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The Growing Demand For Environment-Friendly Packaging Propels The Bio Plasticizers Market Growth

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ashwini bakhade
The Growing Demand For Environment-Friendly Packaging Propels The Bio Plasticizers Market Growth

Bio plasticizers are used as an alternative to phthalate plasticizers in various applications due to their biodegradable and environmentally friendly properties. They are used to manufacture products like medical devices, wire cables, films and sheets from renewable materials like vegetable oils, starch and cellulose. Bio plasticizers help mimic the functional behavior of traditional phthalates without posing risks to human health and environment. Common types of bio plasticizers include epoxidized soybean oil (ESBO), citrates and glycerol esters which are used in PVC, films and flexible materials.


The global Bio Plasticizers Market is estimated to be valued at US$ 3.21 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


With rising concerns over toxic phthalate plasticizers and stringent regulations against their use, the demand for sustainable and bio-based plasticizers is increasing rapidly worldwide. In the medical sector, bio plasticizers are gaining traction as they help manufacture flexible medical devices and disposables that are non-toxic to living tissues as well as the environment. Growth in packaging industry especially in food and pharmaceutical industries due to rising preference for flexible, sustainable and biodegradable packaging materials containing bio plasticizers is expected to drive the market growth during the forecast period.


Market key trends:

The key trends observed in the global Bio Plasticizers market include growing adoption of bio plasticizers in food packaging industry. The food packaging industry has been shifting towards use of bio-based and biodegradable materials due to stringent regulatory norms limiting use of conventional plastics. Bio plasticizers such as citrates, glycerol, and epoxidized soybean oil (ESBO) offer several advantages including non-toxicity, renewability and biodegradability which make them suitable for food contact applications like flexible films and bags. They also help mimic the functional behavior of phthalates. Expanding packaged food sector globally is expected to boost demand for sustainable plasticizers in flexible food packaging significantly over the forecast period.


Porter’s Analysis


Threat of new entrants: The bio plasticizers market has a moderate threat of new entrants given the moderate capital requirements. However, the market is dominated by few large and established players leading to economies of scale and product differentiation advantages.


Bargaining power of buyers: Individual buyers have low bargaining power due to the fragmented nature of the market and differentiation in product offerings. However, bulk buyers can negotiate on price.


Bargaining power of suppliers: The suppliers have moderate bargaining power given the availability of raw materials and differentiation in product quality.


Threat of new substitutes: There exists a moderate threat from substitutes like phthalate plasticizers given the price and performance advantages offered by substitutes.


Competitive rivalry: The market witnesses high competitive rivalry among existing players due to the presence of many global and regional players offering differentiated products.


Key Takeaways


The Global Bio Plasticizers Market Size is expected to witness high growth over the forecast period supported by increasing regulations on phthalate plasticizers. The global Bio Plasticizers Market is estimated to be valued at US$ 3.21 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.


Regional analysis: Asia Pacific is projected to be the fastest as well as the largest growing regional market for bio plasticizers owing to presence of large manufacturing base and high economic growth in major countries like China and India. The increasing environmental regulations in the region regarding the use of conventional plasticizers will further push the demand for bio-based substitutes in Asia Pacific.


Key players:

Key players operating in the bio plasticizers market are Allphase Clinical Research, AlcheraBio, Alcami, Akos Urgent Care, Agilent, AGC Biologics, Affinity Life Sciences, Inc., Actimus Bio, ACI Clinical, Accumedix, Inc., Absorption Systems, A10 Clinical Solutions, Albuquerque Clinical Trials (ACT), Ajinomoto Bio-Pharma Services, Advanced Clinical Services LLC, ACM Global Laboratories, Accelerated Enrollment Solutions, AbbVie Contract Manufacturing, Advanced BioScience Laboratories, Advanced Clinical Research Institute, and Alliance for Clinical Trials in Oncology, among others.

Get more insights on this topic:

https://www.newswirestats.com/bio-plasticizers-market-trends-size-and-share-analysis/

 

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