Growing Use in Automotive Sector Coupled with Increasing Vehicle Production to Trigger Market growth
Use of bio plasticizers in automotive industry has been at large since past few years on the back of their various perceived benefits. Bio plasticizers help in weight reduction of the vehicle thereby resulting in minimal or optimal fuel consumption thus reducing emissions and enhancing vehicle performance. Bio plasticizers are used in producing interior fabrics in automobiles as the end product possesses mechanical and functional properties similar to the synthetic counterpart. In addition, better dimensional stability, improved electrical properties, high surface gloss, high shock and thermal resistance and an optimal ratio of flexibility and stiffness offered by bio plasticizers has fuelled their adoption in the automotive sector. This factor coupled with increasing vehicle manufacturing and registrations worldwide have influenced demand for bio plasticizers, in turn supplementing market growth.
ESBO Demand Poised to Increase thus Complementing Market Growth
The demand for ESBO (Epoxidized Soybean Oil) based bio plasticizers has been on the rise since recent past and is expected to maintain status quo in the years to follow. ESBO is used as an additive and a stabilizer in plasticizers. Owing to the epoxidation process, the reactivity of the plasticizer increases after addition of ESBO, this enhancing their performance. Moreover, soybean is relatively cheaper than other oils. This provides a cost effective benefit over other bio based oils, thus allowing manufacturers to gain high profit margins with less production costs. These characteristic and economical aspects have fuelled the adoption of ESBO, in turn contributing towards bio plasticizers market growth.
Asia Pacific to Remain a Modestly Lucrative Region for Bio Plasticizers Market
Construction sector across emerging nations in Asia Pacific continues to reflect significant growth rate providing ample opportunities to several businesses that provide material used in infrastructure development. Healthy growth in the construction sector can be attributed towards various macro aspects such as growing population, industrialization and urbanization. This has triggered demand for material used in walls and floorings, wires and cables and sheet coverings, in turn paving potential avenues for bio plasticizers market.
Moreover, packaging industry in the region is also poised to uplift use of bio plasticizers. With growing demand for green packaging, use of bio plasticizers in the sector is expected to increase at a considerable pace. Rising awareness regarding health and environment issues owing to toxicity emitted by synthetic plasticizers has pushed adoption of bio based alternatives. Bio plasticizers are considered as additives that are used during compostable polymer processing. These are then used in manufacturing environment friendly packaging solutions that are deployed across multitude of applications.
That said, growing packaging industry is expected to give an impetus to the bio plasticizers market across countries such as China and India in the region. For instance, according to PIAI (Packaging Industry Association of India), the packaging sector in India has witnessed momentous growth and the country is likely to remain a hub for packaging in the coming years. PIAI also reveals that packaging sector is the fifth largest in India and is poised to grow at a rate of 18% every year. In this backdrop, increasing demand in end user applications across construction and packaging sectors is expected to bolster growth of the bio plasticizers market in Asia Pacific.
Bio Plasticizers Market: Competitive Landscape
Key players in the bio plasticizers market are involved in research and development of advanced products and new launches in order to maintain their status quo in the market. For instance, in 2020, Emery Oleochemicals launched EMEROX ester bio plasticizers that offer low water solubility, low viscosity, high thermal stability and good performance in low temperatures. Likewise, in 2021, Cargill launched Biovero, a bio plasticizer that is used in applications such as clothing, plastic films, flooring, cables, sheets and wires.
Similarly, in 2022, Evonik introduced new bio plasticizers for durable products. It launched ELATUR DINCD that reflects high UV resistance and exceptional flexibility in low temperatures. This can be used in applications such as floor coverings, roofing membranes, paints, coatings, adhesives, sealants and textile fabrics. With this addition, Evonik aims to expand its plasticizer portfolio to deliver customized requirements of its clients.
Few of the major players in the bio plasticizers market include Evonik Industries, DUPONT, Emery Oleochemicals, DOW Chemical Company, Bioamber Inc., Polyone Corporation, Myriant Corporation and Vertellus Holdings LLC.
The global bio plasticizers market is segmented as below:
Key Elements Included In The Study: Global Bio Plasticizers Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more