Bio Plasticizers Market Expected to Reach $2.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bio Plasticizers Market," The bio plasticizers market size was valued at $1.4 billion in 2022, and is estimated to reach $2.4 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

Bio plasticizers are typically made from renewable resources such as plant oils (e.g., soybean oil, palm oil), starches, and other bio-based materials. This makes them a more sustainable alternative to conventional plasticizers derived from fossil fuels. One of the main advantages of bio plasticizers is their reduced environmental impact. They are biodegradable and have a lower carbon footprint compared to their petroleum-based counterparts. Bio plasticizers are designed to break down naturally in the environment, reducing the long-term accumulation of plastic waste. This is particularly important in addressing plastic pollution issues.

Environmental concern is a primary driving force behind the growth of the bio plasticizers market. Traditional plasticizers, especially those containing phthalates, are used in a wide range of plastic products. When these products reach the end of their life cycle and are improperly disposed of, they contribute to plastic pollution in oceans, rivers, and terrestrial ecosystems. Bio plasticizers, which are often biodegradable, help mitigate this environmental problem by breaking down naturally and reducing plastic waste.

Furthermore, conventional plasticizers do not readily biodegrade, leading to long-lasting environmental pollution. The inability of traditional plasticizers to break down over time is a significant environmental concern. Bio plasticizers address this issue by offering biodegradable and compostable alternatives, reducing the persistence of plastic waste in the environment.

Moreover, the degradation of conventional plastics into microplastic particles is a growing environmental concern. These microplastics infiltrate ecosystems, harm wildlife, and potentially enter the food chain. Bio plasticizers, along with bio-based plastics, have the potential to reduce the generation of microplastics by offering materials that degrade more completely.

Moreover, bio plasticizers often have a lower carbon footprint compared to their petroleum-based counterparts. Their production from bio-based feedstocks typically involves fewer greenhouse gas emissions, making them more environmentally friendly and aligning with efforts to combat climate change. 

Further, government initiatives and policies play a crucial role in shaping the adoption of bio plasticizers and sustainable plastics. Many governments provide funding and grants to support R&D efforts focused on bio-based materials, including bio plasticizers. This financial support encourages innovation in the field and accelerates the development of sustainable alternatives.

Besides, some governments have enacted legislation to restrict or ban the use of harmful chemicals commonly found in traditional plasticizers, such as phthalates. This regulatory action creates a need for safer alternatives such as bio plasticizers. However, price competitiveness challenge are expected to act as a major restraint for bio plasticizers market growth.

Nevertheless, rise in demand from packaging industry is anticipated to offer many opportunities for market growth in the coming years. Increasing environmental awareness and concern about plastic pollution have prompted the packaging industry to seek more sustainable solutions. Bio plasticizers, being derived from renewable sources and often biodegradable, align well with sustainability goals. Bio plasticizers find applications in both flexible and rigid packaging materials. In flexible packaging, they improve the flexibility and performance of films and coatings, making them more suitable for various applications. In rigid packaging, they are used in products such as caps and closures.

The bio plasticizers market is segmented on the basis of product, application, and region. By product, the market is categorized into epoxidized soybean oil (ESBO), castor oil-based plasticizers, citrates, succinic acid, and others. By application, the bio plasticizers market is classified into flooring & walls, film & sheet coverings, wires & cables, coated fabrics, consumer goods, and others. By region, the bio plasticizers market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players in the bio plasticizers industry include  Evonik Industries AG, Dow Chemical Company, Avient Corporation, Lanxess AG, MATRCA S.P.A., Vertellus, Emery Oleochemicals, Cargill, BASF SE, and DIC CORPORATION.

Key Findings Of The Study:

• As per bio plasticizers market analysis, based on product, the epoxidized soybean oil (ESBO) segment was the highest revenue contributor to the market in 2022.
• By application, the flooring and walls segment was the highest revenue contributor to the market in 2022, growing with a CAGR of 5.2%.
• Based on region, Asia-Pacific dominated the global market in 2022.