BIO PLASTICIZERS MARKET ANALYSIS

The global Bio Plasticizers market size was valued at US$ 2.6 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. Increasing demand for bioplasticizers from the global packaging industry is expected to drive the market in the coming years. Moreover, the increasing demand for bio-plasticizers in the production of plastics used in the global textile industry is expected to increase the consumption of bio-plasticizers in the coming years. Furthermore, sustainable plastic manufacturing practices are expected to have a positive impact on the economy while promoting resource efficiency, waste reduction and pollution, creating new opportunities for innovation and growth. 

Global Bio Plasticizers Market: Regional Insights

Based on geography, the global Bio Plasticizers market is segmented into North America, Europe, Asia Pacific, Central and Sought America and Middle East & Africa.

At present, the Asia Pacific is expected to hold leading position in the global Bio Plasticizers market over the forecast period. Asia Pacific bio plasticizers market is expected to grow on account of the high demand for consumer goods products and rising construction activities in the region. Developed countries such as India, China, Japan and South Korea use bio softeners for water treatment, dental care, household bleaching and chemical applications. Countries such as India and China have growing populations, rising income levels and rising purchasing power parities that are driving demand for consumer goods such as toys, personal items and household items. These factors are expected to boost the demand for bio plasticizers in the region during the forecast period. 

At the same time, Europe is dominated by large developed countries such as the UK, Germany, France, Italy and Spain, increasing the number of personal care and cosmetics manufacturers and various market suppliers. Factors such as changing consumer lifestyles, growing awareness of self-care, and growing preference for consuming organic cosmetics have increased the demand for organic cosmetics. Therefore, rising demand for cosmetics in the market is expected to boost the demand for bio-emollients during the forecast period. 

Figure 1. Global Bio Plasticizers Market, By Region

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Global Bio Plasticizers Market Drivers:

Growth of end-use industries

The most important raw materials for the production of bio emollients include castor oil, soybean oil and linseed oil. Increased application of bio plasticizers in various end-use industries such as automotive, construction, packaging, textiles, transportation, and agriculture is expected to drive industry growth in the coming years.

Consumer Goods is one of the fastest growing segments of the bio plasticizer market. Reflecting the high growth of the past decade, his per capita income of local residents not only in developed countries but also in some developing countries in Central America and the Asia-Pacific has increased, increasing the demand for consumer goods and fast-moving consumer goods, is also increasing. 

Stringent Regulations on Traditional Plasticizers

Favorable government regulations on the use of bio plasticizers in the automotive, textile and consumer goods industries are expected to drive the global market during the forecast period. Organic fabric softeners are made from renewable natural raw materials.

In the Asia-Pacific region, Japan's National Institute of Advanced Industrial Science and Technology (AIST) collaborated to launch a bio-softening product that is biodegradable, environmentally friendly, hypoallergenic and non-toxic domestically. In addition, efforts such as 'Made in India' are expected to improve the domestic bio plasticizer production scenario during the forecast period as well. 

Global Bio Plasticizers Market Opportunities:

The rapidly increasing use of bio-based plastics as alloys and metal substitutes in the automotive and transportation sectors is one of the key factors behind the global demand for bio plasticizers. Packaging materials are widely used in all fields of bio-plasticizers. The emergence of bio-based plastics is playing an important role in food, pharmaceutical and beverage packaging applications. Composite plastics such as PET and PC are increasingly being replaced by bio plasticizer polymers in the packaging of beverages, consumer goods, consumer electronics, toys and clothing.

Increasing consumption in both developing and developed countries is expected to be a major driver for bio plasticizers in packaging applications. The use of bio plasticizers in packaging is expected to offer significant lucrative opportunities, for example the small amount of bio plastic required for beverage packaging compared to other conventional materials.  

Global Bio Plasticizers Market Trends:

Key trends observed in the global consumer goods industry include public interest in health and wellness, green consumer policies, rising digital consumers worldwide, changing demographics, retail including the concentration and modernization of growing domestic personal care, food processing, and pharmaceutical industries are expected to boost the demand for the products.

It is also observed that there is an increasing demand for processed foods due to changing lifestyles and increasing consumption of ready-to-eat foods due to lack of time, increasing urbanization, and population growth are leading to increased demand for baked goods, breakfast cereals, Chinese dairy products, meat and seafood. Processed food, snacks, processed fruits and vegetables.

Global Bio Plasticizers Market Restraints:

HIGH COST OF BIO PLASTICIZERS

The price of bio plasticizers is directly related to the availability and price of soybean oil epoxidized (ESBO), succinic acid and castor oil, the main raw materials for bio plasticizer production. Oilseed prices are driven by several factors, including global supply and demand imbalances due to declining inventories, increased demand for castor oil from various application segments, production of other major crops, and weather conditions. It depends. It depends.

These raw materials and the oils derived from them are increasingly used to produce bio plasticizers for applications in industries such as plastics, paints, lubricants and pharmaceuticals. In addition, sluggish production of this plant worldwide, including China, Brazil followed by India, is likely to increase the price of castor oil-based castor seeds and emollients in the global market. As global demand for castor oil increases as an alternative to petroleum products in industries such as paper, plastics and nylon, any decline in crop production in India will inevitably affect prices.

Figure 2. Global Bio Plasticizers Market, By  Product

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Global Bio Plasticizers Market Segmentation:

Based on Product, the market is segmented into synthetic and natural. Out of which, Epoxidized Soybean Oil (ESBO) is expected to dominate the global market over the forecast period and this is attributed to their cost-effectives and are efficient for those who are allergic to natural Bio Plasticizers. The Epoxidized Soybean Oil (ESBO) segment is projected to register a 5.7% CAGR during the review period.

Castor Oil- Based Plasticizers segment is also expected to witness significant growth in the near future Castor oil-based plasticizers are synthesized from castor oil through a mild esterification/epoxidation process.

Based on End-Use, the market is segmented into Building & Construction, Packaging Material, Consumer Goods, Medical Devices, Automotive & Transportation, and Others. Out of which, Building & Construction is expected to dominate the global market over the forecast period and this is attributed to their popularity.

Global Bio Plasticizers Market: Key Developments

In March 2021, Evonik Industries Ag aims to generate additional sales of at least 416.67 million USD by 2030 by providing solutions for circular plastics in the industry.

In March 2021, Evonik Industries Ag developed a biobased polyamide for the optics industry. It is a sustainable transparent polyamide that will be used in optics industry. This step was taken to reduce carbon footprint.

In June 2021 - Solvay discovered a new biodegradable rheology agent, “Rheozan BLC” which is a natural and prime liquid polymer solution that carries high suspension power in home through wires and uses in personal care products and does not have any impact on formulation’s viscosity of the products.

Global Bio Plasticizers Market: Key Companies Insights

The global Bio Plasticizers market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global Bio Plasticizers are Evonik Industries Ag, Solvay, Avient Corporation, Lanxess, Dow, Emery Oleochemicals, Basf Se, Matrica S.P.A., Oq Chemicals GMBH, Dic Corporation, Hebei Jingu Plasticizer Co., Ltd, Jiangxi East Huge Dragon Chemical Co., Ltd.

*Definition: A plasticizer is a plastic additive that increases the free volume of a polymer when added. Even within the polymer chain. The most commonly used plasticizers are phthalates. Used to improve transparency, flexibility, process ability and compatibility polymer.