by Bio plasticizers are non-phthalate and sustainable alternatives to traditional phthalate plasticizers used in PVC products like wires, cables, flooring and medical devices. They are derived from renewable agricultural sources like vegetable oils, corn, and citric acid esters offering advantages over phthalates including biodegradability, low toxicity and compliance with strict regulations. With increasing regulations against phthalates due to concerns over health impacts, the demand for bio-based and non-toxic plasticizers is growing. The global bio plasticizers market provides a natural substitutes for petroleum-based plasticizers while retaining performance.
The global Bio Plasticizers Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the bio plasticizers market is the shift towards non-phthalate plasticizers. Strict regulations against phthalates have led plasticizers manufacturers to explore alternative solutions. Currently, citric acid esters dominate the non-phthalate bio plasticizers market owing to their properties like stability, compatibility with PVC and efficiency as a plasticizer at low dosage rates. With advantages like biodegradability and sustainability, citrates are widely replacing phthalates in applications like wires and cables, films and sheets, flooring among others. Further, development of innovative application-specific bio plasticizers derivatives from renewable resources like epoxidized soybean oil (ESBO) and various fatty acid esters will support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the bio plasticizers market is moderate as there is requirement of extensive R&D and significant capital investments for setting up manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers in the bio plasticizers market is moderate as there are availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers in the bio plasticizers market is moderate due to presence of numerous manufacturers.
Threat of new substitutes: The threat of new substitutes in the bio plasticizers market is moderate as manufacturers are focusing on development of innovative and cost efficient bio based products.
Competitive rivalry: The competition in the bio plasticizers market is high due to presence of numerous established players.
Key Takeaways
The Global Bio Plasticizers Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global Bio Plasticizers Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region is expected to hold largest market share over the forecast period driven by growing plastic production in countries such as China and India. Increasing focus on development of bio based products is further expected to support market growth in the region.
Key players: Key players operating in the bio plasticizers market are Allphase Clinical Research, AlcheraBio, Alcami, and Akos Urgent Care. Allphase Clinical Research is a leading contract research organization providing clinical trial services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
