May 24, 2024

Bio Plasticizers Market Is Expected To Be Flourished By Increasing Demand For Bio-Based And Non-Toxic Products

Bio plasticizers are emerging as a viable alternative to phthalate plasticizers owing to the rising demand for bio-based and non-toxic products across a wide range of industries. These plasticizers are primarily used in PVC applications such as floorings, wall coverings, automotive interiors, wires, and cables. Bio plasticizers help impart flexibility to polymers while reducing health and environmental risks associated with phthalates. Some common bio plasticizers used in the market include epoxidized soybean oil (ESBO), citrates, and oleates.

The global Bio Plasticizers Market is estimated to be valued at US$ 1.12 Billion in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing demand for bio-based and non-toxic products, as highlighted in the heading, is a major driver for the bio plasticizers market. stringent regulations restricting the use of phthalates due to health hazards associated with them have further propelled the demand for safer alternatives like bio plasticizers. Key regions like North America and Europe have enacted strict laws limiting the use of certain phthalates in various applications. This has pushed manufacturers to adopt bio plasticizers to comply with regulatory standards. Additionally, rising environmental awareness among consumers has increased the preference for green and sustainable products. The bio-degradable nature of bio plasticizers makes them preferable over conventional plasticizers from an ecological standpoint.

 

Segment Analysis

The global bio plasticizers market can be segmented based on type, application, end use industry and region. Based on type, the market is dominated by epoxidized soybean oil sub segment. Epoxidized soybean oil accounts for over 50% of market share owing to its wide availability and cost effectiveness. It is easily blended with PVC and other polymers to provide flexibility without excessive loss of strength.

PEST Analysis

Political: The growing awareness about environment protection and initiatives promoting use of eco friendly products by governments across the world favor the growth of bio plasticizers market. Many countries have banned phthalate plasticizers due to health hazards.

Economic: Increase in disposable incomes coupled with growth in packaging, automotive, construction and medical industries drive the demand for bio plasticizers market. However, high production costs remain a challenge for widespread adoption.

Social: Rising health concerns associated with phthalate plasticizers fuel the preference for safer bio based alternatives. Growing consumer awareness regarding environment protection and sustainable products also support the bio plasticizers market.

Technological: Continuous R&D towards development of cost effective and high performance bio plasticizers with properties matching petroleum based plasticizers would aid the market growth over the forecast period.

Key Takeaways

The Global Bio Plasticizers Market Demand is expected to witness high growth over the forecast period of 2022-2027.

Regional analysis indicates Asia Pacific dominates currently due to high production volumes in countries like China and India. The market in North America and Europe is also growing rapidly driven by stringent regulations against phthalate plasticizers.

Key players operating in the bio plasticizers market are BASF SE, Bioamber Inc., Polyone Corporation, Evonik Industries, Solvay S.A., Lanxess, Emery Oleochemicals. Key players focus on expanding production capacities and new product launches catering to diversified end use industries. For instance, BASF introduced ecovio, a phthalate free plasticizer made from renewable raw materials for flexible PVC applications in hygienic care, consumer goods and medical sectors.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it