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Oct 5, 2020 10:10 AM ET

Global Bio Plasticizers Market Set For Rapid Growth, To Reach Around USD 1,657 Million By 2024

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Bio Plasticizers Market by Product (Epoxidized Soybean Oil (ESBO), Castor Oil-Based Plasticizers, Citrates, Succinic Acid, and Others) and by Application (Packaging Materials, Medical Devices, Consumer Goods, Wires & Cables, Building & Construction, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global bio plasticizers market was valued at approximately USD 836 million in 2017 and is expected to generate revenue of around USD 1,657 million by 2024, growing at a CAGR of around 9.8% between 2018 and 2024.

Growing demand for bio-based plastic additives across various industries, such as automotive, packaging, agriculture, and consumer goods, is expected to drive the global bio plasticizers market growth in the future. These green polymers are extensively used in the production of surface coatings for cables and polymers and used in the form of additives in plastic industries. Bio plasticizers are produced from vegetable raw materials and used as a substitute to traditional petroleum-based plasticizers. Succinic acid and ESBO are commonly used as raw materials for the production of additives.

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Global Bio Plasticizers Market

Rising awareness levels regarding harmful effects of petroleum-based plastics are influencing various polymers consumers to switch to green materials, which are expected to further drive industry growth in the future. These resins are necessary to alter polymer’s characteristics to suit a particular application. However, frequent alterations in environmental guidelines, protocols, and policies are some critical limitations faced by the manufacturers, which might hamper the bio plasticizers market in the coming years. Nevertheless, the packaging industry mostly prefers low-cost, eco-friendly petrochemical substitutes without compromising on the performance of the products, which, in turn, is expected to positively impact this market in the projected time period.

By product, the bio plasticizers market has been segmented as citrates, Epoxidized Soybean Oil (ESBO), succinic acid, castor oil-based plasticizers, and others. ESBO held a major revenue share in 2017 and is likely to contribute notably in the near future, owing to its popular use as an additive in the food packaging industry and its massive application in PVC gaskets. ESBO is commonly used as a stabilizer and an additive in the plasticizers. The plasticizers reactivity increases with the addition of ESBO.

By application, the bio plasticizers market is fragmented into medical devices, packaging materials, wires and cables, building and construction, consumer goods, and others. Packaging materials are anticipated to contribute substantially toward the market growth in the forecast timeframe. These specialty additives have a major role in protective packages, flexible and rigid food contact packaging (cartons, boxes, and others), and various other packaging options for various industries.

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regional segments of the global bio plasticizers market. The Asia Pacific is likely to register the highest growth rate in the next few years, due to the rapid urbanization and industrialization. Moreover, the increasing use of bio-based packaging materials in developing countries, such as Taiwan, India, and China, is projected to drive this industry’s growth in the Asia Pacific region in the estimated time period. North America is expected to witness a significant rate of growth in the forecast years.

Some key players operating in the global bio plasticizers market include Vertellus Specialties Inc., The Dow Chemical Company, Danisco A/S, Solvay S.A., Evonik Industries AG, BioAmber Inc., Emery Oleochemicals LLC, Lanxess AG, PolyOne Corporation, Myriant Corporation, and Matrica S.p.A., among others.

This report segments the global bio plasticizers market as follows:

Global Bio Plasticizers Market: Product Segment Analysis

Global Bio Plasticizers Market: Application Segment Analysis

Global Bio Plasticizers Market: Regional Segment Analysis

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Keywords:    Bio Plasticizers Market

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