The global bio plasticizers market is anticipated to reach USD 2.68 billion by 2025
LONDON, Nov. 28, 2017 /PRNewswire/ -- Bio Plasticizers Market Analysis By Product Type (Citrates, Castor Oil, ESBO, Succinic Acid), By Application (Packaging, Consumer Goods, Automotive, Construction, Textiles), And Segment Forecasts, 2014 - 2025
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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.
Further key findings from the report suggest:
• The global bio plasticizers demand was over 880 kilo tons in 2016 and is projected to grow at a CAGR of 9.5% to reach a net volume exceeding 1,900 kilo tons by 2025
• Product demand for manufacturing packaging materials was 340.5 kilo tons in 2016. Bio-based plastic additives are used as cushioning material in protective packages (convoluting), flexible & rigid food contact packaging (boxes, cartons, others), and electronic housings & supports.
• The castor oil-based bio-plasticizers market in the U.S. is predicted to reach a net worth of over USD 110 million in 2016. Castor oil and derivatives are used to produce flexible, semi rigid, rigid polyurethane foams.
• Asia Pacific is likely to witness the largest growth in terms of product consumption and is anticipated to grow at an estimated average annual rate of around 11% over the next eight years
• High consumption of packaging and automotive products in emerging economies of China, India, and Japan have contributed to the demand over the recent past
• The major global companies including PolyOne Corporation, Dow Chemical Company, BASF SE, Myriant Corporation, Bioamber Inc. and Evonik Industries held the maximum share of the total market value in 2016
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