Bio Plasticizers Market Overview:
Global Bio Plasticizers Market was valued at $1,364 million in 2015, and is expected to reach $1,709 million by 2022, registering a CAGR of 3.3% from 2016 to 2022. Bio plasticizers are polymer additives meant for improving flexibility, softness, workability, and volatility of the plasticized materials. These are based on renewable resources and produced from vegetable raw materials such as soybean, palm, castor oil, citrates, stearic acid, and starch. They may be internal or external based on the kind of modifications done to the materials to which they are added. Bio plasticizers are available as different types in market among which epoxides and castor oil based types (sebacates & glycerol esters) are highly adopted. They can replace phthalates in toys, food packaging, medical devices, and personal care products as phthalates are banned by different government in these commodities.
Rise in demand for flexible PVC in different applications, ban imposed on certain plasticizers, and growth in number of packaging industries drive the global bio plasticizers market. Asia-Pacific dominates the market, in terms of volume & growth, due to massive demand and production in China as well as high developing rate of the market in India & other countries. High pricing of bio plasticizers is expected to limit the market growth during the forecast period. Continuous innovation in bio plasticizers resulting in generation of its superior form with lesser cost and R&D activities for producing new applications by different market players are projected to provide numerous opportunities for development of the bio plasticizers market.
The global bio plasticizer market is segmented based on type, application, and geography. Based on type, the market is categorized into epoxides, sebacates, succinic acid, citrates, glycerol esters, and others. According to application, it is divided into flooring & wall, film & sheet coverings, wires & cables, coated fabrics, consumer goods, and others (medical, sports, & adhesive & sealants applications). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global increment in economic growth rate is expected to lead to increase in the disposable income and improvement in lifestyle, facilitating luxuries of the population. This in turn is estimated to result in increase in sales for end-use commodities of bio plasticizers, such as cars, electronic equipment, packaged food, toys, personal care products, and others.
Porters Five Forces Analysis
The bio plasticizer market consists of its different types, with epoxides segment occupying the maximum market share. Thus, several types of raw materials such as linseed oil, soybean oil, castor oil, starch, and others are utilized for manufacturing bio plasticizers. The aforementioned facts indicate prevalence of high product differentiation in the bio plasticizers industry leading to high switching cost. Presence of large number of domestic and international raw material suppliers lowers their bargaining power. The threat of forward integration from suppliers is moderate in the market, as there are few players who supply raw materials and process it for end use in the industry. Thus, considering these factors, the bargaining power of suppliers is high and is expected to remain the same during the forecast period.
Asia-Pacific leads the market, accounting for more than half of the global bio plasticizers market share, both in terms of value and volume, and is expected to retain its position ahead as well, owing to high growth rate of end-use industries. Asia-Pacific is the fastest growing region, with highest CAGR, in terms of both value and volume. Furthermore, the market is analyzed on country level as well.
Australia of Asia-Pacific bio plasticizers market accounted for $14 million revenue in 2015, and is expected to reach $18 million by 2022, growing at a CAGR of 3.7%.
Key leading players operating in bio plasticizers industry are Bioamber Inc., DuPont, DOW Chemical Company, Emery Oleochemicals, Evonik Industries, Lanxess AG, Matrìca S.p.A., Myriant Corporation, PolyOne Corporation, and Vertellus Holdings LLC.
Other players in the value chain include Galata Chemicals, ROQUETTE, Jungbunzlauer Suisse AG, OXEA GmbH, Proviron, Jiangxi East Huge Dragon Chemical Co., Ltd., Hebei Jingu Plasticizer Co., Ltd., Jiangxi East Huge Dragon Chemical Co., Ltd., Suzhou Sunbo Chemical Building Materials Co., Ltd., and Binzhou Chengli Building Materials Co., Ltd.
Key Benefits for Stakeholders
- The report offers extensive bio plasticizers market analysis of the factors that drive as well as restrain the growth.
- Market projections are included along with the impacting factors from 2014 to 2022.
- The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the market scenario.
- In-depth analysis of the key market segments demonstrate the consumption of bio plasticizers in varied applications across different end-user industries.
- Winning strategies segment highlights the business practices adopted by leading players across various geographies.
Bio Plasticizers Market Key Segments
- Succinic Acid
- Glycerol Esters
- Flooring & Wall
- Film & Sheet Coverings
- Wires & Cables
- Coated Fabrics
- Consumer Goods
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA