Bio plasticizers are environmentally friendly alternatives to conventional phthalate plasticizers used to soften and improve flexibility of PVC and other plastics. They are readily biodegradable and derived primarily from vegetable oils and fatty acids that provide advantages such as non-toxicity. With rising focus on sustainability and environmental protection, bio plasticizers are increasingly being adopted across industries like construction, automotive and consumer goods. The global bio plasticizers market is estimated to be valued at US$ 2.78 billion 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:
Growth in the bio plasticizers market is mainly driven by the growing environmental concerns regarding the use of phthalate plasticizers. Phthalate plasticizers are known endocrine disruptors that can leach out of materials and contaminate the environment. Their usage is being regulated through various acts in countries across the globe. As a result, manufacturers are increasingly opting for bio-based and eco-friendly alternatives like bio plasticizers. Additionally, advancements in bio plasticizer production technologies have improved their performance characteristics making them suitable substitutes for conventional plasticizers in various applications. For instance, newer bio plasticizers provide properties like high flexibility and longevity at par with phthalates. Supported by stringent norms and performance improvements, the demand for bio plasticizers from industries aiming to develop sustainable product ranges is expected to surge in the coming years.
SWOT Analysis
Strength: Bio plasticizers are eco-friendly and provide enhanced performance to polymers. Their use helps reduce dependence on petroleum-based plasticizers.
Weakness: Higher production cost compared to conventional plasticizers. Limited availability of raw materials.
Opportunity: Strict government regulations on use of phthalate plasticizers is driving demand. Growing environmental awareness is encouraging use of sustainable products.
Threats: Stability and compatibility issues of bio plasticizers with polymers. Established market of conventional plasticizers poses competition.
Key Takeaways
The Global Bio Plasticizers Market Size is expected to witness high growth.
Regional analysis comprises- Asia Pacific dominates the market currently due to presence of major manufacturers and increasing regulatory pressure in the region. Key players like Avient Corporation, BASF SE and Dow, Inc. are focusing on capacity expansion to cater rising demand.
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, and Goldstab Organics Pvt. Ltd., JUNGBUNZLAUER SUISSE AG, Valtris Specialty Chemicals. The key players are focusing on new product development and adopting expansion and partnerships as their key strategies to strengthen their presence in the industry.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it