The Asia Pacific Bio Plasticizers Market would witness market growth of 8.7% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 686.38 Kilo Tonnes, showcasing a growth of 13.4% (2020-2023).
Citrates are a widely used class of in the market, offering an eco-friendly alternative to traditional phthalate-based plasticizers. Citrates, such as acetyl tributyl citrate (ATBC) and tributyl citrate (TBC), are derived from citric acid, a naturally occurring organic acid found in citrus fruits. These compounds are commonly employed as plasticizers in polymer formulations to improve flexibility, elasticity, and processability. In terms of volume, the India Market consumed 17.65 Kilo Tonnes Citrates in 2023.
The China market dominated the Asia Pacific Bio Plasticizers Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $602.5 million by 2031. The India market is registering a CAGR of 9.2% during (2024 - 2031). Additionally, The Japan market would showcase a CAGR of 7.7% during (2024 - 2031).
Bio plasticizers are being used to produce flexible and sustainable packaging materials that can help reduce the use of traditional plastics derived from fossil fuels. Similarly, in the automotive industry, there is a trend toward using bio-based materials in vehicle interiors to reduce the environmental footprint of automobiles. As these industries expand, their demand will increase as well.
The market is experiencing substantial growth across various end-use industries, driven by the increasing demand for sustainable and eco-friendly materials. One of the key industries benefiting from the adoption of these is the packaging industry. These facilitate the production of extensible and sustainable packaging materials, thereby catering to the increasing market demand for eco-friendly alternatives.
The Asia Pacific region is experiencing a significant expansion in the market, driven by key industries such as textiles, apparel, automotive, and handicrafts. For example, India's domestic apparel and textile industry contributes approximately 2.3% of the country's GDP and 7% of industry output in value terms. The textile, apparel, and handicrafts sector also plays a crucial role in India's exports, accounting for 11.4% of the country's total exports in 2020-21, with textile exports reaching over US$44 billion in FY 2021-22. This growth in the textile industry is driving the demand for sustainable materials, including bio plasticizers, to reduce environmental impact. Therefore, the region will present lucrative growth prospects for the market.
Free Valuable Insights: The Global Bio Plasticizers Market is Predict to reach USD 5.4 Billion by 2031, at a CAGR of 8.4%
Based on Product, the market is segmented into Epoxidized Soyabean Oil (ESBO), Castor Oil-based Plasticizer, Citrates, Succinic Acid, and Others. Based on Application, the market is segmented into Packaging Materials, Consumer Goods, Automotive & Transport, Building & Construction, Textile, Agriculture & Horticulture, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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