The global bio-plasticizers market is expected to grow at a CAGR of 6.6% from 2018 to 2026. Bio-plasticizers are the polymer additives which enhance the performance of plasticized materials in terms of softness, volatility, workability, and flexibility. The bio-plasticizers are applied to plasticize materials such as polyvinyl chloride (PVC), polybutadienes, and others.
Bio-plasticizers market has witnessed substantial growth on account of rising demand for PVC products (especially flexible PVC) in numerous end-use applications. These plasticizers are obtained after chemical modification of renewable products such as starch, castor oil, palm, and soybean oil. After the ban imposed on few plasticizers, such as phthalate-based, in safe applications including food packaging and toys, the demand for bio-plasticizers outreached the non-environmental friendly counterpart.
The supportive regulatory policies have equally contributed to the growth of the global bio-plasticizers market. Bio-plasticizers hold enough potential for replacing phthalates in medical devices, food packaging, toys, and personal care products. Thus, these delineate a positive picture concerning end-use applications and supportive regulatory framework over the forecast period.
Rising growth of several developing nations in the world, with improving lifestyles and increase in disposable incomes has facilitated the growing luxuries of the population to boost the bio-plasticizers market. Such phenomenons are anticipated to increase sales revenue for the end-use products of bio-plasticizers such as toys, electronic equipment, cars, packaging materials, personal care products, and many others.
The global bio-plasticizer market is competitive in nature with high degree of product differentiation. Bio-plasticizers are generally high-priced due to their eco-friendly properties. Parameters such as high product differentiation which leads to easy switching costs for the customers and high price are expected to limit the bio-plasticizers market growth. The industry constitutes of large number of raw material suppliers and has witnessed continuous innovations and intense R&D activities for developing newer application materials.
The global bio-plasticizers market is segmented on the basis of product type, applications, and regional market. Among the product category, castor-oil based (such as glycol esters and sebacates) and epoxides are primarily used due to their excellent properties such as high stability in tandem with the feature-rich output. Apart from these, the other product types include succinic acid and citrates.
Automotive fabrication materials and flexible PVC packaging are among two of the most important applications for the bio-plasticizers globally. Other types of applications for the product include consumer goods, wires & cables, floorings & walls, adhesives, sealants, medical, sports, and coated fabrics.
Asia Pacific is the fastest growing regional the bio-plasticizers market in terms of both volume and sales revenue. Higher growth rate of the region’s end-use industries and economic growth of its developing countries such as the Southeast Asian nations are the primary reasons behind it being the fastest growing regional bio-plasticizers market.
North America is another very significant and the largest regional market for the bio-plasticizers due to technological development in consumer goods and packaging industry coupled with the sustained growth of many end-use industries especially the automotive sector in the region. Some crucial regulations by agencies such as by US EPA for developing environment-friendly products has also been a significant growth parameter for the region.
The global bio-plasticizers market is highly competitive and moderately consolidated. Some of the competitive factors for the industry players include industrial collaborations, technological development, R&D initiatives, and material science innovations.
Major market players for the bio-plasticizers market include Lanxess AG, Emery Oleochemicals LLC, Dow Dupont, Evonik Industries, Danisco US Inc., BASF SE, Bioamber Inc., PolyOne Corporation, Myriant Corporation, and Vertellus Holdings LLC. Some other notable market players include Proviron, OXEA GmbH, Galata Chemicals, Hebei Jingu Plasticizer Co., Ltd., Roquette, and others.