India Bio Plasticizers Market Size & Outlook, 2023-2030
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India bio plasticizers market highlights
- The India bio plasticizers market generated a revenue of USD 121.9 million in 2023 and is expected to reach USD 241.6 million by 2030.
- The India market is expected to grow at a CAGR of 10.3% from 2024 to 2030.
- In terms of segment, epoxidized soybean oil (esbo) was the largest revenue generating product in 2023.
- Castor oil-based plasticizers is the most lucrative product segment registering the fastest growth during the forecast period.
Bio plasticizers market data book summary
| Market revenue in 2023 | USD 121.9 million |
| Market revenue in 2030 | USD 241.6 million |
| Growth rate | 10.3% (CAGR from 2023 to 2030) |
| Largest segment | Epoxidized soybean oil (esbo) |
| Fastest growing segment | Castor oil-based plasticizers |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Epoxidized soybean oil (ESBO), Castor oil-based plasticizers, Citrates, Succinic Acid, Other Products |
| Key market players worldwide | Avient Corp, Basf SE, Cargill, DIC Corp, Dow Inc, Evonik Industries AG, Lanxess AG, Solvay SA, PTT Global Chemical PCL ADR, Jungbunzlauer Suisse |
Other key industry trends
- In terms of revenue, India accounted for 4.0% of the global bio plasticizers market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China bio plasticizers market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 575.2 million by 2030.
Epoxidized soybean oil (esbo) was the largest segment with a revenue share of 36.67% in 2023. Horizon Databook has segmented the India bio plasticizers market based on epoxidized soybean oil (esbo), castor oil-based plasticizers, citrates, succinic acid, other products covering the revenue growth of each sub-segment from 2018 to 2030.
India bio-plasticizer market is likely to ascend at the fastest CAGR over the forecast period in Asia Pacific. The growing population, increasing consumption of apparel, and increasing foreign investments are some of the major socio-economic factors that are likely to support the market growth in the country.
In addition, government initiatives to reduce the use of single-use plastics in the country are anticipated to augment the demand for bio-plasticizers over the forecast period. Under the Clean India Mission initiative, the government intended to end the use of single-use plastics by 2022.
The environment friendly, recyclable, and compostable nature of bio-plasticizers coupled with rising awareness among consumers about the harmful impact of the use of conventional plasticizers is anticipated to propel the demand for sustainable materials, such as bio-plasticizers, in the coming years.
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Bio Plasticizers Market Scope
Bio Plasticizers Market Companies
| Name | Profile | # Employees | HQ | Website |
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India bio plasticizers market size, by product, 2018-2030 (US$M)
India Bio Plasticizers Market Outlook Share, 2023 & 2030 (US$M)
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