Bio Plasticizer Market - By Product (Epoxidized Soybean Oil (ESBO), Citrates, Castor Oil-based plasticizers, Succinic Acid, Glycol Esters), By Application, By Raw Material Source (Plant-based Sources, Bio-waste Derived Materials) & Forecast, 2024 – 2032

Bio Plasticizer Market Size

Bio Plasticizer Market was valued at around USD 2.8 billion in 2023 and is anticipated to register a CAGR of over 7.9% between 2024 and 2032. The market is driven by increasing environmental concerns and the shift towards sustainable and eco-friendly materials.
 

Regulatory pressures to reduce the use of harmful phthalates in plastics have accelerated the adoption of bio-based alternatives. Growing consumer awareness about the environmental impact of traditional plasticizers is boosting demand for bio plasticizers in various applications, including packaging, medical devices, and consumer goods. The rise in the construction and automotive industries, which require flexible and durable materials, further supports market growth. Additionally, advancements in bio plasticizer production technologies are making these products more cost-competitive and efficient, enhancing their market appeal. Thus, the market is expected to attain a market value of over USD 5.86 billion by 2032.
 

Despite the advantages, the production of bio plasticizers can be more expensive than traditional plasticizers due to the cost of sourcing and processing renewable raw materials. Additionally, the limited availability of certain raw materials can constrain production and supply, leading to higher prices. This cost disparity can be a significant barrier to widespread adoption, especially in price-sensitive markets.
 

Bio Plasticizer Market Trends

The bio plasticizer industry is experiencing notable growth as industries seek more sustainable alternatives to traditional petrochemical-based plasticizers. Increasing environmental regulations and consumer demand for eco-friendly products are driving the adoption of bio-based plasticizers derived from renewable resources like vegetable oils and starches. Technological advancements in production processes are enhancing the performance and cost-effectiveness of these bio plasticizers. Key sectors such as automotive, packaging, and construction are integrating these sustainable solutions to meet green certifications and reduce carbon footprints. Overall, the market is trending towards a broader acceptance and innovation in bio plasticizers to align with global sustainability goals.
 

Bio Plasticizer Market Analysis

Based on product, the market is divided into epoxidized soybean oil (ESBO), citrates, castor oil-based plasticizers, succinic acid, and glycol esters. Epoxidized soybean oil held the dominant market share of 1.03 billion in 2023 and is expected to reach USD 2.15 billion by 2032. Epoxidized Soybean Oil (ESBO) is the most popular product in the bio plasticizer industry due to its excellent compatibility with various polymers and its effectiveness in improving flexibility and durability. Derived from soybean oil, ESBO offers a renewable and environmentally friendly alternative to traditional plasticizers. Its chemical stability and low volatility make it suitable for a wide range of applications, from flexible PVC to coatings. Additionally, ESBO helps meet regulatory requirements for low toxicity and sustainability. The combination of performance, safety, and eco-friendliness contributes to its dominant position in the market.
 

Based on end user, the market is categorized into packaging materials, building and construction, consumer goods, automotive, medical devices and other. Packaging materials accounted for 41% market share in 2023 and is projected to grow through 2032. Bio plasticizers improve the flexibility and durability of packaging films while maintaining eco-friendly credentials. As consumer awareness of environmental issues rises, there is increased pressure on companies to use renewable and less toxic materials in packaging. Bio plasticizers enhance the performance of biodegradable and compostable packaging, aligning with global trends towards reducing plastic waste. The combination of performance benefits and environmental benefits makes packaging materials a leading sector for bio plasticizers.
 

Based on raw material sources, the bio plasticizer market is categorized into plant-based sources, bio-waste derived materials. Plant-based sources held the dominant market share of 2.32 billion in 2023 and is expected to reach USD 4.7 billion by 2032. Plant-based sources are the most popular raw material for bio plasticizers due to their sustainability and renewability. These materials, derived from crops like soybeans and castor beans, offer a viable alternative to petroleum-based feedstocks, reducing reliance on fossil fuels. They are biodegradable and often less toxic, aligning with the growing demand for eco-friendly products. Additionally, the use of plant-based sources supports agricultural economies and can be sourced in large quantities. Their established performance in enhancing plasticizer properties makes them the preferred choice in the market.
 

Asia Pacific dominated the global bio plasticizer market in 2023. It generated a revenue of USD 1.17 billion in 2023 and is expected to reach USD 2.4 billion by 2032. The Asia-Pacific region is experiencing significant growth in the market due to its rapid industrialization, expanding manufacturing base, and increasing regulatory support for sustainable products. Countries in this region are heavily investing in green technologies and shifting towards environmentally friendly materials to meet stringent environmental regulations and growing consumer demand for eco-conscious products. Additionally, the region’s large population and rising disposable incomes are driving the demand for packaged goods, automotive components, and construction materials, which in turn fuels the need for bio plasticizers.
 

China is the dominant country in the Asia-Pacific region for the bio plasticizer industry. Its leadership is attributed to its massive manufacturing sector, extensive production capabilities, and strong focus on environmental sustainability. China’s government policies favoring green technologies and increased investments in renewable resources contribute significantly to its market dominance. The country’s substantial industrial output and growing consumer market further bolster its position as a key player in the bio plasticizer industry.
 

Bio Plasticizer Market Share

The competitive landscape of the bio plasticizer industry features a diverse group of industry leaders, each bringing unique strengths to the table. Major players like BASF SE and Dow, Inc. leverage their extensive experience in chemical manufacturing and strong R&D capabilities to advance bio plasticizer technologies. BASF, known for its wide range of chemical solutions, and Dow, with its innovative approach to sustainable materials, are key contributors to market growth. Companies like Cargill, Incorporated, and Emery Oleochemicals focus on plant-based and renewable sources, enhancing their position in the market with eco-friendly alternatives.
 

Additionally, specialized firms such as Goldstab Organics Pvt. Ltd. and JUNGBUNZLAUER SUISSE AG are making significant strides in the bio plasticizer sector through their expertise in organic and specialty chemicals. GRUPO PRINCZ IPASA and Evonik Industries AG also play pivotal roles, with Evonik offering advanced chemical technologies and GRUPO PRINCZ IPASA focusing on innovative bio-based solutions. This competitive mix showcases a dynamic market driven by advancements in sustainability, technological innovation, and diverse application needs.
 

Bio Plasticizer Market Companies

Major players operating in the bio plasticizer industry include:

• Avient Corporation
• BASF SE
• Cargill, Incorporated
• DIC Corporation
• Dow, Inc.
• Emery Oleochemicals
• Evonik Industries AG
• Goldstab Organics Pvt. Ltd.
• GRUPO PRINCZ IPASA
• JUNGBUNZLAUER SUISSE AG
   

Bio Plasticizer Industry News

• In June 2023, KLJ Group invested USD 145 million to commission a new production facility for plasticizers and phthalic anhydride in Gujrat. This significant investment underscores KLJ Group's commitment to expanding its production capabilities in these key chemical sectors.
   
• In March 2023, OQ Chemicals has unveiled a new bio-based product, OxBalance Isononanoic Acid, specifically designed for the production of bio-based plastics. This launch aligns with the increasing demand from manufacturers to transition towards a circular economy.
   

The bio plasticizer market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Epoxidized Soybean Oil (ESBO)
• Citrates
• Castor Oil-based plasticizers
• Succinic Acid
• Glycol Esters
• Others

Market, By Application

• Packaging Materials
• Building and Construction
• Consumer Goods
• Automotive
• Medical Devices
• Others

Market, By Raw Material Sources

• Plant-based Sources
• Bio-waste derived materials
• Other

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA