Sustainable Pest Control: Microencapsulated Pesticides Market Estimated at $1,569.9 Million by 2030

 

Microencapsulated Pesticides Market Growth & Trends

The global microencapsulated pesticides market size is expected to reach USD 1.57 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.7% from 2022 to 2030. The industry growth is majorly driven by the increasing usage of the Integrated Pest Management System (IPMS) and increased regulatory support restricting the extensive application of agrochemicals.

Microencapsulated capsules are pesticides coated in capsules made from plastic or starch which helps in protecting the pesticide from spoilage or leakage in the surrounding environment. It is mixed with water to spray on crops where the walls of the capsule break to release the pesticide on the affected crop. Thus, these factors of microencapsulated capsules contribute to IPMS practices adopted by people by restricting the usage of pesticides to affected crops only.

Increasing bans and restrictions on using some harmful chemicals in several regions have also contributed to the growth of microencapsulated pesticides. According to a report around 33% of total agricultural produce is lost due to the uncontrolled use of harmful pesticides. Additionally, around 2473 food alerts were reported in Europe for fruits and vegetables for the period 2015 to 2020. Thus, all these factors resulted in the implementation of regulations on the restricted use of pesticides which is acting as a driving force for the product market.

According to the Food and Agricultural Organization (FAO) of the United States, around 40% of crops globally are destroyed by pests annually. Every year plant diseases cost USD 220 billion to the global economy and invasive insects around USD 70 billion. All these factors are resulting in an increase in demand for microencapsulated pesticides year on year.

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Microencapsulated Pesticides Market Report

Report Attribute Details
Market size value in 2021 — USD 601.4 million
Revenue forecast in 2030 — USD 1,569.9 million
Growth rate — CAGR of 12.7% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030

Microencapsulated Pesticides Market Report Highlights

• The market is estimated to witness a CAGR of 12.7% from 2022 to 2030. This is attributed to the rising demand for food crops due to the increasing population thus, creating the need for using microencapsulated pesticides by farmers for the safety and security of their crops
• Europe dominated the market in 2021 with a revenue share of around 34%. This is owed to increasing government initiatives for adopting Integrated Pest Management practices and raising awareness among people
• According to Eurostat, the demand for pesticides is continuously increasing in the EU with Spain, Germany, Italy, and France accounting for 2/3rd of the total volume produced in the EU. Additionally, the European Commission is planning to cut down the use of chemical pesticides by 50% by 2030. All these factors will result in the growth of the microencapsulated pesticides market over the coming years
• Insecticide dominated the type segment with a revenue share of around 55% in 2021. This growth is attributed to the ability of insecticides to reduce the harmful effects of insects on crops by killing them or preventing them from engaging in any destructive behaviors
• Agriculture sector emerged as a major application segment with a revenue share of around 65% in 2021. This growth in the agricultural sector can be attributed to the increasing demand for food across the globe due to the increasing population
• According to FAO, the global population is estimated to reach 9.7 billion by 2050 thus, requiring crop production to increase up to 70 percent to meet the demand. In order to meet this increasing demand the farmers are shifting towards using microencapsulated pesticides so as to maximize production while minimizing the loss caused to crops due to fungi, insects, and any unwanted vegetation

Biodegradable Future: Polybutylene Succinate Market Estimated at $1.39 Billion by 2030

 

Polybutylene Succinate Market Growth & Trends

The global polybutylene succinate market size is expected to reach USD 1.39 billion by 2030, as per the new report by Grand View Research, Inc. The Polybutylene Succinate (PBS) market is anticipated to expand at a CAGR of 19.7% from 2022 to 2030. The growth is majorly driven by the rising demand for biodegradable polymers throughout the world. Increasing demand for the product in the production of electrical and electronic components is anticipated to fuel market growth in the coming years.

The packaging application emerged as a dominant segment on the account of the growing utilization of the product in the food & beverage and pharmaceutical industries. Technological advancements and continuous R&D in the field of packaging for PBS are benefiting its demand. Furthermore, the growing demand for smart packaging and bio-based products among consumers across regions is expected to boost industry growth.

Asia Pacific is the dominant region in the polybutylene succinate market on the account of the strong presence of key product manufacturers across the region especially in China, India, and Japan. China is among the prominent producer and consumers of interior automotive products. PBS is used in combination with natural fibers in the manufacturing process of automotive parts. Moreover, a shift in the preference from conventional petroleum-based polymers to bio-based polymers is likely to positively impact the industry growth during the forecast period.

The market is a niche and has the presence of very few players. Key strategies adopted by the manufacturers include technological advancements, mergers, acquisitions, and extensive R&D to gain a competitive edge in the market space. A majority of the companies have an integrated value chain to incur maximum profit at a minimum investment. Manufacturers are also focusing on capacity expansions, signing partnership agreements with distributors, and various other operational strategies for the expansion of consumer reach.

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Polybutylene Succinate Market Report

Report Attribute Details
Market size value in 2022 — USD 308.24 million
Revenue forecast in 2030 — USD 1.39 billion
Growth rate — CAGR of 19.7 % from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030

Polybutylene Succinate Market Report Highlights

• Bio-based type is the fastest growing segment with a CAGR of 24.2% based on the changing consumer preference for bio-based polymers across different end-use industries
• Mulch film application is the fastest growing segment with a CAGR of 20.9% owing to the growing penetration of films in the agricultural industry for the improvement of agricultural yield and help in lowering soil pollution and climate change
• Europe is the fastest-growing region with a CAGR of 20.7% because of the growing demand from the automotive industry for the production of automotive interior products. The strong presence of automotive manufacturers such as Volkswagen, BMW, Robert Bosch, Renault, and Volvo across the region benefits the industry growth
• Due to the coronavirus (COVID-19) outbreak, most countries across the world witnessed a disruption in the operations of numerous end-use industries including agriculture and packaging which hampered the market growth
• The global manufacturers of polybutylene succinate such as PTT MCC Biochem Co., Ltd., Anhui Sealong Biotechnology Co., Ltd., and Shandong LanDian Biological Technology Co., LTD. are investing heavily in R&D activities for the production of technologically advanced products

Chemical Potential: Persulfates Market Estimated at $1.10 Billion by 2030 with a 3.5% CAGR

 

Persulfates Market Growth & Trends

The global persulfates market size is estimated to reach USD 1.10 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% from 2022 to 2030. The growth can be attributed to the wide usage of persulfates for initiating emulsion polymerization reactions. Salts of sulfate are majorly used as radical initiators in the polymerization of certain alkenes. Persulfates are strong oxidants having excellent shelf life when stored properly. Moreover, they are economical to use, thus making them suitable for a variety of applications.

Ammonium persulfate (APS) is used to treat metal surfaces, manufacture semiconductors, and etch copper on printed circuit boards. It is also used in the production of disinfectants. APS and hydrogen peroxide are used as oxidants in several industrial processes and are crucial constituents of standard hair bleaching products. Ammonium, sodium, and potassium persulfate are inorganic salts used as oxidizing agents in hair coloring preparations and hair bleaches. Persulfates are used in hair lighteners at a concentration of up to 60%.

Asia Pacific is expected to expand at the highest CAGR over the forecast period owing to a rapidly increasing manufacturing base and the growing plastics and rubber industries in the region. Additionally, rising concerns regarding water pollution in Asia Pacific are projected to fuel the demand for persulfates in the coming years.

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Persulfates Market Report

Report Attribute Details
Market size value in 2022 — USD 831.17 million
Revenue forecast in 2030 — USD 1.10 billion
Growth Rate — CAGR of 3.5% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030

Persulfates Market Report Highlights

• In 2021, ammonium persulfate emerged as the dominant type segment with a revenue share of over 50.0%. This is attributed to its application as an etchant, a bleaching and cleaning agent, and a strong oxidizing agent
• The polymers end-use segment emerged as the dominant end-use segment with a revenue share of over 50.0% in 2021 owing to the high demand in the manufacturing of synthetic rubber for truck and automobile tires
• The electronics end-use segment is anticipated to expand at a significant CAGR of 4.0% in terms of revenue from 2022 to 2030 owing to the rapid growth of the consumer electronics sector across the globe
• Asia Pacific is projected to expand at the highest revenue-based CAGR over the predicted period owing to large rubber production in various countries including Vietnam, Malaysia, and Thailand

Nourishing the Future: Plant-Based Protein Supplements Market Estimated at $4.62 Billion by 2030

 

Plant Based Protein Supplements Market Growth & Trends

The global plant based protein supplements market size is expected to reach USD 4.62 billion by 2030, registering a CAGR of 8.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow significantly over the forecast period on account of the increasing popularity of adopting veganism and consumers’ perception regarding plant-based supplemental products being safer than animal-based products

The increase in consumer awareness of the advantages of plant-based foods for humans as well as the environment, their higher levels of amino acids, and lower levels of sodium are key factors contributing to the market growth. Customers’ preferences for consuming plant-based protein supplements are impacted by things like limiting meat consumption due to food allergies, moral considerations, food safety, and the adoption of the vegan culture to stop animal cruelty.

Soy protein in raw material segment dominated the market in 2021 owing to its properties such as cost effectiveness as well as higher nutritional value as compared to other sources. Over the forecast period, pea protein is anticipated to grow significantly. The growth is attributed to rising customer preference for gluten-free, allergen-free, and lactose-free ingredients in supplements as well as the availability of essential amino acids in peas. Owing to the growing demand for convenient protein supplements, the consumption of plant based protein in RTD form is expected to grow with a CAGR of 9.6% during the forecast period.

Sports nutrition in the application segment dominated the market in 2021 as a result of the rising demand for plant based protein supplements to increase performance and stamina, as well as to aid in weight management and the development of lean muscle. Additionally, an increase in the number of gym and fitness enthusiasts in many countries around the globe is anticipated to drive market demand during the forecast period.

Asia Pacific is expected to witness the fastest compound annual growth rate from 2022 to 2030. The primary drivers of the regional market growth are rising healthcare spending, growing consumer awareness of the advantages of dietary supplements, efforts by producers to provide personalized nutrition, rising prevalence of fitness and sports activities, a growing number of fitness centers & gyms in the region, and an increase in the number of households with high disposable income.

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Plant Based Protein Supplements Market Report

Report Attribute Details
Market size value in 2022 —  USD 2.35 billion
Revenue forecast in 2030 — USD 4.62 billion
Growth rate — CAGR of 8.8% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2017–2020
Forecast period — 2022–2030

Plant Based Protein Supplements Market Report Highlights

• Soy dominated the market in terms of raw materials in 2021. This was due to the material’s low cost for manufacturers of protein supplements and high consumer awareness of the fact that soy contains all nine essential amino acids
• Protein powder dominated the market in 2021 in product segment. High adoption due to ease in handling and shipping, cost-effectiveness, and ability to maintain ingredient stability through formulation are some of factors boosting the segment’s expansion
• The online stores dominated the market in 2021 owing to the easy access to a diverse range of brands, rising internet penetration in developing countries, and the ease of shopping online
• Asia Pacific is expected to register the fastest CAGR of 9.6% from 2022–2030 owing to increasing spending capacity among consumers, rising sports and fitness activities in the region, and growing awareness regarding consumption of a healthy diet among consumers
• Major companies in the market are like MusclePharm Corporation and Glanbia plc are investing in the research & development for making innovative products to attract health-conscious consumers

Research Frontiers: Concrete Reinforcing Fiber Market Envisioned at $3.96 Billion by 2030

 

Concrete Reinforcing Fiber Market Growth & Trends

The global concrete reinforcing fiber market size is expected to reach USD 3.96 billion by 2030, registering a CAGR of 6.8% during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for lightweight non-corrosive materials in the construction industry is expected to boost product demand in the forecast period. The advantages offered by the reinforcing fibers in concrete include widening of joint spacing and reduction in slab thickness. In addition, they also in reducing the spalling at joint edges and the overall formation & maintenance cost. The aforementioned benefits offered by the product are expected to augment its demand in heavy-load operating structures such as runways, aircraft, and warehouses.

The rising utilization of high-performance concrete is anticipated to have a positive impact on market growth. The industry is witnessing a growing substitution of steel fibers for plastic in a bid to decrease the overall structure weight, thereby driving product sales. Players in the industry are actively involved in the research & development of the production of fibers for reinforcement purposes and lay high emphasis on the manufacturing of advanced reinforcing fiber products with varying sizes and properties. However, fluctuating raw material prices are supposed to be a significant concern for the manufacturers over the forecast period.

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Concrete Reinforcing Fiber Market Report

Report Attribute Details
Market size value in 2022 — USD 2.32 billion
Revenue forecast in 2030 — USD 3.96 billion
Growth Rate — CAGR of 6.8% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2028

Concrete Reinforcing Fiber Market Report Highlight

• Steel accounted for 49.86% of the volume share in 2021 owing to the increasing demand for the product in the replacement of traditional steel-reinforced concrete in crack prone structures such as canals, dams, and water storage tanks
• Basalt fiber is expected to expand at a CAGR of 10.33% in the forecast period, on account of its properties including high damping and radio transparency, which aids its adoption in the construction activities
• The consumption of the product in infrastructure construction is expected to expand at a CAGR of 7.1% in terms of revenue, from 2017 to 2030 due to increasing government spending on urban planning and management.
• The industry in the Asia Pacific accounted for 34.6% of the global revenue in 2021 owing to the heavy investments by most governments in railway, highway, & road infrastructure expansion and residential construction
• Major players in the industry focus on integration to engage in the production of raw materials including synthetic materials and fibers obtain a competitive edge in the market.

"Research on the Horizon: Automotive Engine Oil Market Projected at $47.70 Billion by 2030

 

Automotive Engine Oil Market Growth & Trends

The global automotive engine oil market is estimated to reach USD 47.70 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the emerging need for high-performance engine oils due to tactical vehicle mechanisms and operational blueprints being implemented by multinational automobile manufacturers. Additives are used to improve the properties and performance of the oil. Additives are characterized by their functions such as viscosity improvers, friction reducers, anti-oxidants, rust & corrosion inhibitors, anti-foaming agents, pour point depressants, foreign particle depressants, and extreme pressure additives, anti-wear additives, and acid neutralizers. Additives are selected according to the engine design and performance level. Engine manufacturers define the suitable API gravity of oil to be used for better performance and less wear & tear.

Manufacturing of the product requires low technical complexity but high initial infrastructure investment. High growth in automobile users globally has resulted in a significant demand over the past few years and this trend is expected to continue during the forecast period. These factors have resulted in the establishment of numerous manufacturers in the recent past. The Asia Pacific is expected to register significant growth in the coming years owing to the increasing automotive production in the countries like China, India, and Japan and the rising disposable income of the consumers in the region. According to the International Trade Administration, China is one of the largest vehicle markets in terms of manufacturing and sales. This is likely to drive the demand for the product in the coming years. Legislative initiatives taken by the political parties across North America and parts of Western Europe affect the overall transportation industry, energy, and power sector, and more, which directly hinders the smooth operations of the automotive industry in these regions.

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Automotive Engine Oil Market Report

Report Attribute Details
Market size value in 2022 — USD 37.11 billion
Revenue forecast in 2030 — USD 47.70 billion
Growth rate — CAGR of 3.2% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030

Automotive Engine Oil Market Report Highlights

• In 2021, fully synthetic emerged as the dominating grade segment by contributing more than 30% of revenue share. This is attributed to the better mileage and increased engine protection
• Diesel was the largest segment and is anticipated to register a CAGR of 3.1% by 2030, due to its higher reliability and lower maintenance cost.
• As of 2021, Asia Pacific was the dominating regional market owing to the growing population and rising industrial development which involves higher usage of heavy-duty trucks
• Heavy-duty vehicles segment is expected to expand with the highest CAGR both in terms of volume and revenue, as these vehicles need to handle a larger load as compared to the other vehicles

Chemical Distribution Market: Anticipated Value of $403.22 Billion by 2030

 

Chemical Distribution Market Growth & Trends

The global chemical distribution market size is expected to reach USD 403.22 billion by 2030 and register a CAGR of 6.3% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand for a variety of specialty and commodity chemicals from numerous end-use industries around the world.

The consumption of specialty goods like CASE (coatings, adhesives, sealants, and elastomers), polymers and resins, agrochemicals, and building chemicals, which are currently used in small amounts, is expected to increase significantly in the future years. Since the regional governments monitor these substances closely, only a few producers create them.

Most end-use sectors, including those in construction, automotive, infrastructure, electronics, and medicines, utilize specialty and commodity chemicals. Due to accelerating industrialization, particularly in China, the demand for chemicals has increased quickly throughout the Asia Pacific region. Significant demand for electronic-grade raw materials has resulted from the country’s rising electronics output and customers’ increasing purchasing power, which is helping the chemicals distribution industry thrive.

On the contrary, in order to attain structurally efficient cost, market share, and competitive advantage, small and large manufacturing enterprises are expected to form strategic alliances with foreign players. This would enable them to better serve their worldwide customers. Furthermore, the acquisition has been a crucial strategy for chemical firms looking to expand their customer base and fortify their supply chain.

Another issue that presents a barrier in the supply chain for chemicals is the dependence of manufacturers on suppliers for the safe delivery of non-bulk and loose chemical substances and managing varied logistics requirements, including repackaging and custom blending. The National Association of Corporate Directors (NACD) and other regulatory bodies supervise the implementation of safety standards for product transportation and distribution across North America, while REACH oversees safety requirements in Europe.

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Chemical Distribution Market Report

Report Attribute Details
Market size value in 2023 — USD 256.69 billion
Revenue forecast in 2030 — USD 403.22 billion
Growth rate — CAGR of 6.3% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Chemical Distribution Market Report Highlights

• Specialty chemicals product type witnessed the fastest growth rate of more than 7%, owing to the rising product application in specific end-use industries like pharmaceuticals, polymers, mining, food & feed, and paints & coatings
• Flavors & fragrances specialty products witnessed the fastest growth rate of approximately 8% due to its rising applications in food and beverages application in developed economies across the globe
• Pharmaceuticals end-use industry witnessed a notable growth rate of 7.4% on the account of increasing investments in developing economies and the growing importance of human health and its associated issues, especially after the Covid-19 outbreak
• Synthetic rubber witnessed a significant growth rate of nearly 5.5%, due to its vast applicability in the production of conveyor belts, industrial goods, tires, clutches, and engine bearings among others
• Downstream chemicals witnessed the highest CAGR of 6.2%, among other end-uses, on the account of its usage in the petrochemicals industry around the world
• Geographically, Asia Pacific dominated the market in 2022 owing to the booming end-use industries such as mining and automotive in the region

Nonwoven Disposable Gloves Market Eyes $1.72 Billion Value by 2030

 

Nonwoven Disposable Gloves Market Growth & Trends

The global nonwoven disposable gloves market size is anticipated to reach USD 1.72 billion by 2030, registering a CAGR of 8.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth on account of the rising product demand from the healthcare industry including hospitals, nursing homes, and home healthcare. Furthermore, an increasing geriatric population across the developed nations is expected to drive the demand for healthcare spending over the forecast period, thereby resulting in industry growth. The global demand for these products is driven by increased healthcare spending as well as growing consumer awareness related to the transmission of pathogens through healthcare workers who are in contact with blood and other body fluids.

Pre-soaped and non-soaped, soft nonwoven disposable gloves are primarily used in medical applications for the professional cleaning of body parts. Non-soaped disposable gloves emerged as the leading segment for their applications in household commercial cleaning and spa applications. The main drivers of increased demand for nonwoven disposable gloves are the high incidence of chronic diseases and hospitalization rates. Growingconsumer awarenessabout the seriousness of diseases and environmental issues is another factor driving product demand. The growing geriatric population is also contributing to arise in hospitalizations, which raises the need for hygiene supplies, such as disposable gloves, to prevent infection.

For instance, the United Nations estimates that there were 703 million people worldwide in 2019 who were aged 65 years or older. In 2050, it is expected that there will be 1.5 billion senior people. By 2050, the percentage is expected to increase to 16%, meaning that 1 in 6 individuals worldwide would be 65 years of age or older. To prevent contamination, regulatory organizations like the National Health Service (NHS) and the Occupational Health and Safety Administration (OHSA) have developed regulations for the use of gloves in medical applications. Every firm is extremely concerned about employee safety at work. During the forecast period, these elements are anticipated to fuel market expansion. To create cutting-edge and original solutions, manufacturers are looking for partnerships, mergers, and acquisitions.

Also, manufacturers are employing a variety of other strategies including geographic expansion and the creation of new goods to broaden their industrypresence and provide services to end-use sectors. For instance, Top Glove Malaysia, a division of Top Glove Corp. Bhd., received permission to resume exporting and selling gloves to the United States of America in September 2021. According to Customs and Border Protection (CBP), all ports in the United States will accept disposable gloves made by Top Glove in Malaysia. In Feb 2021, Pastel Glove Sdn. Bhd. was granted a manufacturing license by the Ministry of International Trade and Industry Malaysia (MITI) for the creation of medical-grade nitrile- & natural rubber-based examination gloves.

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Nonwoven Disposable Gloves Market Report

Report Attribute Details
Market size value in 2023 — USD 938.7 million
Revenue forecast in 2030 — USD 1.72 billion
Growth rate — CAGR of 8.7% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Nonwoven Disposable Gloves Market Report Highlights

• The spunlace technology segment accounted for the revenue share in 2022. This technology offers a high strength-to-weight ratio, soft & even surface, good absorbency, and excellent processability to the nonwoven materials
• It also offers low processing costs and lint-free nonwoven disposable gloves. This makes it a cost-efficient and eco-friendly manufacturing process
• The pre-soaped product segment will register the fastest CAGR from 2023 to 2030. In healthcare institutions, where there is a high risk of cross-contamination and hospital-acquired diseases, pre-soaped nonwoven disposable gloves are most frequently utilized
• Rising demand for pre-soaped gloves intended for cleaning extra-sensitive skin of patients during radiation treatment, as it cannot be cleaned using soap and water, is expected to drive the product demand over the forecast period
• The healthcare technology segment accounted for a significant share of the global revenue in 2022. The segment is expanding owing to the high product demand due to increased cases of Hospital-acquired Infections (HAIs)
• In addition, rising medical spending in developing nations like India with the growing demand for improved healthcare services will support the growth of this segment
• Europe accounted for the maximum revenue share in 2022. The rising aging population and increasing cases of chronic diseases & HAIs are expected to drive the product demand in the region

Oleoresin Market Size Worth $2.60 Billion By 2030 | CAGR: 6.9%

 

Oleoresin Market Growth & Trends

The global oleoresin market is expected to reach USD 2.60 Billion by 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by increased demand from the pharmaceutical, healthcare, and food and beverage industries. Therapeutic properties and multiple health benefits of oleoresins are considered to be major driving forces for the oleoresin market.

Oleoresins are usually found in semi-solid states. They are derived from a variety of spices such as turmeric, garlic, paprika, and others. Oleoresins is a developed comprehensive market with the most important applications in the food & beverage and pharmaceutical sectors. Oleoresins are driven by cumulative demand for flavors, fragrances, and rising utilization in the pharmaceutical sector.

Oleoresins are utilized extensively in the food and beverage industry as flavoring agents, and additives and also for their antioxidant nature. They are also used in the pharmaceutical and healthcare industry for their therapeutic and healing properties. Oleoresins are also utilized in cosmetics and personal care products such as skin creams and lotions.

Europe emerged to be the largest market for the oleoresins contributing over 30% to the global revenue in 2021. Expansion in the food and beverages industry is contributing to the growth of oleoresin as a food additive in this region as well as pharmaceuticals and healthcare industries are driving the market in the region.

The turmeric product segment has proliferated growth with a CAGR of 8.7% in terms of revenue for the forecast period. This is owed to multiple benefits of turmeric. India is the largest producer as well as exporter of turmeric globally. High demand for turmeric oleoresin in cosmetics, personal care pharmaceuticals, and healthcare sectors is likely to drive the product market.

In COVID-19 pandemic, the overall oleoresin industry substantially endured the adverse impact. Even though, the value chain was disrupted owing to labor and raw material shortages due to restrictions imposed by the authorities globally. Manufacturers initially faced logistic challenges, the food sector was one of the necessities, and the industry improved with an exponential growth rate.

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Oleoresin Market Report

Report Attribute Details
Market size value in 2022 — USD 1.72 billion
Revenue forecast in 2030 — USD 2.60 billion
Growth rate — CAGR of 6.9% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030

Oleoresin Market Report Highlights

• Asia Pacific region is expected to witness the fastest growth rate globally with a CAGR of 7.8% in terms of revenue for the forecast period. This is attributable to high demand from the food, beverage, healthcare, and pharmaceuticals industry.
• Black pepper product segment appeared to have the largest contribution to the global revenue share contributing more than 30%. This high share is attributable to multiple benefits of black pepper and its extensive end-use industry including healthcare, food, and beverage.
• Cardamom seed spices product segment is anticipated to exhibit a rapid growth rate with a CAGR of 8.1% in terms of revenue from 2022 to 2030. This is owed to wide applications of cardamom in the food and beverage industries for preparations of delicacies worldwide.
• Pharmaceutical application segment witnessed the fastest growth rate of 7.2% in terms of revenue from 2022 to 2030, owing to its utility in the sector because of its strong medical values and therapeutic properties.
• The market is highly competitive in nature with the presence of major players. The companies have used various strategies like product diversification, capacity expansion, investing in R&D activities, mergers, and acquisitions to gain a competitive edge over others

Automotive Tinting Film Market Size Worth $11.7 Billion By 2030

 

Automotive Tinting Film Market Growth & Trends

The global automotive tinting film market size is expected to reach USD 11.7 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 7.4% over the forecast period. The industry is anticipated to be driven by the rapidly growing automotive industry, particularly in the developing nations of the Asia Pacific, Central America, and South America regions. Consumer propensity for the protection of expensive luxury car interiors and personal safety from harmful UV rays are some of the factors that are expected to drive the market over the forecast period. Demand for passenger cars in developing countries has increased on account of the rising disposable income, growing working population, and rapid urbanization.

This, in turn, will support industry growth. Tinting laws in different countries are expected to negatively affect market growth. Some countries, such as the U.S., have exemptions if passengers or drivers suffer from certain medical conditions, such as sunlight allergies, lupus, photosensitivity, or melanoma. The window tinting ban in India is expected to have a negative impact on regional market growth. Technological advancements, such as the introduction of bio-based polyester films, combined with rising consumer purchasing power, are expected to drive vehicle demand. Furthermore, rising consumer awareness about the product benefits, combined with the automotive industry’s rapid recovery, is expected to boost vehicle demand during the forecast period.

Visible Light Transmission (VLT) restrictions are expected to limit the industry’s growth. Window tinting in cars reduces VLT through car windows. Poor visibility can lead to theft or an accident, especially at night. The raw material used to manufacture vehicle type plays an important role in the quality of the window films manufactured. Major players are constantly working on innovative processes for thin coatings and more efficient double and triple-glazing methods for high levels of glare reduction and UV blocking. Global players have a strong distribution network and offer products at the most economical prices. For example, TintFit Window Films Ltd. received the award for Best National Window Film Supply and Installer in 2021.

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Automotive Tinting Film Market Report

Automotive Tinting Film Market Report Highlights

• In terms of revenue, passenger cars emerged as the largest vehicle type segment in 2022 and accounted for the largest revenue share
• The segment is expected to continue its dominance throughout the forecast period
• The availability of tinting films in various colors that are used for the personalization of cars is expected to have a positive impact on the industry
• In terms of revenue, windshields emerged as the largest application segment in 2022. Windshields are the largest piece of glass on the vehicle and allow a large amount of heat and UV rays into the car
• Some tinting films applied on windshields can block around 43% of the heat and 99% of the UV rays. Tinting films also reduce glare and provide safety and clear vision to the driver

Food Preservatives Market Size Worth $4.16 Billion By 2030

 

Food Preservatives Market Growth & Trends

The global food preservatives market size is expected to reach USD 4.16 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% from 2022 to 2030. The fast-paced working lifestyle of consumers in North America and the Asia Pacific has been instrumental in driving the demand for ready-to-eat products. Consequently, the use of food preservatives is expected to grow owing to benefits provided by them, such as the prevention of food spoilage and an increase in shelf life.

Food preservation is a traditional method used to store and keep food safe for longer periods. Over time, the method has evolved from the usage of culinary salt and sugar to chemical types. Globalization has led to the increased demand for synthetic types. The usage of preservatives in various application sectors including processed meat, bakery, and dairy is expected to substantially fuel the market growth during the forecast period.

Food preservatives are categorized into two types, namely natural and synthetic. Rosemary extracts, vinegar, and natamycin are natural types, whereas propionates, benzoates, and sorbates are included in the synthetic type, which is the most preferred one. Factors such as adverse effects associated with synthetic food preservatives and increasing health consciousness among consumers are anticipated to drive the demand for natural variants.

The COVID-19 pandemic placed increased importance on packaged food that is deemed uncontaminated and is expected to witness further growth. Bakery products witnessed significant growth during the pandemic period, resulting in the increased utilization of preservatives used in baked goods. With the current and future possible emergence of new strains of the coronavirus, stakeholder scrutiny has increased, which is expected to drive the market for food preservatives.

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Food Preservatives Market Report

Food Preservatives Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 6.3% from 2022 to 2030. It is primarily driven by factors such as increasing population, consumer willingness to pay premium prices for organic products, and preferences for ready-to-eat foods due to convenience
• On the basis of function, anti-microbial preservatives are expected to expand at the highest CAGR of 4.9% during the forecast period. This can be attributed to the surging demand for anti-microbial agents in the processed meat and beverage industries
• In the natural type segment, rosemary extracts are expected to expand at the highest CAGR during the forecast period. Rosemary extracts are a part of clean label preservatives and are being extensively used due to the consumer preference for natural preservative ingredients
• The U.S. market size was valued at USD 668.0 million in 2021. It is characterized by a shift among manufacturers from synthetic to natural and organic preservatives
• Some of the major strategies adopted by the major players in the industry are product innovation, most notably in the natural preservatives industry space, and capacity expansion through mergers and collaborations

Fermentation Chemicals Market Size Worth $120.9 Billion By 2030

 

Fermentation Chemicals Market Growth & Trends

The global fermentation chemicals market size is expected to reach USD 120.9 billion by 2030, registering a CAGR of 6.9% during the forecast period, as per the new report by Grand View Research, Inc. The growth is attributed to the increasing product utilization in numerous end-use industries like food & beverages, energy, pharmaceuticals, and plastics. The need for end-use products, such as processed foods, nutritional supplements, and pharmaceuticals, has increased in recent years, which has resulted in a significant increase in demand for fermentation chemicals. In addition, owing to the presence of a sizable number of manufacturing firms and the growing trend of organic products, the industry is estimated to witness rapid growth, especially in the Asia Pacific region.

The BRICS nations i.e., Brazil, Russia, India, China, and South Africa have experienced rapid industrial growth, which has a direct effect on the fermentation chemicals’ demand. These markets saw rapid industrial output growth and continue to be among the industrial regions with the greatest rate of expansion worldwide. The availability of a big pool of skilled labor, advantageous foreign investment norms, and technological know-how are the main growth drivers of the manufacturing industry in these economies. Stringent regulations established by the Environmental Protection Agency (EPA) and the European Union are likely to positively influence the demand due to the product’s eco-friendliness. These regulations propose various practices to reduce the use of fossil fuels and Greenhouse Gas (GHG) emissions.

The manufacturing of fermentation chemicals through green chemistry is considered the most practical and efficient way of reducing greenhouse effects. Key raw materials used to produce these chemicals include sugarcane, beet, wheat, tapioca, and corn. These agro products are high in carbohydrate and starch contents. Out of the entire production, the major share is consumed by the food industry. With the growing population across the globe, especially in Asia Pacific, the food demand is expected to increase in the coming years. These agro products are basic cereals and vegetables, which are consumed on a daily basis. There is a rise in demand for these products among consumers as fluctuations in the food supply & demand food may negatively impact the industry growth.

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Fermentation Chemicals Market Report

Fermentation Chemicals Market Report Highlights

• The organic acids segment is estimated to witness the fastest growth rate from 2023 to 2030 owing to increased product usage in the industrial fermentation process on account of their advantages, such as increased shelf life and ability to inhibit bacterial growth
• The plastics & fibers application segment will register the fastest CAGR from 2023 to 2030 due to the rising need to produce plastics from biopolymers to minimize pollution
• Plastics made from biopolymers are manufactured by undertaking the fermentation process of microalgae
• Asia Pacific will emerge as the fastest-growing region over the forecast years due to the developments in the end-use application industries like personal care & cosmetics, food & beverages, and pharmaceuticals
• Moreover, in countries like India, there has been a rise in the number of food & beverage startups, which is expected to create lucrative growth opportunities for the market
• The global industry is highly competitive on account of the presence of major manufacturing companies, such as Novozymes, DuPont, DSM, BASF SE, and Dow

Functional Foods Market Size Worth $586.1 Billion By 2030

 

Functional Foods Market Growth & Trends

The global functional foods market size is expected to reach USD 586.1 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period in terms of revenue. The market for functional foods is expected to witness growth due to a shift from traditional to enriched nutraceutical products, increasing consumer awareness of maintaining overall wellness and health, and a rise in consumer demand for food products fortified with vitamins and minerals.

The functional foods market growth is being driven by increased awareness and concern about preventive healthcare among consumers and the efficiency of fortifying food additives on overall health. Food and beverage manufacturers are fortifying their product offerings with nutritional additives such as fibers, omega-3, vitamins, minerals, and others. Furthermore, demand for foods containing dietary fibers has increased due to an increase in consumption of functional foods that have the potential to improve health as well as provide basic nutrition, which will positively impact market growth in the coming years.

Rising awareness campaigns by government agencies, non-governmental organizations, and companies have also further boosted consumer awareness pertaining to the nutritional benefits offered by functional foods, which, in turn, is projected to fuel market growth. Changing government regulations and increasing stringent policies pertaining to food fortification, to ensure the health and safety of consumers, are further driving consumer attention toward consuming healthy products. Moreover, the consumption of premium nutrition-infused products is regarded as a symbol of one’s social status in many countries, thereby further fueling the market growth.

Increasing demand for fortified food items is boosting the demand for functional food products. Functional food manufacturers are also using attractive packaging as an effective marketing solution to lure consumers and enhance profits. Manufacturers are focusing on incorporating new technologies and customized solutions to meet consumer demands. Functional food manufacturers are aiming to cut down on costs associated with the procurement of raw materials, transportation of raw materials to the production site, and packaging of the final product by vertically integrating their operations.

The functional foods market in Europe is expected to rise steadily during the forecast period. Major European countries such as France, Germany, the U.K., Italy, Spain, and others have witnessed a growing consumer inclination towards functional ingredients. Additionally, the food and beverage industries in these countries are also highly advanced, with major multinational corporations introducing new technologies and products to meet rising regional demand.

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Functional Foods Market Report

Functional Foods Market Report Highlights

• In the ingredient segment, vitamins are expected to witness a significant growth rate owing to increasing awareness regarding attaining health & wellness, as well as a rise in preventive healthcare
• Soy is expected to grow at the fastest rate in the product segment over the forecast period. The growing global prominence of dairy-free products including spreads, yogurts, and milk drinks has significantly contributed to the segment expansion
• Weight management accounted for a significant share of the application segment in 2021. The increasing obesity rate across the globe and weight-related diseases are expected to propel product demand in this application area
• Asia Pacific is predicted to expand at the highest CAGR from 2022 to 2030. The functional foods market is being fueled by numerous government initiatives aimed at encouraging healthy lifestyles in countries such as India, Japan, and China

North America Industrial Insulation Market Worth $2.85 Billion By 2030

 

North America Industrial Insulation Market Growth & Trends

The North America industrial insulation market size is expected to reach USD 2.85 billion by 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the rising awareness regarding energy conservation in North America along with increasing demand for energy efficient building materials.

Insulation system provides long-term as well as immediate benefits to the industry, including protection of equipment, personnel, system and budget. In addition, industrial insulation is responsible for enhancing the efficiency of the machinery and process performance in the system, which results in reduction of manufacturing and energy costs.

The acoustic performance of insulation in large-scale factories helps to curb high frequency noises made by machines on the job floor. The application of insulation aids in reducing the capacity and size of new requirement of mechanical equipment. Furthermore, it protects all industrial appliances from fire, prevents the condensation of moisture on the equipment and protects the equipment at extremely low or high temperatures leading to reduced accidental risks.

Manufacturers are striving to provide insulation materials for improving the product life cycle and increasing efficiency of the end products. In addition, the rising awareness regarding the benefits of insulating materials in industrial application and its cost effectiveness is expected to drive the market in North America, over the coming years.

The industrial growth is relatively slow performing and thus can be considered a steady contributor. The industry has witnessed slow but steady growth in majority of the product segments. Insulating materials have been in demand in North America for a long time, and hence the industry is highly price sensitive. The presence of key market players is a major factor, which is likely to support the industry growth in North America.

North America has been dominating the global industrial insulation market over the years, owing to highly developed industrial and power generation sector influencing the demand. U.S. holds the largest market share in North America industrial insulation market, which can be attributed to its extremely advanced industrial sector, which accounts for the largest energy consumption in the region. In addition, stringent regulations regarding the reduction in energy consumption and greenhouse gas emission is expected boost the market growth over the forecast period.

The industry is competitive nature, owing to the presence of large number of major players in the region. Major players, such as Rockwool Technical insulation and Knauf Insulation accounts for majority of market share, due to their vast product portfolio and wider geographical reach. These companies develop a strong business model in order to adapt to the market volatility and any technological & geographical change. The players prefer to maintain strategic relationship with their raw material suppliers in an attempt to maintain a steady supply.

Unlike other regions, the players focus on increasing their market share through organic growth, rather than mergers and acquisitions. Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulating solutions with enhanced properties. Manufacturers are also focusing on expanding their manufacturing capabilities in order to cater to the ascending product demand in the region.

Increasing demand for energy-efficient buildings, owing to the stringent government regulations and rising awareness regarding environmental degradation, is anticipated to fuel the demand for insulation for industrial buildings in North America. Favorable government policies coupled with increasing awareness in consumers is expected to remain the key driving factor for the growth of industrial insulation in North America. Growing awareness related to energy conservation is projected to have a significant impact on the demand for energy efficient buildings is likely to benefit the industry growth over the forecast period.

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North America Industrial Insulation Market Report

North America Industrial Insulation Market Report Highlights

• The U.S accounted for the largest revenue share of 85.5% in 2022 in North America industrial insulation market. The increasing awareness regarding energy conservation and stringent government regulations regarding global warming initiatives and renewable programs is forecasted to drive the demand for industrial insulation in North America.
• On the basis of material, the glass wool segment accounted for the largest revenue share and is expected to grow at a CAGR of 3.4% by 2030 in North America. Glass wool also offers energy efficient thermal and acoustic protection, as well as fire safety. It also helps to reduce energy consumptions and fluctuation in the temperature.
• Based on product, the North America industrial insulation market is dominated by pipe segment. This aids in increasing the energy efficiency of the process or plants, thereby reducing the operating expenses. It also controls and stabilizes the process temperatures, and prevents formation of condensation and limit pipe corrosion.
• The demand for industrial insulation in North America in LNG/LPG transportation & storage industry is forecasted to grow at a CAGR of 3.6% by 2030. This is owing to the increasing market demand for LNG & LPG across countries in North America.
• The Mexico industrial insulation market is forecasted to grow at a significant rate of 4.3% over the coming years on account of growing industrialization in the country.

Silicone In Electric Vehicles Market Worth $12.4 Billion By 2030

 

Silicone In Electric Vehicles Market Growth & Trends

The global silicone in electric vehicles market size is expected to reach USD 12.4 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 9.3% from 2022 to 2030. Surging demand for electric vehicles is one of the primary growth stimulants for the market. This is further supported by increasing favorable regulations toward reducing greenhouse gas emissions and lowering the impact of air pollution, which are influencing the growth outlook for electric vehicles. Different financial measures such as tax incentives, purchase incentives, tax rebates, tax waivers, bonuses, and others also support the rise in electric vehicle demand.

In addition, electric vehicle rollout plans are also supported by non-financial measures, including fast charging stations available in public areas, free parking, separate lanes for EVs, and other such measures. These financial and non-financial measures together are expected to drive the growth of electric vehicles, which in turn is projected to drive silicone growth in the electric vehicle market over the forecast period. However, silicone substitutes, such as plastics and other types of rubber products used in electric vehicles, may lead to an increase in silicone content in electric vehicles during the forecast period.

The increase in the number of electric vehicles is an important growth factor for the rise in the demand for silicone. The growth in the electric vehicle industry, which is supported by government schemes in the form of incentives and tax reliefs, in turn, will boost the demand for silicone over the forecast period. Hence, the demand for silicone in electric vehicles is projected to grow over the forecast period.

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Silicone In Electric Vehicles Market Report

Silicone In Electric Vehicles Market Report Highlights

• The market was valued at USD 5.6 billion in 2021 and is expected to expand at a CAGR of 9.3% from 2022 to 2030
• In terms of revenue, elastomers emerged as the largest product segment and accounted for over 46% of the market in 2021. The growth of this segment can be attributed to its wide range of applications such as housings, gaskets, and seals, for thermal insulation of various components such as Portable Control Unit (PCU) housing and connector sealing
• Superior properties triggering silicone usage in electric vehicles and growth in the number of electric vehicles due to increasing environmental concerns are expected to drive this market
• In terms of revenue, the Battery Electric Vehicle (BEV) segment dominated as the largest charging type segment and accounted for over 66.0% of the market in 2021
• Stringent environmental rules and regulations and a focus on indoor air quality are anticipated to drive the isophthalic unsaturated polyester resin segment
• Light motor vehicles dominated the vehicle type segment of the market and accounted for more than 91.0% of the revenue share in 2021

Curcumin Market Worth $191.89 Million By 2028 | CAGR: 16.1%

 

Curcumin Market Growth & Trends

The global curcumin market size is expected to reach USD 191.89 million by 2028, expanding at a CAGR of 16.1%, according to a new report by Grand View Research, Inc. Product demand is anticipated to be propelled by its increasing application in numerous industries including food, cosmetics, and pharmaceutical. It possesses valuable anti-oxidation and anti-inflammatory properties, emerging as a go-to pain relief choice for patients suffering from arthritis and osteoarthritis.

Rising awareness among consumers, particularly in developed countries including U.S., Germany, and Denmark, is likely to further fuel the demand for curcumin over the next eight years. It is an active component of turmeric, which is extracted from the Curcuma longa plant. The trend of increasing demand for ayurvedic medicinal formulations in numerous countries is observed, and this trend is projected to significantly benefit the curcumin market over the forecast period.

Curcumin or turmeric is widely used in cosmetic products. In India, turmeric is a key ingredient in several Ayurveda medicines. It is used to treat acne and eczema, prevent and heal dry skin, and slow down the aging process. Natural cleansers, including milk, when blended with turmeric, serve as useful natural cosmetics. These cosmetics are used to achieve glowing skin, and control and reduce the formation of wrinkles and lines.

Curcumin finds applications in food, cosmetics, pharmaceutical, including dye-sensitized PV technology, and textiles. In 2019, pharmaceutical was the largest application segment in terms of both volume and revenue, accounting for over half of the share, owing to the rising requirement for curcumin-based OTC supplements. Product demand from the food industry has also increased in terms of volume owing to the growing demand for natural flavoring and coloring substances.

Key industry participants include SV Agrofood, Wacker Chemie AG, Arjuna Natural Extracts Ltd., and Synthite Industries Ltd. In March 2016, Arjuna Natural Extracts Ltd. invested around USD 1.5 million in the research and development of proactive curcumin. Turmeric is also used for dyeing numerous fabrics including cotton, silk, and wool for a yellowish shade, which is likely to create market opportunities.

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Curcumin Market Report

Curcumin Market Report Highlights

• In Europe, the application of curcumin in the pharmaceuticals sector accounted for a share of 57.2% in terms of revenue in 2019 owing to increasing focus on the marketing of capsules/tablets that offer aid to the immune system, joint, and digestive health
• In Europe, the market is anticipated to witness the fastest CAGR from 2020 to 2027 and is projected to reach USD 41.8 million in 2027 owing to its wide range of applications in the pharmaceutical industry
• In Asia Pacific, the curcumin market is anticipated to witness the second-fastest growth rate from 2020 to 2027. The region is estimated to have more demand owing to the high consumption of turmeric in food products
• North America was the largest regional market in 2019, with a value of USD 73.8 million. Growing demand for processed food products and curcumin-based health supplements is expected to drive demand in this region
• Health issues due to the incorporation of synthetic ingredients in medicines, food, and cosmetics are the major reasons for influencing manufacturers to adopt natural ingredients in product formulation, which is likely to drive the market

Bioplastics Market Size Worth $44,772.3 Million By 2030

 

Bioplastics Market Growth & Trends

The global bioplastics market size is expected to reach USD 44,772.3 million by 2030, registering a CAGR of 18.8% according to a new report by Grand View Research, Inc. Bioplastics are plastics that are made from renewable sources such as corn, sugarcane, potato, wheat, rice, vegetable oil, or cellulose. There are two types of bioplastics, namely biodegradable plastics and non-biodegradable plastics. Biodegradable plastics include polylactic acid, starch blends, PBAT, and PBS while non-biodegradable plastics include polyethylene, polyethylene terephthalate, polyamide, and polytrimethylene terephthalate.

The global bioplastics plastics market is highly competitive and fragmented in nature, with the presence of various key players such as BASF SE, NatureWorks LLC., SABIC, Braskem, M&G Chemicals, Teijin Limited, and Toray Industries as well as a few medium and small-scale regional players operating across the globe.

The market is witnessing a transformation of the value chain from a linear economy into a circular one. Major players in the market are transitioning to a circular economy to obtain more sustainable solutions and minimize their dependency on crude oil in the future. This trend has led to a rise in the demand for renewable raw materials such as vegetable oil, and plastic waste to produce plastics in recent years.

Increasing concerns regarding toxicity-related issues pertaining to petrochemicals, along with depleting crude oil reserves, have been driving the development of bio-based polymers. Factors including stringent environment protection laws, such as EN 13432, EN 14995, and EN 17033; increasing environmental concerns among consumers; and the rising focus of key players on the production of bioplastics are expected to be the key growth contributors over the forecast period.

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Bioplastics Market Report

Bioplastics Market Report Highlights

• Biodegradable plastics segment led the market with a share of more than 52.0% in 2022 and is expected to maintain a healthy growth rate over the forecast period. Growing demand for bio-based plastics in various end-use industries is expected to drive their demand over the forecast period.
• The growing demand for electrical & electronic products along with rising environmental concerns is expected to drive the demand for bioplastics in the consumer goods application segment.
• The packaging application led the market with a revenue share of more than 62.0% in 2022. Increasing utilization of bioplastics to produce bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles is the key factor responsible for the segment growth.

Bio Plasticizers Market Size To Reach $5.32 Billion By 2030

 

Bio Plasticizers Market Growth & Trends

The global bio plasticizers market size is anticipated to reach USD 5.32 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to be propelled at a CAGR of 8.2% from 2023 to 2030. The rise in demand for bio-plasticizers from the global packaging industry is anticipated to drive the market in the coming years. In addition, the surging demand for bio-plasticizers for manufacturing plastics utilized across the global textile industry is anticipated to fuel the consumption of bio-plasticizers in the coming years.

Epoxidized soybean oil (ESBO) is a plasticizer made from soybean oil. Plastic materials, especially those comprising polyvinyl chloride (PVC) and being used across industries such as construction, packaging, and consumer goods, can be made more flexible and durable using ESBO. Castor oil is a vegetable oil derived from the seeds of the castor plant. Due to its distinctive chemical composition, it can be used in a variety of industrial processes such as the manufacture of bio-based plasticizers.

Bio-plasticizers derived from castor oil have witnessed a rise in demand due to their sustainable sourcing, non-toxicity and biodegradability, and high performance. Citrate-based plasticizers are derived from citric acid (commonly found in sour-flavored fruits) and utilized across multiple applications such as packaging and medical. The demand for citric-based plasticizers has increased due to their attributes such as non-toxicity and biodegradability, and this trend is likely to be continued over the forecast period.

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Bio Plasticizers Market Report

Bio Plasticizers Market Report Highlights

• The bio-plasticizers industry was valued at USD 2.94 billion in 2022 and is expected to reach USD 5.31 billion in 2030 at an estimated CAGR of 8.2% from 2023 to 2030. The surging demand for bio plasticizers for manufacturing plastics utilized across the global textile industry is anticipated to fuel the consumption of bio plasticizers in the coming years
• Certain key factors such as stringent government regulations and clean-up initiatives taken by the U.S. EPA, such as short-term cleanups of National Priorities List (NPL) sites, waste sites, or sites with the possibility of release of hazardous materials, are likely to drive the regional demand for bio plasticizers in the coming years
• Bio-plasticizer-based plastics are widely used in packaging applications such as food & beverage packaging, personal care packaging, films & sheets, and household care products packaging. Factors such as the increasing inclination of consumers toward sustainable packaging and rising landfill pollution issues worldwide are leading to surged adoption of packaging products developed from bio plasticizers
• The demand for bio-plasticizers is projected to grow further over the forecast period. Expanding composting infrastructure and rising governmental efforts to reduce landfilling, such as the U.S. 2030 Food Loss and Waste Reduction Goal, are anticipated to augment the demand for bio-based plastic bags or compostable bags used in the collection of food leftovers and other organic waste material over the forecast period