April 18, 2024

Bio-Derived Plasticizers Is Fastest Growing Segment Fueling Growth Of Bio Plasticizers Market

Market Overview:

Bio plasticizers are environment-friendly plasticizers derived from renewable resources like vegetable oils and fatty acids. They provide flexibility and softness to plastics while reducing toxicity. Their use helps manufacturers develop sustainable and eco-friendly products.

Market key trends:

Rising consumer awareness about health hazards of phthalate plasticizers and stringent regulations on their use have accelerated demand for safer bio-based alternatives in applications such as wires & cables, floorings & wall coverings, consumer goods, and automotive interiors. Furthermore, bio plasticizers provide equivalent performance at lower costs compared to phthalates, encouraging product reformulation activities among manufacturers.

Segment Analysis
The global bio plasticizers market is dominated by phthalate ester plasticizers which accounts for over 70% of the market share. Phthalate ester plasticizers are the most widely used type of plasticizers due to their low cost and versatility. However, due to increasing health and environmental concerns regarding phthalates, non-phthalate plasticizers are expected to gain market share over the forecast period. Adipates are the fastest growing sub-segment of non-phthalate plasticizers owing to their comparable performance to phthalates and growing acceptability across various end use industries.

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 banning the use of phthalate plasticizers across the globe.

The Asia Pacific region dominates the global bio plasticizers market, accounting for over 40% of the global demand in 2023. This is attributed to the presence of various end use industries such as automotive, wire & cable, and consumer goods in countries such as China and India. Europe is also a major consumer of bio plasticizers owing to stringent regulatory policies restricting the use of phthalates.

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. These players are focusing on new product launches and capacity expansion to gain higher market share. For instance, in 2021, BASF launched three new bio-based plasticizers in Europe – Ecovio M 2350, Ecovio F 2350 and Ecovio M 2400 – to replace petroleum-based plasticizers.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it