The global bio plasticizers market is anticipated to reach USD 2.68 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for bio-based plastic additives as the replacement for phthalate-based polymers across various industries such as automotive, packaging and agriculture, and consumer goods is expected to boost the industry growth in the coming years.
The industry’s growth criticality lies on technology advancements, since ever increasing requirement from various end-use sectors regarding product specification and versatility tends to overshadow petrochemical additives consumption dynamics. Further, factors such as production process, socio-political events, and feedstock availability have a significant impact on industry trends.
Bio-plasticizers are widely utilized for thermal insulation panels, architectural molds & sculptures, and other construction materials including bonding agents, adhesives, sealants, flooring, and roofing supplies. However, in comparison with other applications, building & construction market is considered to be a mature segment. It is anticipated to grow at a relatively higher rate of other applications.
Global companies such as Dow Chemical Company, BASF SE, Myriant Corporation, PolyOne Corporation, BioAmber Inc. and Evonik Industries are involved in an integrated value chain, from raw material processing and plasticizer production to distribution of finished products to customers. This enables companies to reduce raw material procurement costs and also diversify their operations into various industries that are served by the raw materials such as packaging, consumer goods, medical, and pharmaceutical.
Epoxidized soybean oil (ESBO) was the dominant product segment and are projected to grow at an estimated CAGR of 8.8% from 2017 to 2025.
Grand View Research