[FURL=https://www.industryarc.com/Research/Bio-Plasticizers-Market-Research-501555?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease] Bio plasticizers market[/FURL] size is forecast to reach US$2.8 billion by 2026, after growing at a CAGR of 9.2% during 2021-2026, owing to the increasing usage of bio plasticizers in various end-use industries for applications such as flooring and wall coverings, roofing membranes, electrical cable & wire insulation, automotive applications, medical devices, synthetic leather goods, and so forth. Recently, awareness of the use of bio-based plasticizers in polyvinyl chloride (PVC) manufacturing instead of phthalate-based plasticizers has increased because they are eco-friendly, which may offer a significant opportunity for market growth. The rapid growth of the packaging industry has increased the demand for bio plasticizer glass; thereby, fueling the market growth. Globally, the flourishing construction and healthcare industry is anticipated to be the major driving factor for the bio plasticizers industry during the forecast period.Bio Plasticizers Market COVID-19 Impact
COVID-19's global crisis is leading to demands for action from a wide variety of stakeholders, including producers, suppliers, distributors, and customers. Decline in business for at least five months during 2020 coupled with lower demand from a few major markets has put pressure on the profitability of bio plasticizer manufacturers and vendors. However, the negative impact of COVID-19 on bio plasticizers to be compensated over the medium to long term future.
Key Takeaways
Asia-Pacific dominates the bio plasticizers market, owing to the increasing healthcare investments by the government in the region. For instance, in 2018, the Australian Government invested around $1.3 billion in the Health and Medical Industry Growth Plan.
The ban on phthalate-based plasticizers has fueled the growth of environmentally-friendly bio plasticizers such as epoxidized soybean oil, glycerol esters, and castor oil-based plasticizers due to stringent regulatory policies in the major packaging segments of the food and pharmaceutical industries.
In emerging economies, the availability of toxic phthalates including dibutyl phthalate (DBP), benzyl butyl phthalate (BBP), dioctyl phthalate (DOP), and diethyl phthalate (DEP) has led to rising consumer awareness of bio counterparts, which is expected to boost the bio-based plasticizer market.
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Bio Plasticizers Market – Drivers
Increasing Automotive Production
Increasing Agricultural Initiatives by the Government
Bio Plasticizers Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the bio plasticizers market. Major players in the bio plasticizers market are Emery Oleochemicals, Bioamber Inc., DuPont, Dow Chemical Company, PolyOne Corporation, Evonik Industries, Lanxess AG, Matrìca S.p.A., Myriant Corporation, and Vertellus Holdings LLC
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