|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The bio-plasticizers market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic scenario, the construction activities were on temporary halt due to the government-imposed lockdown. Thus, this led to a decrease in the consumption of bio-plasticizers based on flooring and wall coverings, wires, and cables, which, in turn, negatively impacts the market demand for bio-plasticizers. However, the demand for packaging from the food and e-commerce segment has been significantly increasing during this situation, which, in turn, stimulates the demand for packaging material made up of bio-plasticizers, thus, enhancing the market growth.
- Over the short term, the augmenting demand for bio-plasticizers for flexible PVC and prohibition on phthalate-based plasticizers are expected to drive market growth.
- The high cost of bio-plasticizers, when compared with conventional plasticizers, is likely to hinder the growth of the market.
- Ongoing research on bio-based plasticizers is likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
The bio-plasticizers are polymer materials derived from renewable sources include vegetable oil and biomass. It can be considered as a substitute for polyvinyl chloride (PVC), and it finds its major application in the end-user industries, including building and construction, electronics, and automotive industries. The bio-plasticizers market is segmented by type, application, and geography. By type, the market is segmented into epoxidized soybean oil, castor oil, citrates, succinic acid, and other types. By application, the market is segmented into wire and cables, film and sheet, flooring and wall covering, medical devices, package materials, and other applications. The report also covers the market size of and forecasts for the bio-plasticizers market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
|Epoxidized Soybean Oil (ESBO)|
|Wire and Cables|
|Film and Sheet|
|Flooring and Wall Covering|
Key Market Trends
Increasing Demand from Flooring and Wall Covering
- Bio-plasticizers help in reducing water requirements and make concrete strong and workable. These are generally organic or a combination of organic and inorganic substances that help reduce water content for workability.
- The quantity of plasticizers added is about 0.1%-0.4% by weight of cement. This amount reduces 5%-15% of the water requirement and also leads to the increment of workability from about 3-8 cm slump. A plasticizer, in general, entrains less than 2% air.
- In 2019, the total value of new construction put in place was about USD 1,365 billion in the United States and reached about USD 1,429 billion in 2020, with a growth rate of about 4.5%. Thus, this led to an increase in the demand for flooring and wall covering, which, in turn, increases the demand of the bio-plasticizers market.
- Thus, with the growing demand for the conservation of water resources, the usage of plasticizers is rapidly increasing in flooring and wall coverings.
- Owing to all these factors, the demand for bio-plasticizers is likely to grow across the world during the forecast period.
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The Asia-Pacific Region to Dominate the Market Growth
- The Asia-Pacific construction sector is the largest in the world and is growing at a healthy rate, owing to the rising population, increase in middle-class incomes, and urbanization.
- Increasing infrastructure construction activities and the entry of major players from the European Union into the lucrative market of China have further fueled the industry’s expansion.
- China’s construction industry developed rapidly in the recent past, due to the central government’s push for infrastructure investment, as a means to sustain economic growth. China was leading in the construction industry with market size of USD 1,092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year.
- Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%. Thus, this led to a decrease in bio-plasticizers' consumption for applications like wire, cables, flooring, and wall coverings.
- Furthermore, restrictions on foreign investment in land development, high-end hotels, office buildings, international exhibition centers, and the construction and operation of large theme parks have also been lifted. The growth in the infrastructure and transportation sectors is expected to boost the bio-plasticizers market in the region over the forecast period.
- Moreover, according to the Packaging Industry Association of India (PIAI), India is becoming a preferred hub for the plastic packaging industry. The packaging industry is the fifth-largest sector in the Indian economy.
- The healthcare sector is growing at a steady pace, with a consistent increase in healthcare spending and medical facilities in the country. Liberalization of government policies has also enabled 100% foreign direct investment in the medical devices market in India.
- Additionally, the government introduced the world's largest government-funded healthcare program, NHP Scheme. The healthcare market in the country is likely to witness a three-fold increase to INR 8.6 trillion (USD 133.44 billion) by 2022. This is because India has been experiencing about 22%-25% growth in medical tourism.
- Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
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The bio-plasticizers market is partially consolidated in nature. Some of the major players in the market include Dow, Evonik Industries AG, LANXESS, Matrica SpA, and OQ Chemicals GmbH, among others.
- In September 2020, Emery Oleochemicals announced the launch of its new EMEROX ester plasticizer product line, which offers low viscosity, low water solubility, good low-temperature performance, and high thermal stability, thus enhancing the company's polyols line product portfolio.
- In October 2019, DIC CORPORATION announced the development of a new polyester plasticizer derived entirely from biomass that got a certification of "Biomass 100%" by the Japan Organics Recycling Association's (JORA) Biomass Mark labeling system, thus, enhancing the company's product portfolio.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Augmenting Demand for Flexible PVC
4.1.2 Prohibition on Phthalate-based Plasticizers
4.2.1 High Cost when Compared with Typical Plasticizers
4.2.2 Unfavorable Conditions Arising Due to the Impact of COVID-19
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.1 Epoxidized Soybean Oil (ESBO)
5.1.2 Castor Oil
5.1.4 Succinic Acid
5.1.5 Other Types
5.2.1 Wire and Cables
5.2.2 Film and Sheet
5.2.3 Flooring and Wall Covering
5.2.4 Medical Devices
5.2.5 Package Materials
5.2.6 Other Applications
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Avient Corporation
6.4.3 DIC CORPORATION
6.4.4 Emery Oleochemicals
6.4.5 Evonik Industries AG
6.4.6 Hebei Jingu Plasticizer Co. Ltd
6.4.7 Jiangxi East Huge Dragon Chemical Co. Ltd
6.4.8 Jungbunzlauer Suisse AG
6.4.10 Matrica SpA
6.4.11 OXEA GmbH
6.4.12 PolyOne Corporation
6.4.13 Roquette Freres
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ongoing Research on Bio-based Plasticizers
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Frequently Asked Questions
What is the study period of this market?
The Bio-plasticizers Market market is studied from 2016 - 2026.
What is the growth rate of Bio-plasticizers Market?
The Bio-plasticizers Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in Bio-plasticizers Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Bio-plasticizers Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Bio-plasticizers Market?
Evonik Industries AG, LANXESS, Matrica S.p.A., OQ Chemicals GmbH, Dow are the major companies operating in Bio-plasticizers Market.