Bio Plasticizers Market Size, Share & Trends Analysis Report By Product (Epoxidized Soyabean Oil (ESBO), Castor Oil, Citrates, Succinic Acid), By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global bio plasticizers market size was estimated to be USD 2.95 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2023 to 2030. The rise in demand for bio-plasticizers from the global packaging industry is anticipated to drive the market in the coming years. In addition, the surging demand for bio-plasticizers for manufacturing plastics utilized across the global textile industry is anticipated to fuel the consumption of bio-plasticizers in the coming years. Furthermore, sustainable practices in plastic manufacturing are expected to positively impact the economy while promoting resource efficiency, waste reduction, and pollution, and creating new opportunities for innovation and growth.

The U.S. bio plasticizers market is expected to rise significantly over the forecast period on account of the growing demand for bio-based packaging in the food and consumer goods industries. Bio-plasticizer-based plastics have higher tensile strength and are eco-friendly & convenient for use compared to conventional plastics.

As a result, the demand for bio-plasticizers is further projected to propel over the forecast period. Moreover, expanding composting infrastructure and rising governmental efforts to reduce landfilling, such as the U.S. 2030 Food Loss and Waste Reduction Goal, are anticipated to augment the demand for bio-based plastic bags or compostable bags used in the collection of food leftovers and other organic waste material over the forecast period.

Product Insights

By product, epoxidized soyabean oil (ESBO) was the largest segment of the bio-plasticizers market in 2022, which accounted for a market share of over 35%. Epoxidized soybean oil (ESBO) is a plasticizer made from soybean oil. Plastic materials, especially those comprising polyvinyl chloride (PVC) and being used across industries such as construction, packaging, and consumer goods, can be made more flexible and durable using ESBO.

The demand for ESBO has been propelled on account of various factors such as environmental concerns, health concerns, and regulatory requirements related to conventional plasticizers. Furthermore, ESBO demand has been positively fueled by the rising awareness of the environmental and health impacts of traditional plasticizers. Hence, manufacturers are increasingly inclined toward bio-based alternatives.

Application Insights

By application, packaging materials was the largest segment of the bio-plasticizers market in 2022, which accounted for a market share of more than 34%, followed by consumer goods as the second-largest segment. Bio-plasticizer-based plastics are widely used in packaging applications such as food & beverage packaging, personal care packaging, films & sheets, and household care products packaging. The increasing inclination of consumers toward sustainable packaging and rising landfill pollution issues worldwide are the factors leading to a surge in the adoption of packaging products developed from bio-plasticizers.

In addition, a strict ban on single-use plastics in many countries, such as the UK, Taiwan, New Zealand, and Zimbabwe, along with several states of the U.S. (New York, California, and Hawaii), is significantly driving the demand for bio-plasticizer based plastics in packaging end-use segment.

The consumer goods segment is one of the key contributors to the growth of the bio-plasticizer-based plastics market. The major consumer goods considered under this segment are electronic devices, household appliances, and others. Several products, such as vacuum cleaners, loudspeakers, touch-screen computer cases, and mobile cases, are made from biodegradable plastics.

Regional Insights

By region, North America witnessed the highest market share of above 35% in 2022 owing to the growing demand from the packaging industry in the 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 the 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. Such government measures are further expected to augment the demand for bio-plasticizers in the coming years.

The U.S. bio-plasticizers market is expected to rise significantly over the forecast period on account of the growing demand for bio-based packaging in the food and consumer goods industries. Bio-plasticizer-based plastics have higher tensile strength and are eco-friendly & convenient for use compared to conventional plastics.

Key Companies & Market Share Insights

Strategic partnerships, capacity expansions, and new product developments are popular strategies adopted by a majority of the players operating in the global market. In September 2021, Cargill, Incorporated announced its acquisition of Arkema’s epoxide business, enabling the former to expand its footprint across bio-plasticizer manufacturing in line with the increasing demand for bio-based industrial solutions. Some prominent players in the global bio plasticizers market include:

• Avient Corporation

• BASF SE

• Cargill, Incorporated

• DIC Corporation

• Dow, Inc.

• Evonik Industries AG

• LANXESS

• Solvay

• ACS Technical Products

• Emery Oleochemicals

• Matrìca S.p.A.

• Roquette Frères

• Zhejiangjiaao Enprotech Stock Co., Ltd.

• GRUPO PRINCZ IPASA

• Goldstab Organics Pvt. Ltd.

• JUNGBUNZLAUER SUISSE AG

• Valtris Specialty Chemicals

Bio Plasticizers Market Report Scope

Global Bio Plasticizers Market Report Segmentation

This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global bio plasticizers market report based on product, application, and region:

• Product Outlook (Volume, KiloTons; Revenue, USD Billion, 2018 - 2030)

  • Epoxidized Soybean Oil (ESBO) 

  • Castor Oil-Based Plasticizers 

  • Citrates 

  • Succinic Acid 

  • Others

• Application Outlook (Volume, KiloTons; Revenue, USD Billion, 2018 - 2030)

  • Packaging Materials 

  • Consumer Goods 

  • Automotive & transport

  • Building & construction

  • Textiles

  • Agriculture & horticulture

  • Others

• Regional Outlook (Volume, KiloTons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Indonesia

    • Thailand

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates (UAE)

    • South Africa