Bio Plasticizers Market

Global Bio Plasticizers Market Size, Share & Trends Analysis Report By Product (Epoxidized Soyabean Oil (ESBO), Castor Oil-based Plasticizer, Citrates, Succinic Acid, and Others), By Application By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-21966 Publication Date: April-2024 Number of Pages: 332
2023
USD 2.8 Billion
2031
USD 5.4 Billion
CAGR
8.4%
Historical Data
2020 to 2022

“Global Bio Plasticizers Market to reach a market value of USD 5.4 Billion by 2031 growing at a CAGR of 8.4%”

Analysis of Market Size & Trends

The Global Bio Plasticizers Market size is expected to reach $5.4 billion by 2031, rising at a market growth of 8.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,682.39 Kilo Tonnes, experiencing a growth of 13.1% (2020-2023).

The versatility of bio plasticizers makes them suitable for a wide range of packaging applications. They can produce flexible films, wraps, bags, and containers, among other packaging materials. Therefore, packaging materials segment captured $915.92 million revenue in the market in 2023. Also, Russia would utilize 33.57 Kilo Tonnes of packaging materials by 2031. In addition to enhancing the processability and mechanical properties of packaging materials, these present an appealing alternative for manufacturers seeking to improve the overall performance of their packaging products.

Bio Plasticizers Market Size - Global Opportunities and Trends Analysis Report 2020-2031

Traditional plasticizers contribute to environmental degradation through greenhouse gas emissions, pollution, and the depletion of finite resources. This has prompted governments, industries, and consumers to seek more sustainable options. Prominent laws and initiatives around the world reflect this growing concern. Hence, the growing awareness of the detrimental effects of traditional plasticizers will support the market's growth throughout the forecast period.

Additionally, the packaging industry is experiencing a notable shift towards sustainable solutions as companies seek to reduce their environmental footprint. Increasing consumer consciousness and regulatory pressures to implement eco-friendly practices are propelling this trend. Thus, the focus on sustainable packaging solutions is driving the growth of the market as companies seek to meet consumer demands for environmentally friendly products.

However, compared to traditional plasticizers derived from fossil fuels, the production of bio-plasticizers can still incur higher expenses. This cost disparity stems from several factors, including the complexity of sourcing and processing bio-based raw materials and the need for specialized equipment and infrastructure. Hence, the high cost associated with the product may hamper the market's growth.

Driving and Restraining Factors
Bio Plasticizers Market
  • Stringent regulations regarding the use of traditional plasticizers
  • Increasing demand for sustainable packaging
  • Abundant availability of renewable feedstock
  • High production costs of bio plasticizers
  • Limitations of effective performance
  • Growing cost competitiveness of bio plasticizers
  • Rising number of R&D activities and technological advancements
  • Substantial competition from traditional plasticizers
  • Infrastructure and technology barriers

By Product Analysis

Based on product, the market is characterized into epoxidized soybean oil (ESBO), castor oil-based plasticizer, citrates, succinic acid, and others. The castor oil-based plasticizer segment procured 28.2% growth rate in the market in 2023. Castor oil is an oil obtained from the seeds of the castor oil plant (Ricinus communis). Its notable characteristic is its substantial ricinoleic acid content, rendering it well-suited for application as a plasticizer. In terms of volume, the castor oil-based plasticizer segment utilized 398.26 Kilo Tonnes Bio Plasticizers in 2023.

Bio Plasticizers Market Share and Industry Analysis Report 2023

By Application Analysis

On the basis of application, the market is classified into packaging materials, consumer goods, automotive & transport, building & construction, textile, agriculture & horticulture, and others. The building & construction segment witnessed 10.5% growth rate in the market in 2023. These can improve the performance of building materials. They can enhance the flexibility, durability, and workability of materials such as concrete, mortar, and gypsum, making them easier to use and more resistant to cracking and other forms of damage. In terms of volume, the building & construction segment would consume 265.07 kilo tonnes of Bio Plasticizers by 2028.

Free Valuable Insights: Global Bio Plasticizers Market size to reach USD 5.4 Billion by 2031

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered 27.4% growth rate in the market in 2023. In North America, the demand for bio-plasticizers has been growing steadily, particularly in the construction, automotive, and packaging industries. The construction sector, for example, is increasingly using bio-plasticizers in concrete formulations to improve workability and reduce cracking. In terms of volume, Canada utilized 31.64 Kilo Tonnes Bio Plasticizers in 2020.

Bio Plasticizers Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 2.8 Billion
Market size forecast in 2031 USD 5.4 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 8.4% from 2024 to 2031
Quantitative Data Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031
Number of Pages 332
Number of Tables 630
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered Product, Application, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included Avient Corporation, BASF SE, Cargill, Incorporated, DIC Corporation, The Dow Chemical Company, Evonik Industries AG (RAG-Stifung), Lanxess AG, Solvay SA, ACS Technical Products, Emery Oleochemicals LLC
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List of Key Companies Profiled

  • Avient Corporation
  • BASF SE
  • Cargill, Incorporated
  • DIC Corporation
  • The Dow Chemical Company
  • Evonik Industries AG (RAG-Stifung)
  • Lanxess AG
  • Solvay SA
  • ACS Technical Products
  • Emery Oleochemicals LLC

Bio Plasticizers Market Report Segmentation

By Product (Volume, Kilo Tonnes, USD Billion, 2020-2031)

  • Epoxidized Soyabean Oil (ESBO)
  • Castor Oil-based Plasticizer
  • Citrates
  • Succinic Acid
  • Others

By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)

  • Packaging Materials
  • Consumer Goods
  • Automotive & Transport
  • Building & Construction
  • Textile
  • Agriculture & Horticulture
  • Others

By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Frequently Asked Questions About This Report

The Market size is projected to reach USD 5.4 billion by 2031.

Stringent regulations regarding the use of traditional plasticizers are driving the Market in coming years, however, High production costs of bio plasticizers restraints the growth of the Market.

Avient Corporation, BASF SE, Cargill, Incorporated, DIC Corporation, The Dow Chemical Company, Evonik Industries AG (RAG-Stifung), Lanxess AG, Solvay SA, ACS Technical Products, Emery Oleochemicals LLC

In the year 2023, the market attained a volume of 1,682.39 Kilo Tonnes, experiencing a growth of 13.1% (2020-2023).

The Epoxidized Soyabean Oil (ESBO) segment is registering maximum revenue in the Market by Product in 2023; thereby, achieving a market value of $1.9 billion by 2031.

The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.3 billion by 2031.

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