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
