The global Bio Plasticizers Market is estimated to be valued at US$ 2.78 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bio plasticizers are additives derived from natural sources such as epoxidized soybean oil (ESBO), citrates, and castor oil. They are used as an alternative to phthalate plasticizers which are suspected toxicants. The growing demand for renewable, sustainable and eco-friendly materials from various end-use industries such as packaging, consumer goods, building & construction, automotive and others is expected to propel the growth of the global bio plasticizers market over the forecast period. Bio plasticizers offer advantages over conventional plasticizers such as non-toxicity, better longevity, biodegradability as well as recyclability. They help in improving flexibility, transparency and durability of finished products.
Market key trends:
One of the key trends in the bio plasticizers market is the growing preference of producers and consumers towards eco-friendly products. Stringent regulations regarding the use of phthalate plasticizers in food packaging and children's toys have boosted the demand for bio-based alternatives. Manufacturers are extensively researching and developing innovative types of bio plasticizers from biomass waste to optimize costs and performance. Advancements in green chemistry and bio-engineering technologies are also expected to expand the applications of bio plasticizers in the coming years.
Porter's Analysis
Threat of new entrants: Low capital requirements to enter the bio plasticizers market do pose a threat. However, established players have scale of operations and strong brand loyalty which prevent new entrants from grabbing major market share.
Bargaining power of buyers: Buyers have moderate bargaining power. They could opt for substitutes like phthalate plasticizers. However, stringent regulations against phthalates boost bio plasticizers demand.
Bargaining power of suppliers: Leading suppliers enjoy bargaining power due to proprietary production processes and formulation know-how.
Threat of new substitutes: Threat of substitutes is moderate as bio plasticizers have advantages over petroleum-based plasticizers in terms of sustainability and compliance with regulations.
Competitive rivalry: The bio plasticizers market witnesses fierce competition among leading players to gain major chunk of market share through product launches, acquisitions and expansion of production facilities.
Key Takeaways
The Global Bio Plasticizers Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing regulations against use of phthalate plasticizers.
Regional analysis
North America is the fastest growing market for bio plasticizers due to stringent regulations in the region against use of phthalate plasticizers in food packaging and medical devices industries. Asia Pacific dominates the global bio plasticizers market attributed to expansion of plastic processing industries in China and India.
Key players
Key players operating in the bio plasticizers market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited.
The global bio plasticizers market size for 2023 is US$ 2.78 Bn. Givaudan SA, International Flavors & Fragrances Inc., and Firmenich SA account for major share of the market.
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