The bio plasticizers market plays a crucial role in enhancing the flexibility and durability of bioplastics without negative environmental impact. Bio plasticizers are used in a wide range of bioplastic applications ranging from food packaging and agriculture films to 3D printing filaments and construction materials. These natural plasticizers provide comparable performance to phthalates without toxic and persistent organic pollutants. The rapidly growing bioplastics industry worldwide is driven by rising demand for sustainable and eco-friendly alternatives to conventional plastics from various end-use sectors like consumer goods, automotive and medical devices.
The global Bio Plasticizers Market is estimated to be valued at US$1.65 Billion in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends observed in the bio plasticizers market is the increasing preference for bio-based and non-toxic plasticizing solutions among manufacturers. Traditional phthalate plasticizers have been under scrutiny due to concerns regarding potential health hazards. Various regulatory bodies have imposed certain restrictions on the use of specific phthalates in consumer products. This has spurred research activities dedicated towards developing bio-based plasticizers sourced from sustainable feedstocks like vegetable oils and organic acids. Many new product launches claim enhanced biodegradability and eco credentials compared to petroleum-based plasticizers. The bio plasticizers market is expected to gain further momentum with growing commercialization of novel green plasticizing chemistries meeting stringent regulatory standards.
Threat of new entrants: The threat of new entrants in bio plasticizers market is moderate. Start-ups may find it challenging to gain major foothold in market as major production capacity is held by top players. Bargaining power of buyers: Bargaining power of buyers is moderate as they have reasonable choices of procuring plasticizers from different producers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials. Threat of new substitutes: Threat from substitutes is moderate as producers explore newer plant based substitutes. Competitive rivalry: Rivalry is high among major players to increase market share through innovation and competitive pricing.
The Global Bio Plasticizers Market Demand is expected to witness high growth.
Regional analysis shows Asia Pacific dominates the bio plasticizers market, followed by North America and Europe. Growth will be driven by rising demand from construction and automobile industries in emerging economies such as India and China.
Key players operating in the bio plasticizers market are Emery Oleochemicals, DOW Chemical Company, Evonik Industries, Lanxess, Matrìca, Myriant, Vertellus Specialties, Jiangxi East Huge Dragon Chemical, Vivimed Labs, KLJ Group and PolyOne Corporation. The major players are focusing on acquisitions and new product launches to strengthen their market positions. They are also investing in expanding production facilities to cater to growing demand.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it