Bio Plasticizers Market Size and Growth Rate:
Bio Plasticizers Market Size is expected to reach 2.59 Billion by 2025 With a CAGR of 9.5% during the forecast period 2019-2025.
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Bio Plasticizers Market Growth Drivers and Restraints:
The major drivers involved in the growth of global bio plasticizers market are prohibition on phthalate plasticizer in stringent environmental norms & regulations, consumer goods & medical products, and developing economies. Tight supply of harmful phthalate such as DEP, DBP, BBP, DOP and increasing consumer awareness are driving the growth of bio-plasticizers. Limitation on phthalate-based plasticizers in consumer goods, food packaging material, and medical products have led to the development of eco-friendly bio-based plasticizers. The greater cost of bio-plasticizers compared to phthalate-based plasticizers is a key challenge faced by the market players. This utilized for cable manufacturing, offer several advantages in terms of electrical and temperature performance as compared to traditional plasticizers.
Geographical Analysis of Bio Plasticizers Market:
Based on the regional presence, North America serves as the highest market for bio-plasticizers due to flourishing sectors such as chemicals and consumer goods, medical devices. The growing automotive & transport sector in North America is a key factor responsible for the continued growth of the market in this region.
Combinedly, North America and Europe account for a larger share in the global market due to growth in the manufacturing and healthcare industry. Europe is estimated to be among matured markets. Different efforts made by various regulatory authorities to promote environmentally friendly products have led to the demand of bio-plasticizers in developed regions. The Middle East & Africa bio-plasticizers market is still at a nascent stage.
Additionally, emerging countries such as the UAE and Brazil are expected to have a significant market share in the forecast period. Asia Pacific (excluding Japan) is projected to be the second fastest growing market in terms of market share, particularly in medical, value, wires & cables, and packaging materials applications. Expanding end-user industries in developing nations such as China, India, Brazil, etc. are expected to drive the overall market during the coming years.
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Key Players of Bio Plasticizers Market:
Some of the major players operating in the world bio plasticizers industry are Dow Chemical Company, Emery Oleochemicals, Evonik Industries, Bioamber Inc., DuPont, Lanxess AG, Matrìca S.p.A., Myriant Corporation, PolyOne Corporation, and Vertellus Holdings LLC., ROQUETTE, Jungbunzlauer Suisse AG, OXEA GmbH, Proviron, Ltd., Suzhou Sunbo Chemical Building Materials Co., and so on.
Bio Plasticizers Market Segmentation:
· Epoxidized Soybean Oil
· Castor Oil-Based Plasticizers
· Succinic Acid
· Packaging Materials
· Consumer Goods
· Automotive & Transport
· Building & Construction
· Agriculture & Horticulture
· North America
· South America
· Asia Pacific
· Middle East and Africa
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