The North America Bio Plasticizers Market would witness market growth of 7.8% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 305.40 Kilo Tonnes, showcasing a growth of 12.6% (2020-2023).
Epoxidized Soybean Oil (ESBO) serves as a prominent bio plasticizer in the market, offering a sustainable alternative to traditional phthalate-based plasticizers. ESBO is derived from soybean oil through epoxidation, a process that introduces epoxy groups into the oil's structure. This modification enhances ESBO's plasticizing properties, making it an effective additive in polymer formulations to improve flexibility, durability, and thermal stability. Hence, the total consumption of Epoxidized Soybean Oil in the US Market was 130.94 Kilo Tonnes in 2023.
The US market dominated the North America Bio Plasticizers Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $987.1 million by 2031. The Canada market is experiencing a CAGR of 9.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 9.3% during (2024 - 2031).
Bio plasticizers are plastic additives that improve their flexibility, workability, and durability. They are derived from renewable resources such as plant oils, corn, and sugarcane, making them more environmentally friendly than traditional plasticizers derived from fossil fuels. These are used in various industries, including construction, automotive, and packaging, as a safer and more sustainable alternative to conventional plasticizers.
The market is undergoing a significant transformation driven by increasing environmental concerns, regulatory pressure, and a growing demand for sustainable alternatives. Plasticizers are essential additives used in the production of plastics to improve their flexibility, workability, and durability. They are commonly added to PVC (polyvinyl chloride) and other polymer products to impart desired properties.
The rising demand for bio-plasticizers in North America can be attributed to several factors, including the region's significant automotive and packaging industries. Mexico, for example, is a key player in the automotive sector, ranking as the world's seventh-largest passenger vehicle manufacturer, with 3.5 million vehicles produced annually. Thus, its demand in North America is rising, driven by the region's significant automotive, packaging, and agriculture industries.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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