PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270326
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270326
Eco-Friendly Plasticizers Market size was valued at USD 1,405.1 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
Polymers require the addition of chemical additives known as plasticizers to attain desirable mechanical properties, such as processability and ductility. The process of plasticization involves the association of plasticizer and polymer molecules, resulting in the desired properties. Due to health concerns, depletion of crude resources, and other factors, there is a gradual shift towards eco-friendly plasticizers in the plastic industry. These plasticizers are mainly derived from biomass sources like agricultural products, by-products, and waste. Regardless of the source, eco-friendly plasticizers should be non-toxic, highly resistant to leaching, effective, miscible, and relatively low-cost. Eco-friendly plasticizers like epoxidized plant oils, cardanol, citrates, and Isorbide esters are derived from oil and triglyceride modifications, starch and cellulose, citric acids, and glycerol.
Eco-Friendly Plasticizers Market- Market Dynamics
In the current market, there are numerous options for plasticizers with a wide range of attributes to meet specific material requirements. However, the use of traditional plasticizers has raised concerns and controversies due to their negative environmental impact and adverse effects on human health. These issues have brought into question the widespread application of plasticizers, as their toxicity problems and the migration of compounds pose a significant risk. To address these concerns, the use of eco-friendly plasticizers has emerged as a beneficial alternative due to their low toxicity levels and almost zero migration. The development of eco-friendly plasticizers has motivated research in various academic and industrial areas, with a focus on their compatibility with different plastics, resins, rubbers, and other materials.
To cater to the demand for environmentally friendly plasticizers, suppliers are introducing bio-based alternatives to replace phthalates plasticizers. This shift towards bio-based plasticizers presents a crucial opportunity for market players to capitalize on. By focusing on introducing safer alternatives, the plasticizers industry can align with efforts to promote sustainable practices in the industry and protect the environment and human health.
In response to growing concerns about carbon emissions and environmental degradation, governments worldwide, both in developed and developing countries are increasingly focusing on promoting the use of renewable energy sources. This support takes the form of subsidies and special incentives to renewable energy generation players. With such governmental aid, coupled with the growing global demand for energy, particularly in developing economies such as China and India, the eco-friendly plasticizers market is expected to grow at a healthy rate.
The Global Eco-Friendly Plasticizers Market is segmented on the basis of Product Type, Application and Region.
By product type, the market can be segmented into epoxidized soybean oil (ESBO), castor oil-based plasticizers, citrate, succinic acid, and others. ESBO is the most commonly used eco-friendly plasticizer due to its excellent compatibility with a range of polymers and its low cost compared to other eco-friendly plasticizers. Castor oil-based plasticizers are also gaining popularity due to their high efficiency and non-toxicity.
By application, the market can be segmented into packaging, medical devices, construction materials, automotive, and others. Packaging is the largest application segment due to the high demand for eco-friendly packaging solutions that can reduce the impact of plastic waste on the environment. Medical devices are also a significant application segment due to the need for non-toxic and biocompatible plastic products in the healthcare industry.
Eco-Friendly Plasticizers Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Asia-Pacific region currently dominates the eco-friendly plasticizers market due to the presence of a large manufacturing base and increasing demand for sustainable products in the region. Europe and North America are also significant markets due to their strong regulatory environment and growing awareness of environmental sustainability.
The eco-friendly plasticizers market can be segmented based on product type, application, and geography. This reflects the wide range of products and industries that use eco-friendly plasticizers, as well as the diverse needs and requirements of different regions. Companies in the market are focusing on developing innovative and sustainable products that meet the needs of specific applications and regions, while also responding to evolving customer demand and regulatory standards.
The eco-friendly plasticizers market is highly competitive, with a range of global and regional players operating in the market. These companies are investing in research and development to create new and innovative eco-friendly plasticizers that meet the growing demand for sustainable plastic products.
In addition to product development, companies in the market are also focusing on strategic partnerships and collaborations to expand their market presence and reach. For example, in 2019, Vertellus Holdings LLC collaborated with BioAmber to develop a new range of eco-friendly plasticizers based on succinic acid. Similarly, in 2020, Lanxess AG entered into a partnership with a Chinese company, CPIC, to produce and market eco-friendly plasticizers in China.
This proposed research study on Eco-Friendly Plasticizers Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Eco-Friendly Plasticizers Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Eco-Friendly Plasticizers Market
Impact of COVID-19 on Eco-Friendly Plasticizers Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Eco-Friendly Plasticizers Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Eco-Friendly Plasticizers Market, we have also included competitive landscape and key innovator analysis for the Eco-Friendly Plasticizers Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Eco-Friendly Plasticizers Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Eco-Friendly Plasticizers Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL ECO-FRIENDLY PLASTICIZERS MARKET KEY PLAYERS
Dow Chemical Company
Evonik Industries AG
Vertellus Holdings LLC
Lanxess AG
Eastman Chemical Company
Arkema S.A.
PolyOne Corporation
BASF SE
BioAmber Inc.
DIC Corporation
Perstorp Holding AB
KLJ Group
Emery Oleochemicals
ExxonMobil Corporation
Shandong Qilu Plasticizers Co., Ltd.
GLOBAL ECO-FRIENDLY PLASTICIZERS MARKET, BY PRODUCT TYPE
Di-isononyl Phthalate (DINP)
Dipropyl Heptyl Phthalate (DPHP)
Dioctyl Terephthalate (DOTP)
Others
GLOBAL ECO-FRIENDLY PLASTICIZERS MARKET, BY APPLICATION
Plastics
Adhesive
Resin
Medical Devices
Others
GLOBAL ECO-FRIENDLY PLASTICIZERS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA