Bio Plasticizers Global Market Report 2024

The bio plasticizers market size has grown strongly in recent years. It will grow from $1.56 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed during the historical period can be attributed to several factors, including a heightened awareness of environmental concerns, the implementation of stringent regulations on traditional plasticizers, the increased utilization of renewable feedstocks, a growing consumer awareness and preference for eco-friendly products, and the initiation of corporate sustainability initiatives. These factors collectively contributed to the expansion of bio plasticizers as an environmentally friendly alternative in response to changing market dynamics and evolving preferences towards sustainable practices.

The bio plasticizers market size is expected to see strong growth in the next few years. It will grow to $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to a sustained emphasis on sustainable packaging practices, the expanding market for bio-based polymers, governmental support for the bioeconomy, a rising demand for green building materials, and a noticeable shift in consumer preferences toward sustainable products. These factors are expected to drive the growth of bio plasticizers as a key component of environmentally friendly solutions. Major trends expected in the forecast period include increased collaborations and partnerships within the industry, the launch of innovative solutions, investments in research and development to enhance bio plasticizer technologies, and the broader application of bio plasticizers in sectors such as medical devices and pharmaceuticals. These trends underscore the industry's commitment to advancing sustainable practices and meeting the evolving needs of environmentally conscious consumers and regulatory requirements.

The robust expansion of the construction industry is anticipated to propel the advancement of the bio plasticizer market in the foreseeable future. Within the commercial sector encompassing construction activities related to infrastructure development and maintenance, bio-plasticizers play a crucial role. They are employed in wire insulation and jacketing, contributing to reduced water requirements and enhancing the strength and workability of concrete. Notably, in April 2023, reports from the United States Census Bureau revealed an impressive over 8% surge in the combined value of residential and non-residential constructions between 2020 and 2021 in the United States. Additionally, reports from Oxford Economics in September 2021 projected a significant growth trajectory for global construction output, expected to increase by 42%, reaching USD 15.2 trillion by 2030 from the 2020 figure of USD 10.7 trillion. Hence, the flourishing construction industry remains a driving force behind the bio plasticizer market's expansion.

The escalating demand in automotive production stands as a key driver propelling the growth of the bio plasticizer market. Automotive manufacturing involves the comprehensive processes related to the design, creation, and maintenance of various motor vehicles. Bio-plasticizers have gained traction in this sector as environmentally friendly additives, enhancing the flexibility and durability of plastics utilized in vehicle interiors. This move aligns with the automotive industry's stringent sustainability objectives. Notably, according to data from the European Automobile Manufacturers Association (ACEA) in May 2023, global automotive vehicle production surged to 85.4 million in 2022, marking a 5.7% increase from the previous year. Furthermore, data from the International Energy Agency in September 2022 highlighted a substantial surge in electric car sales, reaching a record high in 2021 with a four percent increase, nearly doubling to 6.6 million units compared to 2020, resulting in a total of 16.5 million electric vehicles on the roads. Hence, the rising demand in automotive production remains a significant catalyst driving the bio plasticizer market's growth.

Product innovation emerges as the prominent trend gaining momentum within the bio plasticizer market. Key players in this sector are intensively focused on developing novel products to uphold their market standing. A notable instance occurred in October 2021 when Cargill Incorporated, a US-based food corporation offering agricultural and financial services, introduced Biovero bio plasticizer. Distinguished by its plant-based composition, this product facilitates more efficient production compared to conventional plasticizers while minimizing energy consumption, waste generation, and material usage. Initially targeted for flooring in residential and commercial spaces, Biovero plasticizers, devoid of phthalates, meet the standards of flooring manufacturers, addressing both customer preferences and regulatory requirements.

Major entities within the bio plasticizer market are channeling efforts into the development of innovative products such as bio-sourced admixture solutions, contributing to their sustained market positioning. The introduction of bio-sourced admixtures signifies an exciting advancement in the construction industry, providing a sustainable alternative to traditional oil-based admixtures. An illustrative case emerged in January 2023 when CEMEX, a US-based building materials company, launched ISOFLOW BIO. This high-performance superplasticizer technology, derived from bio-based raw materials, substantially reduces the carbon footprint associated with concrete production compared to conventional admixtures. ISOFLOW BIO enhances concrete workability, simplifying mixing, pumping, and placement processes, potentially resulting in accelerated construction timelines and reduced labor expenditures.

In October 2022, PETRONAS Chemicals Group Berhad, a leading chemical company based in Malaysia, completed the acquisition of Perstorp Holding AB for an undisclosed sum. This strategic move signifies PETRONAS' initiative to establish a stronger foothold in the specialty chemicals sector, aligning with its strategic stepping-out strategy. The acquisition serves as a pivotal step towards enhancing PETRONAS' global footprint, particularly in the Asia Pacific region. Leveraging PETRONAS Chemicals Group's extensive industrial expertise and leveraging its substantial client base, the acquisition is poised to propel the company's growth in the specialty chemicals arena. Perstorp Holding AB, a Swedish chemical manufacturing company, is renowned for its expertise in producing bio-plasticizers, which will complement PETRONAS' strategic direction in this sector.

Major companies operating in the bio plasticizers market report are ExxonMobil Corporation, Cargill Incorporated, BASF SE, Dow Inc., Evonik Industries AG, DuPont, Kao Corporation, Arkema S.A., Solvay S.A., Eastman Chemical Company, Lanxess AG, DIC Corporation, Avient Corporation, Roquette Freres, Jungbunzlauer Suisse AG, Emery Oleochemicals, Bioamber Inc., GC Innovation America, Biome Bioplastics, Cardia Bioplastics, Vertellus Specialties Inc, Matrìca S.p.A., Aurorium, Hebei Jingu Plasticizer Co. Ltd., Danisco Inc.

Asia-Pacific was the largest region in the bio plasticizers market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bio plasticizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bio plasticizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of bio plasticizers include sebacates, succinic acid, citrates, glycerol esters, epoxides, and others. Succinic acid, a dicarboxylic acid produced by live cells during anaerobic digestion of various carbon sources, is a notable component. These bio plasticizers find applications in various industries, including automobile, packaging, electrical and electronics, textiles, building and construction, medical and healthcare, among others. They are used in diverse applications such as flooring and walls, film and sheet coverings, wires and cables, coated fabrics, and consumer goods. This broad usage underscores their versatility in meeting the requirements of end-user industries.

The bio plasticizers market research report is one of a series of new reports that provides bio plasticizers market statistics, including bio plasticizers industry global market size, regional shares, competitors with a bio plasticizers market share, detailed bio plasticizers market segments, market trends and opportunities, and any further data you may need to thrive in the bio plasticizers industry. This bio plasticizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bio plasticizer market consists of sales of fast-fusing plasticizers, flame retardant plasticizers, and specialty esters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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