Global bio-plasticizers market is projected to reach around USD 2.75 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the bio-plasticizers market based on product type, application, end user and region.
Bio-plasticizers are popular biodegradable compounds integrated in a polymer matrix to act as an additive. They are capable of augmenting the chemical properties as well as the flexibility of the substrate materials like plastic. Primary sources of bio-plasticizers include several renewable resources like vegetable oils including castor, soybean, and palm oil. These bio-plasticizers are attained from vegetable oils by the help of internal or external alterations and hence are environment-friendly additives.
As per the study, an important trend in the worldwide global bio-plasticizers market encompasses a shift toward biodegradable goods, adding substantial momentum to the bio-plasticizers market growth. Earlier phthalate-based bio-plasticizers accounted for more than 80 percent of the overall market share, however, over the last few years, the scenario has been quite different. Growing awareness pertaining to biodegradable products and burgeoning health concerns amid users to ensure sustainability of the environment has appreciably stimulated the bio-plasticizers market.
The report cites that the favorable regulatory outlook regarding the ban on the utilization of phthalate in food packaging, toys, as well as other end-use products has positively impacted the size of the bio-plasticizer market. Regulatory bodies like the Consumer Product Safety Commission have reportedly enacted limitations on the usage of phthalate in flexible plastic toys as well as other related products that are dangerous for human wellbeing or are not biologically degradable.
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The report also cites that the development of the end-use industries like the wires & cables, PVC packaging, plastics, medical devices, and automotive have offered the worldwide bio-plasticizer market numerous lucrative growth opportunities. Bio-plasticizers are extensively deployed in wire jacketing, vinyl flooring, automotive fabricated parts, and PVC cables & resins. PVC industry is one of the biggest end-use sectors for bio-plasticizers being the most commonly used thermoplastic across commercial and domestic applications. Besides, PVC is highly rigid and needs plasticizer for augmenting the flexibility content.
In terms of regional distribution, the biggest share of the market was held by North America market segment in the year 2017 with the U.S. being a significant contributor. The high demand for several end-use industry goods such as medical devices, chemicals, and consumer goods are substantially boosting this regional market. The Asia Pacific is projected to be the quickest growing regional market segment owing to the expansion of the end-use industries of countries such as Korea, Indonesia, and India.
The leading players profiled in the worldwide bio-plasticizer market include Vertellus Holdings LLC, Myriant Corporation, PolyOne Corporation, Bioamber Inc., BASF SE, Danisco US Inc., Evonik Industries, Dow Dupont, Emery Oleochemicals LLC, and Lanxess AG.
The report also provides a detailed analysis of the bio-plasticizers market drivers, challenges, and opportunities over the projected time frame. A succinct outline of technology trends, Porter's five forces, industry snapshot, and regulatory scenario analysis has also been incorporated in the research report.