The market size for Bio Plasticizers is projected to reach $1,140.3 Million by 2020, registering a CAGR of 9.8% between 2015 and 2020.
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“North America: One of the Biggest Markets of Bio Plasticizer”
North America is the most promising market for bio plasticizers and the trend is projected continue in the near future. North America is one of the largest markets for bio plasticizers, which accounted for a share of around 36.0% the total market in 2014. The North American market for bio plasticizers is growing at a notable pace, which is primarily due to the growing manufacturing industry that is further pushing the demand for bio plasticizer.
The demand for bio plasticizers in the region is projected to register a CAGR of around 10.0% between 2015 and 2020. The U.S. is the largest and fastest-growing market for bio plasticizers in the region. This is due to increasing domestic demand, and stringent norms & regulations. Also, the increasing flexible PVC industry in the region is ultimately driving the demand for bio plasticizers in the region. Intensified efforts of different regulatory authorities to promote environmentally friendly products have led to higher growth of bio plasticizers in this region.
The Dow Chemical Company (U.S.), Vertellus Specialties Inc. (U.S.), Evonik Industries AG (Germany), Solvay S.A. (Belgium), Lanxess AG (Germany), BioAmber Inc. (Canada), Emery Oleochemicals Llc (Malaysia), Matrica S.P.A. (Italy), Polyone Corporation (U.S.), Myriant Corporation (U.S.), and Danisco Inc. (U.S.) are some of the major manufacturers of bio plasticizer, globally.
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Growth in end-use industries in developing nations such as China and India is expected to drive the bio plasticizer market in next five years. Ban on phthalates in consumer goods, food packaging materials, medical devices, and soft toys, is the other important factor contributing toward the growth of bio plasticizer. The emergence of bio-based plasticizer has given rise to a new phase in the plasticizer industry. The stringent regulations and norms along with tight supply of harmful phthalates, such as DOP, DBP, BBP, and DEP have led to the development of eco-friendly plasticizer as a replacement to the traditional phthalates.
The plasticizer industry is focusing on introducing safer and non-toxic bio-based plasticizer to help manufacturers go green; they can also replace the traditional phthalates in various applications. Bio-based plasticizer are renewable and are produced from vegetable raw materials and renewables that are used as an alternative for petroleum-based plasticizer, in many general purpose and PVC applications. The feedstock employed for the production of bio-based plasticizer include, soybean, palm, castor oil, citrates, stearic acid, and starch. Bio-based plasticizer can be used in an array of applications that need to be phthalate-free such as soft toys, food cling wraps, and carpet backing.
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