Bio Plasticizers Market To Generate Revenue Of $2.68 Billion By 2025 |Grand View Research, Inc.

Bio Plasticizers Market To Generate Revenue Of $2.68 Billion By 2025 |Grand View Research, Inc.

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According to a new report by Grand View Research, Inc. The global bio plasticizers market size was estimated at 887.3 kilo tons in 2016. Bio-plasticizers are additives with moderate side effects than synthetic chemicals, high safety, and biodegradability levels. The growing demand for bio-based materials in various end-use industries is anticipated to increase its production and consumption globally.

The global bio plasticizers market is anticipated to reach USD 2.68 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for bio-based plastic additives as the replacement for phthalate-based polymers across various industries such as automotive, packaging and agriculture, and consumer goods is expected to boost the industry growth in the coming years.

The industry’s growth criticality lies on technology advancements, since ever increasing requirement from various end-use sectors regarding product specification and versatility tends to overshadow petrochemical additives consumption dynamics. Further, factors such as production process, socio-political events, and feedstock availability have a significant impact on industry trends.

The major global companies including PolyOne Corporation, Dow Chemical Company, BASF SE, Myriant Corporation, Bioamber Inc. and Evonik Industries held the maximum share of the total market value in 2016

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Bio-plasticizers are widely utilized for thermal insulation panels, architectural molds & sculptures, and other construction materials including bonding agents, adhesives, sealants, flooring, and roofing supplies. However, in comparison with other applications, building & construction market is considered to be a mature segment. It is anticipated to grow at a relatively higher rate of other applications.

Further key findings from the report suggest:

  • The global bio plasticizers demand was over 880 kilo tons in 2016 and is projected to grow at a CAGR of 9.5% to reach a net volume exceeding 1,900 kilo tons by 2025
  • Product demand for manufacturing packaging materials was 340.5 kilo tons in 2016. Bio-based plastic additives are used as cushioning material in protective packages (convoluting), flexible & rigid food contact packaging (boxes, cartons, others), and electronic housings & supports.
  • The castor oil-based bio-plasticizers market in the U.S. is predicted to reach a net worth of over USD 110 million in 2016. Castor oil and derivatives are used to produce flexible, semi rigid, rigid polyurethane foams.
  • Asia Pacific is likely to witness the largest growth in terms of product consumption and is anticipated to grow at an estimated average annual rate of around 11% over the next eight years
  • High consumption of packaging and automotive products in emerging economies of China, India, and Japan have contributed to the demand over the recent past

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The supply of toxic phthalates including dibutyl phthalate (DBP), benzylbutylphthalate (BBP), dioctyl phthalate (DOP), and diethyl phthalate (DEP) has led to the growing consumer awareness in emerging economies such as China and India, which is expected to propel the demand for bio-based plasticizers. It offers several benefits such as temperature as well as electrical functioning as compared to conventional synthetic polymers when used for manufacturing cables. These additives are derived from renewable feedstock such as succinic acid, castor oil, epoxidized soybean oil (ESBO), citrates, and others that helps in reducing carbon footprints.

In addition, the ban on phthalate-based additives due to stringent regulatory policies in the major packaging segments of food and pharmaceutical industries have fueled the growth of environmental-friendly plastic resins. However, fluctuations in raw materials prices and high costs associated with bio plasticizers are anticipated to restrain the market growth during the forecast period.

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Grand View Research has segmented the bio plasticizers market on the basis of product, application:

Product Outlook (Kilo Tons, USD Million 2014 – 2025)

  • Epoxidized Soybean Oil (ESBO) 
  • Castor Oil-Based Plasticizers 
  • Citrates 
  • Succinic Acid 
  • Others

Application Outlook (Kilo Tons, USD Million 2014 – 2025)

  • Packaging Materials 
  • Consumer Goods 
  • Automotive & transport
  • Building & construction
  • Textiles
  • Agriculture & horticulture
  • Others

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The U.S. market is driven by increasing demand for bio-plasticizers used in producing a broad range of finished products packaging, textiles, building & construction, agriculture, automotive, and transport. High implementation of innovative and advanced extraction technologies and processes to support the rising demand from global clients are some of the significant factors influencing the regional industry growth in the coming years.

Bio-plasticizers are primarily manufactured from vegetable raw materials, and it is used as an alternative to traditional petroleum-based plasticizers. ESBO and succinic acid are the two most commonly utilized raw materials for the production of these additives. ESBO is one of the most preferred additives in food packaging particularly used in PVC gaskets. Myriant and BioAmber are major succinic acid manufacturers which are the key supply the raw materials to the product manufacturers through the North American region.

Rising awareness about the adverse effects of using petroleum-based plastics has led to several key U.S. consumers of polymers to shift to green materials, resulting in a steady surge in the global industry. These resins are essential to alter a polymer’s characteristics to suit a particular application in which it is to be used.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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