July 22, 2024

Bio Plasticizers Market Estimated To Witness High Growth Owing To Growing Demand From Construction Industry

Market Overview:

Bio plasticizers are additives used to make plastics more flexible and soft. They are used as substitutes for phthalate plasticizers in applications such as films, wires & cables, flooring & wall coverings and consumer goods among others. Bio plasticizers are made from vegetable oil sources such as soybean oil, corn oil, canola oil and citrus oil, making them environmentally sustainable.

Market Dynamics:

The growth of the bio plasticizers market is driven by the increasing demand from the construction industry. Bio plasticizers are widely used in PVC applications such as flooring, wall coverings and cables & wires extensively used in residential and commercial construction projects. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization and infrastructure development in emerging economies will fuel the demand for new construction projects. This in turn is expected to drive the consumption of bio plasticizers in construction applications over the forecast period. Furthermore, stringent regulations on phthalate plasticizers coupled with rising consumer preference for non-toxic and sustainable products will augment the demand for bio plasticizers. However, high cost of bio plasticizers compared to phthalate plasticizers remains a key challenge for market growth.

SWOT Analysis

Strength: Bio Plasticizers are eco-friendly and made from renewable resources making them more sustainable than conventional plasticizers. They can reduce impacts on human health and the environment. They also provide opportunities for brand differentiation and competitive advantage.

Weakness: Bio Plasticizers have lower compatibility with polymers like PVC compared to phthalates. They also have lower performance in extreme weather conditions and higher production costs than conventional plasticizers.

Opportunity: Increasing consumer awareness about health and environmental impacts of petroleum-based plasticizers is driving demand for bio-based and sustainable alternatives. Growing regulations restricting the use of hazardous plasticizers also provides opportunities for bio plasticizers market.

Threats: Presence of well-established conventional plasticizer industry poses major challenge to bio plasticizers market. Volatility in raw material prices also threatens stable supply and profitability.

Key Takeaways

The Global Bio Plasticizers Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing regulations restricting the use of hazardous phthalates and growing consumer preference for sustainable and eco-friendly products.

Regional analysis – North America dominates the global bio plasticizers market currently due to stringent regulations and growing consumer awareness. Asia Pacific is expected to witness fastest growth due to increasing construction activities, manufacturing sector growth, and rising disposable incomes in the region.

Key players – Key players operating in the Bio Plasticizers market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. They are focusing on new product launches and capacity expansions to strengthen their positions.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it