Bio-Plasticizers Market Size, Share, Trends, and Opportunity Analysis by Future Market Insights
Bio-based plasticizers are widely used as additives in PVCs. They are used in PVC resins, PVC cables, vinyl flooring, wire jacketing, automobile parts etc. The use of bio-plasticizers for wire applications can enable cable manufacturers and original equipment manufacturers (OEMs) reduce carbon gas emission by up to 40%. Also, plasticizers are the most commonly used additives used in plastic industries. Bio-based plasticizers are produced from vegetable raw materials and are used as an alternative of petroleum based plasticizers. The raw material used for production of bio-plasticizers are castor oil, soybean oil, palm oil and starch. Epoxidized Soybean Oil (ESBO) are the most commonly used bio-plasticizer. ESBO is manufactured from soybean oil through a process of epoxidation. ESBO is one of the most preferred additives in PVC gasket used particularly in food packaging.
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Bio-Plasticizers Market: Drivers & Restraints
Growth in end user industries in developing nations such as India, China, Brazil etc. are expected to drive the bio-plasticizers market during the forecasted period. Tight supply of harmful phthalate such as BBP, DEP, DBP, DOP and increasing consumer awareness are driving the growth of bio-plasticizers. Ban on phthalate-based plasticizers in consumer goods, food packaging material and medical products have led to the development of eco-friendly bio-based plasticizers. Higher cost of bio-plasticizers as compared to phthalate-based plasticizers is a key challenge faced by bio-plasticizers market. These bio-plasticizers, when used for cable manufacturing, offer various advantages in terms of electrical and temperature performance as compared to traditional plasticizers.
Bio-Plasticizers Market: Segmentation
On the basis of product type, the global Bio-Plasticizers market is segmented into
Epoxidized Soybean Oil(ESBO)
On the basis of application, the global Bio-Plasticizers market is segmented into
Wire & Cables
Building & Construction
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Bio-Plasticizers Market: Region-wise Outlook
Current, North America serves as a largest market for bio-plasticizers due to flourishing sectors such as medical devices, chemicals and consumer goods. Europe is estimated to be matured markets. North America and Europe account for a larger share in the market due to growth in manufacturing and healthcare industry. Various efforts made by different regulatory authorities to promote environmental friendly products have led to increase in the demand of bio-plasticizers in developed regions. Middle East & Africa bio-plasticizers market are still at a nascent stage. However, emerging countries such as UAE and Brazil are expected to have a significant market share in the near future. Asia Pacific (excluding Japan) is estimated to be the fastest growing market in terms of market share by value, particularly in medical, wires & cables, and packaging materials applications.
Bio-Plasticizers Market: Key Players
Some of the key market participants in the global Bio-Plasticizers market are The Dow Chemical Company, Bioamber Inc., Vertellus Specialties Inc., Danisco Us Inc., Solvay S.A., Dow Chemical Company, Polyone Corporation, Emery Oleochemicals Llc, Myriant Corporation, Evonik Industries, Matrica Spa, Lanxess Ag
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