South Korea Bio Plasticizers Market Size & Outlook
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South Korea bio plasticizers market highlights
- The South Korea bio plasticizers market generated a revenue of USD 63.3 million in 2023 and is expected to reach USD 119.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 9.6% 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 63.3 million |
| Market revenue in 2030 | USD 119.9 million |
| Growth rate | 9.6% (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, South Korea accounted for 2.1% 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 36.97% in 2023. Horizon Databook has segmented the South Korea 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.
The South Korean Ministry of Environment (MOE) announced its plans to take comprehensive measures to tackle the growing waste problem including a 50% reduction in the production of plastic waste from 2018 to 2028.
Moreover, the government of South Korea is actively planning to regulate the use of traditional plasticizers for food packaging and other packaging applications as a part of an overall effort to decrease the utilization of non-compostable plastics that are produced and consumed in massive volumes.
In addition, rapid technological advancement, expansion of bio-plasticizers in consumer durables, and high disposable income are among the major factors contributing to the market growth in South Korea.
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Bio Plasticizers Market Scope
Bio Plasticizers Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| DIC Corp | View profile | 22255 | DIC Building, 7-20, Nihonbashi 3-chome, Chuo-ku, Tokyo, Japan, 103-8233 | http://www.dic-global.com/en/index.html |
| Jungbunzlauer Suisse | View profile | 1001-5000 | Basel, Basel-Stadt, Switzerland, Europe | http://www.jungbunzlauer.com/ |
| PTT Global Chemical PCL ADR | View profile | 6334 | Vibhavadi-Rangsit Road, 555/1, Energy Complex, Building A, 18th Floor, Chatuchak, Bangkok, Thailand, 10900 | https://www.pttgcgroup.com |
| Lanxess AG | View profile | 12621 | Kennedyplatz 1, Cologne, Germany, 50569 | https://www.lanxess.com |
| Solvay SA | View profile | 9000 | Rue De Ransbeek, 310, Brussels, Belgium, B-1120 | https://www.solvay.com |
| Cargill | View profile | 10001+ | Minneapolis, Minnesota, United States, North America | http://www.cargill.com |
| Avient Corp | View profile | 9300 | 33587 Walker Road, Avon Lake, OH, United States, 44012 | https://www.avient.com |
| Dow Inc | View profile | 35900 | 2211 H.H. Dow Way, Midland, MI, United States, 48674 | https://www.dow.com |
| Evonik Industries AG | View profile | 33409 | Rellinghauser Strasse 1-11, Essen, NW, Germany, 45128 | https://www.evonik.com |
| Basf SE | View profile | 111855 | Carl-Bosch-Strasse 38, Ludwigshafen am Rhein, Germany, 67056 | https://www.basf.com |
South Korea bio plasticizers market size, by application, 2018-2030 (US$M)
South Korea Bio Plasticizers Market Outlook Share, 2023 & 2030 (US$M)
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