The global bio plasticizers market was estimated to value at $1.3 billion in 2020, and is projected to reach $2.1 billion by 2030, growing at a CAGR of 5.31% from 2021 to 2030.
Emerging applications of bio plasticizers in various end-user industries and high demand for bio-based and non-phthalate plasticizers in different regions are major factors expected to drive the market growth. However, high cost restrains the growth of the global bio plasticizer market.
Increase in demand for bio plasticizers for certain products, such as toys, food contact materials, health care commodities, and others, is expected to create growth opportunities for various players in the market. Also, R&D activities to obtain beneficial and economical bio plasticizers are anticipated to bring great opportunity for the growth of the market.
Epoxides and glycerol esters are expected to grow at the highest CAGR during the forecast period, due to their remarkable properties including non-toxic nature, high efficiency, improved heat stability, lower volatility, and others. These are employed in automotive, adhesive & sealants, paints & coatings, and other end uses.
The increase in use of electronic equipment such as mobile phones, wearable devices, LEDs, PCs, and others, supports the expansion of the bio plasticizers market in films & sheets application. Bio plasticizers are employed into films as well as sheets to achieve different type of thickness and flexibility.
The superior qualities of these include, dimensional & UV stability, high & low temperature resistance, protection from water & chemicals, light weight, and weather resistance. Moreover, bio plasticized films & sheet coverings are applied in packaging of a variety of foods, pills & tablets, batteries, electronic devices & parts, toiletries, tools, and toys. Growing end user industries in different regions drives the demand for bio plasticizers globally.
In 2020, the epoxidised bio plasticizers segment covered maximum share of the market in terms of revenue followed by others oil-based plasticizer. This trend is expected to be followed during the forecast period as well, owing to the superior properties and ease of availability of these bio plasticizers. Another factor that supports the development of the bio plasticizers market is lesser cost compared to other types of bio plasticizers. The main applications employing bio plasticizers include floorings & walls and wires & cables.