Awareness among people for using sustainable and eco-friendly commodities, change in lifestyle, and increase in disposable income of consumers in Asia-Pacific, Middle East, and Latin America have boosted the growth of the consumer electronics and medical industries, thus driving the global bio plasticizers market.
PORTLAND, Ore., May 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Bio Plasticizers Market by Type (Epoxides, Sebacates, Succinic Acid, Citrates, Glycerol Esters, Others), by Application (Flooring and Walls, Film and Sheet Coverings, Wires and Cables, Coated Fabrics, Consumer Goods, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global bio plasticizers industry was estimated at $1.3 billion in 2020, and is anticipated to hit $2.1 billion by 2030, registering a CAGR of 5.31% from 2021 to 2030.
Drivers, restraints, and opportunities-
Awareness among people for using sustainable and eco-friendly commodities, change in lifestyle, and increase in disposable income of consumers in Asia-Pacific, Middle East, and Latin America have boosted the growth of the consumer electronics and medical industries, thus driving the global bio plasticizers market. On the other hand, high cost of bio plasticizers is expected to hamper the growth to some extent. However, rise in R&D activities associated with bio plasticizers is anticipated to create lucrative opportunities in the industry.
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- The outbreak of the pandemic has had a mixed impact on the global bio plasticizers market. Surge in demand for e-commerce during the pandemic had created a huge demand for films and the sheet covering from the packaging industry. Also, there was a steep increase. e in demand for medical equipment and other medical devices where plasticizers are utilized.
- On the other hand, however, shutdown of construction projects in developing countries, such as India led to a decline in demand for bio plasticizers, which are utilized in the construction sector.
The flooring and walls segment to dominate by 2030-
By application, the flooring and walls segment contributed to the major share in 2020, holding nearly one-fifth of the global bio plasticizers market. This is attributed to the fact that plasticization is an economic way to obtain waterproof, stain-resistant, anti-slipping, comfortable, and safe floors. The consumer goods segment, however, would cite the fastest CAGR of 6.17% during the forecast period, due to increase in use of bio plasticizers in consumer goods-related products.
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The epoxides segment to maintain the lion's share-
By type, the epoxides segment accounted for the major share in 2020, holding nearly three-fifths of the global bio plasticizers market. Epoxide plasticizers consist of epoxy groups, such as epoxidized soybean oil (ESBO) or epoxidized linseed oil (ELO), and are formed via oxidation of an olefinic double bond to an oxirane structure. They provide thermal & UV stability to PVC articles during their production by techniques such as extrusion, injection molding, rotational molding, and spread coating. These factors drive the segment growth. The glycerol esters segment, on the other hand, is expected to grow at the fastest CAGR of 7.05% from 2021 to 2030. This is because glycerol ester-based bio plasticizers are produced by modification of the fully hardened castor oil structure with acetic acid, which is derived from the castor oil plant seeds. This modification leads to manufacture of low molecular weight acetylated glycerol monoester with improved compatibility and processability.
Asia-Pacific garnered the major share in 2020-
By region, the market across Asia-Pacific had the lion's share in 2020, generating more than half of the global bio plasticizers market. The same region is also projected to portray the fastest CAGR of 5.89% by 2030, due to high potential of the Indian market and huge utilization of bio plasticizers in China.
Key players in the industry-
- DOW Chemical Company
- Vertellus Holdings LLC.
- Evonik Industries
- Lanxess AG
- Matrìca S.p.A.
- Emery Oleochemicals
- Myriant Corporation
- Bioamber Inc.
- PolyOne Corporation
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