According to a new report published by Allied Market Research, titled, “Bio plasticizers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014–2022,“ the global market was valued at $1,364 million in 2015, and is projected to reach $1,709 million by 2022, growing at a CAGR of 3.3% from 2016 to 2022. The epoxides type held more than half of the global bio plasticizers market in 2015.
Bio plasticizers are additives applied in polymers & other materials to enhance their softness, flexibility, and processability. The main raw materials for these include soybean oil, linseed oil, castor oil, and more. The global bio plasticizers market is segmented based on type, application, and geography. The application segment includes flooring & walls, film & sheet coverings, wires & cables, coated fabrics, consumer goods, and others. The others segment includes medical, inks, waxes, sports related articles, and adhesives & sealants.
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Emerging applications of bio plasticizers in various end-user industries and high demand for bio-based & non-phthalate plasticizers in different regions are major factors expected to drive the market growth. However, high cost of these restrain the global bio plasticizer market. Increase in demand for bio plasticizers for certain products, such as personal care cosmetics, toys, food contact materials, health care commodities, and others, are expected to create growth opportunities for various players in the market. Also, R&D on to obtain beneficial and economical bio plasticizers is anticipated to bring great opportunity for the market.
Epoxides and glycerol esters are expected to grow at the highest CAGR throughout the analysis period, due to their remarkable properties including non-toxic nature, high efficiency, improved heat stability, lower volatility, and others. These are employed in automotive, adhesive & sealants, paints & coatings, and other end uses.
In 2015, the epoxide bio plasticizers covered maximum share of the market in terms of revenue followed by sebacates-a castor oil based plasticizer. This trend is expected to be followed during the forecast period as well, owing to the superior properties and ease of availability of these bio plasticizers. Another factor that supports their development is lesser cost compared to other types of bio plasticizers. The main applications employing bio plasticizers include floorings & walls and wires & cables. Moreover, the wires & cables application segment accounted for second largest market share in 2015, and is expected to grow at the CAGR of 2.7% during the forecast period.
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In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the global bio plasticizers market, with lucrative CAGR and are expected to continue this trend. This is attributed to upsurge in construction & packaging industries, specifically in China, India, Brazil, and other developing economies. Growth in urbanization & industrialization are the main reasons for growth of the bio plasticizers market in Asia-Pacific.
The major companies profiled in the report include Bioamber Inc., DuPont, DOW Chemical Company, Emery Oleochemicals, Evonik Industries, Lanxess AG, Matrìca S.p.A., Myriant Corporation, PolyOne Corporation, and Vertellus Holdings LLC.