Bio Plasticizers Market to Grow with a CAGR of 4.79% Globally through 2029
Surge in research and development activities is expected to drive the Global
Bio Plasticizers Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Bio
Plasticizers Market - Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Bio Plasticizers Market
stood at USD2.85 billion in 2023 and is anticipated to grow with a CAGR of 4.79%
in the forecast period, 2024-2029. Initiatives taken by government based on bio
plasticizers has led to favorable market conditions for the Global Bio
Plasticizers Market. Several factors contribute to the growth of various bio
plasticizers products.
Many governments around the world are recognizing the
importance of sustainable solutions in tackling plastic pollution. As part of
their efforts, they are actively investing in research and development of
bio-plasticizers. These investments are aimed at developing effective and
low-cost alternatives to traditional plasticizers that are environmentally
friendly.
For instance, the U.S. Department of State has taken a
proactive approach by launching the End Plastic Pollution International
Collaborative (EPPIC). This collaborative initiative not only provides funding
for research and development but also focuses on training communities that have
been adversely impacted by plastic pollution. By empowering these communities,
the EPPIC indirectly promotes the use of bio-plasticizers as a viable solution
to reduce plastic waste and its harmful effects on the environment.
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Through continuous research and development (R&D)
efforts, innovative bio-plasticizers have been developed, surpassing the
properties of traditional plasticizers. These cutting-edge products boast
enhanced flexibility, reduced toxicity, and superior biodegradability, making
them a sustainable and environmentally-friendly choice for various
applications. With their improved performance, bio-plasticizers contribute to
the advancement of green technologies and the reduction of environmental impact
caused by conventional plasticizers.
The Global Bio Plasticizers Market is segmented into product,
application, regional distribution, and company.
Based on its product, the packaging materials segment held
the largest market share in the forecast period. The remarkable growth of this
market segment can be attributed to the surging demand for bio plasticizers in
the manufacturing of packaging materials, specifically polyvinyl chloride
(PVC). Bio plasticizer compounds are ingeniously incorporated into the polymer
matrix of packaging materials, imparting enhanced flexibility and improved
chemical properties to the final plastic product. Moreover, these bio
plasticizers play a pivotal role in lowering the glass transition temperature,
melt viscosity, and elastic modulus of the polymer, thereby significantly
enhancing the durability and robustness of plastic packaging materials. These
extensive characteristics and benefits of bio plasticizers have resulted in a
substantial surge in demand across various packaging material applications, a
trend that is expected to persist throughout the forecast period.
Based on region, North America segment is expected to
grow during the forecast period.
The growing demand for bio plasticizers in the
packaging industry in countries such as the U.S., Canada, and Mexico can be
attributed to several factors. One significant factor is the rising
environmental concerns and the global effort to reduce pollution. As the world
becomes more conscious of the impact of traditional plasticizers on the
environment, there is a shift towards using bio plasticizers that are more
sustainable and eco-friendlier.
In the U.S., the Environmental Protection Agency (EPA)
has implemented stringent regulations and clean-up initiatives to address
hazardous waste sites and sites with the potential release of hazardous
materials. These efforts, such as the short-term cleanups of National
Priorities List (NPL) sites, demonstrate the government's commitment to
mitigating environmental risks.
Major companies operating in Global Bio Plasticizers
Market are:
·
Avient Corporation
·
BASF SE
·
Cargill, Incorporated
·
DIC Corporation
·
Dow, Inc.
·
Evonik Industries AG
·
LANXESS AG
·
Solvay SA
·
Matrìca S.p.A.
·
Zhejiangjiaao Enprotech Stock Co., Ltd.
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“The bio plasticizers market has witnessed
collaborations, partnerships, and strategic alliances among key players to
expand their product portfolios, distribution networks, and geographical
presence. This trend is aimed at capitalizing on the growing demand for
sustainable plasticizer solutions globally.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global Bio Plasticizers Market
By Product (Epoxidized Soybean Oil (ESBO), Castor Oil-Based Plasticizers,
Citrates, Succinic Acid, Others), By Application (Packaging
Materials, Consumer Goods, Automotive & Transportation, Building &
Construction, Textile, Agriculture & Horticulture, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of Global Bio Plasticizers Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Bio Plasticizers Market.
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