional plasticizers on human health and the environment, there is a shift towards eco-friendly alternatives. Bio plasticizers, such as ESBO, derived from renewable sources like soybean oil, offer a sustainable solution without compromising on performance. These bio plasticizers not only provide excellent plasticizing properties but also exhibit low toxicity and environmental compatibility. As a result, they are increasingly being adopted in various industries, including Building & Construction and Packaging Material. This market opportunity is expected to drive the overall growth of the bio plasticizers market in the forecast period.
The demand for bio plasticizers in the packaging material industry is expected to witness significant growth in the coming years. There is a growing emphasis on green packaging solutions globally, driven by increasing environmental concerns and stringent regulations on toxic materials. Bio plasticizers, such as citrates and succinic acid, offer an eco-friendly alternative to conventional plasticizers in packaging materials. These bio-based plasticizers not only enhance the flexibility and durability of packaging materials but also make them safer for consumer usage. Additionally, they reduce the carbon footprint associated with packaging production and disposal. As a result, there is a growing adoption of bio plasticizers in the packaging industry, presenting a strong market opportunity for the bio plasticizers market.
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Detailed Segmentation:
- Global Bio Plasticizers Market, By Product
- Epoxidized Soybean Oil (ESBO)
- Castor Oil- Based Plasticizers
- Citrates
- Succinic Acid
- Others
- Global Bio Plasticizers Market, By End Use
- Building & Construction
- Packaging Material
- Consumer Goods
- Medical Devices
- Automotive & Transportation
- Others
- Global Bio Plasticizers Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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