Published Date : 04 May 2023
In 2022, the bio plasticizers industry was worth USD 1.6 billion, and it is expected to increase to USD 2.79 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.72% from 2023 to 2032.
Due to consumer demand for bio-plasticizers in a variety of applications and rising environmental awareness, the industry is developing globally. Consumers' preference for naturally occurring chemicals also contributes to the industry's expansion.
Market Growth:
Chemical additives called plasticizers are included in polymers to affect desired mechanical qualities including processability and ductility. According to plasticization theories, these features come about due to the interaction between plasticizers and polymer molecules. This review examines, defends, and justifies the usage of bioplasticizers rather than plasticizers based on phthalates. In the plastics business, there is a progressive shift away from conventional phthalate plasticizers and toward bioplasticizers because of health concerns, the depletion of crude resources, and other considerations. Bioplasticizers are mostly made from biomass sources, such as waste and by-products of agriculture. Regardless of the biomass source, optimal bio-plasticizers should be non-toxic, leach-resistant, miscible, efficient, and reasonably priced. Additionally, bio-plasticizers have been tested in order to outperform phthalate-based plasticizers in terms of functionality. This increases the acceptance of bio-plasticizers as alternatives to conventional phthalate plasticizers.
However, producers confront significant limitations due to ongoing changes in environmental standards, norms, and blending techniques, which heightens the risk to the trade of bio-plasticizers on a worldwide scale. Additionally, packaging companies choose low-cost yet environmentally friendly petrochemical substitutes without compromising product performance, which is predicted to spark industry expansion.
Bio Plasticizers Industry Report Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | USD 1.6 Billion |
| Projected Forecast Revenue in 2032 | USD 2.79 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 5.72% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Regional Analysis
Despite increased consumer demand for the product, just 1% of the 320 million tons of plastic manufactured in Europe each year is made of bioplastics.
The anticipated capacity for bioplastics manufacturing worldwide in 2017 was 880,000 tons. The ability to produce bioplastics is predicted to be 1.08 million tons in 2022.
Polyhydroxyalkanoates, often known as PHAs and PLAs, are the main products that are driving the bioplastics sector. These polymers exhibit a variety of distinct mechanical and physical characteristics depending on their composition and are entirely biodegradable. By 2022, the industry is projected to rise by up to 50%.
Due to population growth, rising middle-class wages, and urbanization, the Asia-Pacific region's construction industry is the biggest internationally and is expanding at a healthy rate. The business is growing as a result of increased infrastructure-building work and the entrance of large firms from the European Union into China's lucrative industry.
Industry Dynamics:
Drivers:
Green packaging boosts the bio plasticizers industry
The bioplastic industry is experiencing a significant increase in demand for biobased materials for a variety of end uses as a result of increased public concern about environmental and health risks as well as the toxicity of synthetic plasticizers like phthalates. Especially for packaging applications, this finding has prompted new laws demanding the substitution of synthetic conventional plasticizers. Recent studies have shown that biobased plasticizers are key additives that may be added to the manufacturing of biodegradable polymers to significantly increase the usage of biobased packaging. Synthetic plasticizers have recently been replaced with biobased alternatives as a result of recent discoveries. This has particularly been the case for various applications of biodegradable thermoplastics-based packaging.
Restraints:
High manufacturing cost
The spread of the global bio-plasticizers industry might be impacted by the high cost of manufacture. Furthermore, it is anticipated that the industry size would be hampered in the projected period by the rigorous regulations pertaining to bio-plasticizers. The production of ethylene carbonate uses very hazardous raw materials, and there is inconsistency in the costs of raw materials.
Opportunities:
The rise in flexible PVC demand for various applications, the prohibition on some plasticizers, and the expansion of several packaging sectors are the main factors anticipated to drive the growth of the bio-plasticizers industry during the projected period. Additionally, it is anticipated that multiple chances will arise for the growth of the bio plasticizers industry as a consequence of ongoing innovation in bioplasticizers that results in the production of its better form at a lower cost and R&D efforts for creating new applications by various industry participants. In addition, the need for bio-based plastic additives to replace phthalate-based polymers is predicted to increase over the next several years in a variety of sectors, including consumer products, packaging, agriculture, and the automobile industry.
Report Highlights:
Product Insights:
The worldwide industry for bio-plasticizers has been segmented based on product type into succinic acid, epoxidized soybean oil (ESBO), citrates, castor oil, and others. Whereby the epoxidized form of soybean oil commands the majority of the industry. Using an integrated approach, the ring-opening reaction and the epoxidation process were used to create a potent bio-based plasticizer that can be pumped continuously. Four new plasticizers based on soybean oil that has been epoxidized.
Application Insights:
Poly (vinyl chloride, or PVC), one of the five general synthetic resins, has been extensively employed as construction materials, electronic materials, packing materials, and as a commodity in a variety of industries, packaging, and agricultural areas. Plasticizers are typically added to PVC to enhance its mechanical, thermal, and flame-retardant qualities. Today, there are more than 500 different types of plasticizers available. The primary commercial plasticizers among them are phthalate plasticizers. These plasticizers made of phthalates come from petroleum.
Recent Development:
Key Market Players:
Segments Covered in the Report:
By Product
By Application
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