February 21, 2024

Bio Plasticizers Market is Estimated to Witness High Growth Owing to Increasing Environmental Concerns

Bio plasticizers are chemical compounds derived from renewable resources that are added to plastics to increase their flexibility, workability, or distensibility. They are commonly used as an alternative to phthalate plasticizers in PVC plastics. Some key bio plasticizers include epoxidized soybean oil (ESBO), citrates, and castor oil. The increasing concerns regarding the negative impacts of phthalates on human health and the environment have been driving the demand for sustainable bio-based plasticizers.

The global bio plasticizers market is estimated to be valued at US$ 3.21 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing awareness about the harmful effects of phthalate plasticizers on human health and the environment has been compelling manufacturers to shift towards sustainable bio-based alternatives. According to the European Chemicals Agency (ECHA), certain phthalates are potential endocrine disruptors that can interfere with the hormones and negatively impact fertility and development. This has led to regulatory restrictions on phthalate usage in certain applications in Europe and North America. On the other hand, bio plasticizers are derived from renewable resources like vegetable oils and do not pose toxicity risks, thereby garnering huge popularity.

The other driver for the market is the favorable government policies and initiatives that promote bio-economy and bio-based products. For instance, the European Commission has set a biomass action plan for 2030 and a strategic plan for 2019-2024 which focuses on boosting bio-based products and businesses. It aims at producing bioplastics from renewable sources constituting 10 million tons by 2025. Such supportive regulations have been favoring the uptake of bio plasticizers across industries.

SWOT Analysis
Strength: Bio plasticizers can degrade easily and are non-toxic. They provide sustainability benefits over conventional plasticizers as they are derived from renewable sources like vegetable oils and are biodegradable. Some bio plasticizers are also compatible with a wide range of polymers like PVC, providing formulation flexibility.
Weakness: Bio plasticizers have lower compatibility with polymers compared to conventional plasticizers initially, which can affect the finish and performance of materials. Their prices are also currently higher than conventional plasticizers.
Opportunity: Stringent environmental regulations targeting toxic conventional plasticizers and single-use plastics provide a conducive environment for the growth of bio plasticizers. The benefits of sustainability and environmental friendliness can help bio plasticizers gain larger acceptance over time.
Threats: Fossil fuel-based plasticizers have an incumbent advantage due to their well-established supply chains and lower prices. New environmental regulations may also affect some bio plasticizers produced from petroleum-derived components.

Key Takeaways

The Global Bio Plasticizers Market Size is expected to witness high growth over the forecast period from 2024 to 2031. The market size for 2024 is projected at US$ 3.21 billion.

Regional analysis: Asia Pacific holds over 40% share of the global bio plasticizers market and is expected to grow at a CAGR of around 6.5% during the forecast period. This can be attributed to the large production capacities and consumption of bio plasticizers in the region. Countries like China, India, and Indonesia are rapidly industrializing and adopting sustainability-focused strategies, creating high demand. North America and Europe are other major markets, driven by growing environmental awareness and presence of stringent regulations against toxic plasticizers.

Key players: Key players operating in the bio plasticizers market include Allphase Clinical Research, AlcheraBio, Alcami, Akos Urgent Care, Agilent, AGC Biologics, Affinity Life Sciences, Inc., Actimus Bio, ACI Clinical, Accumedix, Inc., Absorption Systems, A10 Clinical Solutions, Albuquerque Clinical Trials (ACT), Ajinomoto Bio-Pharma Services, Advanced Clinical Services LLC, ACM Global Laboratories, Accelerated Enrollment Solutions, AbbVie Contract Manufacturing, Advanced BioScience Laboratories, Advanced Clinical Research Institute, and Alliance for Clinical Trials in Oncology, among others. These players are focusing on production expansion and new product development to strengthen their market position.

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