IMARC Group, a leading market research company, has recently released a report titled "Bio-plasticizers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global bio-plasticizers market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Bio-plasticizers Industry?
According to the report, The global bio-plasticizers market size reached US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
What is Bio-plasticizers?
Bio-plasticizers comprise epoxidized plant oils, isosorbide esters and citrates, and cardanol. They are used to improve the flexibility, softness, texture, and functional properties of plasticized polymers. As they are non-toxic, eco-friendly, resistant to leaching, miscible and cost-effective, they are utilized in the manufacturing of wire jackets, cables, food packaging material, and medical equipment.
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What are the growth prospects and trends in the bio-plasticizers industry?
At present, there is a significant increase in the need for polyvinyl chloride (PVC) products around the world. This represents one of the key factors propelling the growth of the market. Bio-plasticizers are employed in the production of PVC products as they enhance the stability, safety, and effectiveness of electrical components. Moreover, on account of their ability to reduce the water requirement of the concrete and enhance the stability of building materials, they are widelyadopted in the construction industry. Furthermore, leading players are using renewable plant-based feedstock for developing fast-acting bio-plasticizers. Thisis anticipated to fuel the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Epoxidized Soybean Oil (ESBO)
- Castor Oil-Based Plasticizers
- Citrates
- Succinic Acid
- Others
Breakup by Application:
- Packaging Materials
- Consumer Goods
- Automotive and Transport
- Building and Construction
- Textiles
- Agriculture and Horticulture
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Avient Corporation
- BASF SE
- DIC Corporation
- Dow Inc.
- DuPont de Nemours Inc.
- Emery Oleochemicals LLC
- Evonik Industries AG
- Lanxess AG
- Matrica S.p.A.
- OQ Chemicals GmbH
- Roquette Freres
- Solvay S.A.
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