Bio Plasticizers Market Growth is being Accelerated by Increasing Production Of Bio Plastics

 

Bio plasticizers are environmentally sustainable additives used to make plastics flexible and durable. They are plant-based substitutes to traditional phthalate plasticizers that are derived from crude oil. Bio plasticizers offer advantages like non-toxicity and biodegradability. The growing concerns over health hazards of phthalates and need for eco-friendly products are driving demand for natural plasticizers.

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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing production of bio plastics is a key trend fueling growth of the bio plasticizers market. Bio plasticizers are predominantly used in bio plastics manufacturing as they are environmentally sustainable alternatives to conventional plasticizers. With stringent regulations banning use of phthalates and rising eco-consciousness, the demand and production of bio plastics is growing rapidly. According to European Bioplastics, the global production capacity of bioplastics increased from 1.6 million metric tons in 2016 to around 2.11 million metric tons in 2021. As bio plastic production continues to accelerate on back of favorable policies, the consumption of bio plasticizers as blending additives is also expected to surge considerably over the forecast period.

Segment Analysis

One of the dominating segments in the bio plasticizers market is epoxized soybean oil (ESBO). It accounts for over 30% of the global market share as of now due to its excellent performance and compatibility properties with PVC. ESBO is derived from natural and renewable resources and provides high flexibility and transparency to finished products.

Key Takeaways

The Global Bio Plasticizers Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis - Asia Pacific region currently dominates the global bio plasticizers market with over 35% share and is expected to witness the fastest growth during the forecast period. This can be attributed to high plastic consumption and rapidly growing end-use industries like construction and automotive in China, India and other developing countries in the region.

Key players analysis - Key players operating in the bio plasticizers market are Avient Corporation, BASF SE, Cargill, Incorporated,DIC Corporation, Dow, Inc., Evonik Industries AG, LANXESS, Solvay, ACS Technical Products, Emery Oleochemicals, Matrìca S.p.A., Roquette Frères, Zhejiangjiaao Enprotech Stock Co., Ltd., GRUPO PRINCZ IPASA, Goldstab Organics Pvt. Ltd., JUNGBUNZLAUER SUISSE AG, Valtris Specialty Chemicals.

For More Insights, Read- https://www.newsstatix.com/bio-based-plasticizers-market-driven-by-growing-need-for-sustainable-and-eco-friendly-products/

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