Global Bio Plasticizers Market Research Report: By Product (Epoxidized Soybean Oil (ESBO), Castor Oil-Based Plasticizers, Citrates, Succinic Acid, Others), By Application (Flooring and Walls, Film and Sheet Coverings, Wires and Cables, Coated Fabrics, Consumer Goods, Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The global bio plasticizers market was valued at USD 1.55 billion in 2022 and is estimated to reach approximately USD 3.18 billion by 2031, at a CAGR of 8.3% from 2023 to 2031.
Bioplasticizers are additives that are added to plastics throughout the production process to improve their overall performance, flexibility, and durability while having a smaller negative environmental impact. Bioplasticizers come from sustainable resources including plant-based oils, biomass, and other natural materials, as opposed to conventional plasticizers that come from petroleum. They are intended to take the place of traditional plasticizers like phthalates, which are potentially hazardous to the environment and human health. The growing need for environmentally friendly alternatives across a range of industries, including construction, automotive, packaging, and healthcare, has resulted in a notable expansion of the bioplasticizer industry. Their non-toxic and biodegradable qualities are in line with the laws and policies that are emphasizing ecological practices and lowering carbon footprints. Because of their adaptability, bioplasticizers can be used with a variety of polymers, giving producers freedom in developing new products while yet adhering to strict regulatory standards. Additionally, they are becoming more and more common in applications where sustainability and performance are crucial due to their capacity to preserve or improve the mechanical qualities of plastics. The bioplasticizers market is developing because to advances in green chemistry and the increasing demand from various industries for eco-friendly materials, as the world becomes more focused on decreasing dependency on fossil fuels and addressing plastic pollution.
BIO PLASTICIZERS MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
1.55 Bn |
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Projected Market Value (2031) |
3.18 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product, By Application, & Region |
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Segments Covered |
By Product, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Bio Plasticizers Market Dynamics
The need for environmentally friendly alternatives has increased as a result of stricter laws against traditional plasticizers and increased environmental consciousness. Concerns over the harmful effects of phthalates and other plasticizers derived from petroleum on the environment and human health are the main causes of this change. Consequently, there has been a notable shift in the market toward bio-based plasticizers made from renewable resources such plant oils, starches, and other bio-based additives. Furthermore, new bioplasticizers with improved performance characteristics have been developed as a result of technological breakthroughs and research in green chemistry, providing producers with more possibilities to fulfill the different needs of the sector. These bio-based additives' adaptability makes them compatible with a wide range of polymers, guaranteeing superior mechanical qualities and flexibility in the finished plastic products. The market for bioplasticizers is expanding due to growing investments in sustainable practices in industries such as packaging, construction, automotive, and healthcare. Producers are progressively using bio-based solutions into their manufacturing procedures to conform to client inclinations towards eco-friendly merchandise. It is projected that this market dynamic will last as long as the demand for environmentally acceptable substitutes and sustainable materials remains a major worldwide concern, encouraging continued innovation and growth in the bioplasticizers sector.
Global Bio Plasticizers Market Drivers
The main goal of green chemistry is to create products and procedures that have the least negative effects on the environment while increasing sustainability and efficiency. This invention, as it relates to bioplasticizers, is the creation of new, environmentally beneficial additives made from biomass or plant oils. These developments provide safer and more environmentally friendly alternatives to conventional plasticizers derived from petroleum, addressing issues related to those products. Green chemistry makes it possible to produce bioplasticizers that have a far smaller environmental impact while still having superior performance qualities including increased flexibility, durability, and compatibility with different polymers. Furthermore, these advancements stimulate the search for more effective manufacturing techniques that lower energy usage and waste output. In order to ensure that bioplasticizers meet certain industry standards and application needs, researchers are delving deeper into molecular design as technology advances. The range of bio-based additives that are available is increased by this cycle of continual innovation, which also helps to reduce prices and raise the overall competitiveness of these sustainable alternatives in the market.
Because of their restricted availability, related geopolitical complexity, and negative environmental impact, traditional plasticizers derived from fossil fuels have drawn criticism. Reducing dependency on limited fossil fuel supplies is made possible by the creation and use of bioplasticizers. Bioplasticizers, which come from plant-based oils, biomass, or agricultural leftovers, are renewable resources that help create a more circular and sustainable economy. This factor supports international efforts to lessen climate change and cut carbon emissions since bio-based substitutes often have a smaller carbon footprint than equivalent products made from petroleum. Furthermore, lowering reliance on fossil fuels has a positive economic impact by diversifying the sources of raw materials, which may lessen market volatility and geopolitical concerns associated with oil-based industries. Additionally, the use of bioplasticizers to lessen dependency on fossil fuels encourages innovation in the biorefinery and agricultural sectors, resulting in the creation of new value chains and companies built around renewable resources. By developing greener, more sustainable materials to meet changing customer expectations and legal requirements for eco-friendly substitutes, this driver not only promotes environmental sustainability but also stimulates economic growth.
Restraints:
Compared to their conventional counterparts generated from petroleum, bio-based alternatives frequently require intricate methods for extraction, refining, or synthesis. Specialized technologies are needed to collect and convert renewable feedstocks into economically viable bioplasticizers, which frequently results in higher manufacturing costs. These higher costs are mostly caused by factors like the requirement for complex refining procedures and limited economies of scale resulting from smaller production volumes. Furthermore, the fluctuation and accessibility of raw resources might affect manufacturing costs. Reliance on particular crops or bio-based resources could expose producers to changes in prices or disruptions in the supply chain, raising the total cost of production. The production cost of bio-based plasticizers is further increased by strict quality control and environmental regulation compliance, since maintaining consistency and regulatory compliance necessitates more investments in testing and refining procedures.
The manufacturing process of bio-based plasticizers is highly dependent on particular renewable feedstocks, like biomass or plant oils, which may have limitations with regard to consistency, availability, and scalability. Seasonal changes, geographic restrictions, and rivalry with other sectors using the same feedstock can all contribute to supply chain vulnerabilities and availability swings. Furthermore, a dependable and effective supply chain infrastructure is needed for the production of bioplasticizers from the cultivation and processing of these feedstocks. The establishment and upkeep of such infrastructure present difficulties, particularly in areas with little logistical assistance or in where these resources are scarce. Reliance on a small number of sources for feedstock may also result in more price fluctuation and rivalry, which would affect the supply chain's dependability and affordability.
Opportunities:
Governments all throughout the world are increasingly putting laws and policies into place to promote the use of renewable, sustainable resources and lessen dependency on fossil fuels. This change is in line with more general environmental objectives, which include reducing greenhouse gas emissions and advancing the circular economy. Consequently, there is an increasing focus on providing subsidies, tax breaks, or grants to enterprises in order to encourage their adoption of bio-based substitutes, such as bioplasticizers. Furthermore, the market's need for bio-based solutions is driven by legislative frameworks that support sustainability and environmentally friendly activities. Regulations and guidelines that prohibit the use of traditional plasticizers generated from petroleum because of health and environmental risks greatly expand the market for bio-based substitutes.
Sustainability is seeing a major transition as eco-conscious products and practices become more and more prioritized by consumers, corporations, and governments. This increase in demand is the result of people being more conscious of environmental issues and wanting products that have less of an impact on the environment. Bioplasticizers, which are made from renewable resources, are a wonderful fit with consumers' increasing need for environmentally friendly products. Because they are biodegradable, eco-friendly, and have less of an adverse effect on ecosystems than traditional petroleum-based plasticizers, bio-based alternatives are becoming a more attractive option for sectors looking for alternatives. Growing consumer awareness and the need for more environmentally friendly options not only affect customer behavior when making purchases, but they also force industries to review their supply chains, manufacturing processes, and sourcing of raw materials.
Segment Overview
By Product
Based on product, the global bio plasticizers market is divided into epoxidized soybean oil (ESBO), castor oil-based plasticizers, citrates, succinic acid, others. The epoxidized soybean oil (ESBO) category dominates the market with the largest revenue share in 2022. ESBO is a widely used bio plasticizer derived from soybean oil. It undergoes an epoxidation process, resulting in a compound with excellent thermal and UV stability. ESBO is valued for its compatibility with PVC (polyvinyl chloride) and other polymers, imparting flexibility and durability to the final plastic products. Its versatility makes it suitable for applications in industries such as automotive, construction, and packaging. Castor oil-based plasticizers are derived from castor beans and are utilized as bio-based alternatives. Castor oil derivatives offer good compatibility with various polymers and exhibit desirable properties, including low volatility and good thermal stability. These plasticizers find applications in coatings, adhesives, and sealants, among other industries. Citrate-based plasticizers, such as tributyl citrate (TBC) and acetyl tributyl citrate (ATBC), are sourced from citric acid and are known for their non-toxic and biodegradable characteristics. They are commonly used in food packaging, medical devices, and toys, offering a safe alternative to phthalate-based plasticizers. Succinic acid-based plasticizers are produced from succinic acid, a renewable feedstock derived from biomass. These plasticizers offer eco-friendly properties and are being explored for their potential applications in polymer production.
By Application
Based on the application, the market is categorized into flooring and walls, film and sheet coverings, wires and cables, coated fabrics, consumer goods, others. The flooring and walls category leads the global bio plasticizers market with the largest revenue share in 2022. Bio plasticizers find application in the production of flooring materials (such as vinyl flooring) and wall coverings. They are incorporated into PVC and other polymers to enhance flexibility, durability, and resilience, ensuring these materials maintain their performance while reducing environmental impact. Bio plasticizers help create more sustainable flooring and wall solutions commonly used in residential, commercial, and industrial settings. In the manufacturing of films and sheets used for packaging, agricultural coverings, or industrial applications, bio plasticizers play a crucial role. They provide the necessary flexibility and strength to these materials while adhering to sustainability goals, ensuring the resulting products meet requirements for diverse applications. Wires and cables often require materials with excellent insulation properties and flexibility. Bio plasticizers, when added to polymers used in wire and cable coatings, help improve their flexibility and resistance to cracking or damage, contributing to safer and more durable electrical applications. Bio plasticizers are utilized in coated fabrics to enhance their flexibility, water resistance, and durability. These fabrics find applications in various industries, including automotive upholstery, outdoor equipment, and protective clothing, benefiting from the sustainable attributes provided by bio-based plasticizers. From toys to packaging materials, bio plasticizers are increasingly used in various consumer goods. Their non-toxic, biodegradable nature makes them suitable for applications where safety and environmental considerations are paramount, meeting stringent regulations in industries such as toys and food packaging.
Global Bio Plasticizers Market Overview by Region
The global bio plasticizers market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2022. Consumer preferences in the region have shifted significantly in favor of sustainable and eco-friendly products, which has increased demand for bio-based substitutes in a variety of industries, including the packaging and automotive sectors. Furthermore, the use of bioplasticizers has increased due to strict environmental laws and growing public awareness of the negative consequences of conventional plasticizers. The industry has expanded as a result of government initiatives and legislation supporting sustainable practices, which have encouraged industries to invest in and use bio-based solutions. With its strong infrastructure for research and development, North America is a leader in green chemistry innovation and technology breakthroughs. High-performance bioplasticizers have been developed as a result of this technological prowess, increasing their competitiveness and propelling market expansion. Furthermore, the region's robust manufacturing sector especially in the automotive, construction, and packaging industries has given rise to a sizable platform for the incorporation of bioplasticizers into a wide range of goods and materials. North America's proactive approach to sustainability, together with kind regulatory environments, technology breakthroughs, and an open market, have placed it at the forefront of the world market for bioplasticizers. It is anticipated that this leadership will continue as long as the area gives priority to sustainable practices and green initiatives.
Global Bio Plasticizers Market Competitive Landscape
In the global bio plasticizers market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.
Some of the prominent players in the global market include Dow, BASF SE, Avient Corporation, Emery Oleochemicals, Cargill, Incorporated., Evonik Industries AG, DIC CORPORATION, Vertellus, LANXESS, Matrca S.p.A. , and various other key players.
Global Bio Plasticizers Market Recent Developments
In March 2023, OxBalance Isononanoic Acid, a new bio-based product from OQ Chemicals, is used in the production of bio-based plastics. This product was introduced in response to manufacturers' requests to move toward a circular economy.
Scope of the Global Bio Plasticizers Market Report
Bio Plasticizers Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Product |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global bio plasticizers market segmented by product, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of bio plasticizers between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global bio plasticizers market
To find out the factors which are affecting the sales of bio plasticizers among consumers
To identify and understand the various factors involved in the global bio plasticizers market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
