The global bio-plasticizer market is anticipated to reach USD 2.75 billion by 2026 according to a new study published by Polaris Market Research. Bio-plasticizers are the biodegradable compounds incorporated in a polymer matrix to function as an additive. These compounds enhance the flexibility in tandem with the chemical properties of the substrate material such as plastic. Sources of bio-plasticizers are renewable based resources such as vegetable oils including palm, soybean, and castor oil. Bio-plasticizers are obtained from these vegetable oils with the help of external or internal modifications and thus are environment-friendly additives.
One of the most crucial trend in the global bio-plasticizers market includes the shift towards biodegradable products, which is also a driving force for the bio-plasticizer market. Initially phthalate based plasticizers accounted for over 80% of the total market share, however, the picture has been quiet different in the last five three years. Rising awareness regarding biodegradable products and increasing health concerns by customers to ensure sustainability of the environment has significantly driven the bio-plasticizers market.
The supportive government regulations for ban on the use of phthalate in toys, food packaging, and other end-use products has stimulated the growth of bio-plasticizer market. Regulatory agencies such as Consumer Product Safety Commission (CPSC) have imposed restrictions on the use of phthalate in flexible plastic toys and other related products that are harmful for human health or do not degrade biologically.
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The growth of end-use industries such as PVC packaging, automotive, plastics, wires & cables, and medical devices have provided the global vio-plasticizer market with even wider growth prospects. Bio-plasticizers are broadly used in vinyl flooring, PVC cables & resins, wire jacketing, and automobile fabricated parts. PVC market is one of the largest end-use for bio-plasticizers as it is one of the most common thermoplastic used for domestic and commercial applications. Moreover, PVC in itself is very rigid and requires plasticizer for enhancing the flexibility content.
The largest regional bio-plasticizer market was North America in 2017 with the United States as the major contributing nation. On account of massive demand of certain end-use industry products such as in consumer goods, chemicals, and medical devices has substantially driven this regional market. Asia Pacific is anticipated to be the fastest growing regional market due to the growth of end-use industries of its developing nations such as India, Indonesia, and Korea.
Global bio-plasticizer market constitutes of large number of key players. Some of the major market players 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.