North America Bio Plasticizers Market Size & Outlook
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North America bio plasticizers market highlights
- The North America bio plasticizers market generated a revenue of USD 1,092.7 million in 2023.
- The market is expected to grow at a CAGR of 7.8% 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, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,092.7 million |
| Market revenue in 2030 | USD 1,844.1 million |
| Growth rate | 7.8% (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, North America region accounted for 35.8% 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 35.44% in 2023. Horizon Databook has segmented the North America 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.
North America bio-plasticizers market is majorly driven by the growing demand from packaging industry in countries such as the U.S., Canada, and Mexico. Rising environmental concerns and a global attempt to reduce pollution are propelling the demand for bio-plasticizers in packaging industry across the region.
Certain key factors such as stringent government regulations and clean-up initiatives taken by the U.S. EPA, such as short-term cleanups of National Priorities List (NPL) sites, waste sites, or sites with the possibility of release of hazardous materials, are likely to drive the regional demand for bio-plasticizers in the coming years.
For instance, ASTM D6400 is the standard specification for plastic products falling under the category of compostable or biodegradable products, which must decompose completely in a composting setting without leaving behind any harmful residues afterward.
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Bio Plasticizers Market Scope
Bio Plasticizers Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America bio plasticizers market size, by country, 2018-2030 (US$M)
North America Bio Plasticizers Market Outlook Share, 2023 & 2030 (US$M)
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