Middle East & Africa Bio Plasticizers Market Size & Outlook
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MEA bio plasticizers market highlights
- The MEA bio plasticizers market generated a revenue of USD 322.4 million in 2023.
- The market is expected to grow at a CAGR of 6.7% 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.
- Country-wise, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 322.4 million |
| Market revenue in 2030 | USD 509.3 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | Epoxidized soybean oil (esbo) |
| Fastest growing segment | Castor oil-based plasticizers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, MEA region accounted for 10.6% of the global bio plasticizers market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,293.9 million by 2030.
Epoxidized soybean oil (esbo) was the largest segment with a revenue share of 34.03% in 2023. Horizon Databook has segmented the Middle East & Africa 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.
Increasing demand for bio-plasticizers in countries such as Saudi Arabia, the United Arab Emirates (UAE), and South Africa, owing to the rising demand for bio-based plastics from end-use industries such as packaging, consumer goods, and agriculture, is the major factor responsible for the rise in the consumption of bio-plasticizers.
Stringent government regulations and the ban on single-use plastics are further expected to drive the market over the forecast period. In 2018, The Ministry of Environment and Climate Affairs of Oman announced to impose a ban on single-use plastic bags in the country.
Similar steps are being taken by other countries in the region including Saudi Arabia and South Africa. All these factors are expected to propel the demand for bio-plasticizers over the forecast period.
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Bio Plasticizers Market Scope
Bio Plasticizers Market Companies
| Name | Profile | # Employees | HQ | Website |
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MEA bio plasticizers market size, by country, 2018-2030 (US$M)
Middle East & Africa Bio Plasticizers Market Outlook Share, 2023 & 2030 (US$M)
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