The Europe Bio Plasticizers Market would witness market growth of 8.2% CAGR during the forecast period (2024-2031). In the year 2021, the Europe market's volume surged to 260.62 Kilo Tonnes, showcasing a growth of 13.0% (2020-2023).
Castor oil-based plasticizers are gaining traction in the market due to their renewable and biodegradable nature, making them an environmentally sustainable alternative to conventional plasticizers derived from fossil fuels. Castor oil, extracted from the seeds of the castor plant, contains a high proportion of ricinoleic acid, which can be chemically modified to produce plasticizers with desirable properties. Thus, the Germany Market registered 18.01 Kilo Tonnes consumption of Castor oil-based plasticizers in 2023.
The Germany market dominated the Europe Bio Plasticizers Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $270.2 million by 2031. The UK market is exhibiting a CAGR of 7.2% during (2024 - 2031). Additionally, The France market would experience a CAGR of 9% during (2024 - 2031).
The increasing environmental concerns associated with traditional plasticizers have been a key driver for the growth of the market. Because of the potential adverse effects that conventional plasticizers, specifically those that contain phthalates, may have on human health as well as the environment, there has been a significant amount of concern regarding these plasticizers.
Phthalates are known to leach out of products over time, especially in applications like food packaging, toys, and medical devices, raising concerns about their potential to disrupt hormonal systems and cause other health issues. Bio plasticizers, on the other hand, offer a more sustainable alternative. They are derived from renewable resources such as plant oils, corn, and sugarcane, which are abundant and can be replenished.
The expanding market in Europe is driven by various factors, including the region's significant agricultural, automotive, and construction industries. For example, according to the UK Government, agriculture's contribution to the UK increased significantly in 2022, with Gross Value Added (GVA) reaching £13.9 billion. Hence, as these industries increasingly prioritize sustainability, its demand is expected to grow, presenting opportunities for regional manufacturers and suppliers.
Free Valuable Insights: The Global Bio Plasticizers Market will Hit 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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