The global bio plasticizer market is anticipated to reach USD 2.11 Billion by 2026 growing at a CAGR of 8.8% during the forecast period according to a new study published by Polaris Market Research. The report “Bio Plasticizers Market Share, Size, Trends & Industry Analysis Report [By Product Type (Epoxidized Soybean Oil (ESBO), Citrates, Castor Oil, Succinic Acid, Glycol Esters), By Application (Packaging Materials, Consumer Goods, Building & Construction, Automotive, Medical Devices, and Others), By Regions] Segments & Forecast, 2019 - 2026” provides a comprehensive analysis of present market insights and future market trends.
The main purpose of a bio-plasticizer is to function as an additive when incorporated in a polymer matrix. These compounds increase the flexibility together with the chemical properties of the substrate material such as plastic. Bio-plasticizers are located in vegetable oils such as palm, soybean and castor oil.
Some modification goes into deriving bio- plasticizer form these vegetable oils, whether external or internal. Hence, they are tagged as environment friendly additives. The use of Bio-plasticizers for wire applications can significantly help reduce carbon gas emission by 40%
The Government ban on use of phthalate in toys, food packaging and other end-use products has been a boon for bio-plasticizer market. Agencies such as consumer product safety commission have passed directives to ban of phthalate in flexible toys and other related toys that are harmful for health. They should meet one more condition which is that they must degrade biologically. Restricted supply of harmful phthalate such as BBP, DEP, DBP and DOP and consumers waking up to knowledge of undesirable side-effects have led to manufacture of eco-friendly bio-plasticizers.
The spanning growth of end-user industries such as PVC packaging, automotive, plastics, wires and cables, and medical devices have enhanced growth for global bio-plasticizer. Epoxidized Soyabean Oil (ESBO) is the most common bio-plasticizer. ESBO is manufactured form soyabean oil through process of epoxidation. ESBO is a vital component of PVC gasket where it is the preferred additive typically found in food packaging.
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Bio-plasticizers find use in vinyl flooring, PVC Cables and resins, wire jacketing and automobile fabricated parts. The PVC market is one of the largest end-use for bio-plasticizers as it is the most common application for thermoplastics. Certain types of PVC materials are very rigid and require plasticizers for adding flexibility to it.
North America has been the largest contributor to bio-plasticizer market with U.S. being the major revenue generating nation. Large market for end-user industries such as consumer goods, chemicals and medical devices has fueled the market.
Asia pacific is anticipated to be thriving regional market due to market saturation in consumer goods, chemicals and medical devices that is driving market growth.
Large number of key players is present in Bio-plasticizer industry. They include Laxess AG, Emery Oleochemcials LLC, Dow Dupont, Evonik Industries’, Danisco US Inc., BASF SE, BioAmber, Inc., Polyone Corporation, Myriant Corporation and Vertellus Holdings LLC.
According to Polaris Market Research, bio-plasticizer market is segmented into product type, application, and regions.