Bio plasticizers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022,” the global market is projected to hit $1,709 million by 2022, growing at a CAGR of 3.3% from 2016 to 2022, According to a new report published by Allied Market Research. The epoxides type held more than half of the global bio plasticizers industry in 2015.
In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the global bio plasticizers market, with lucrative CAGR and are expected to continue this trend. This is attributed to upsurge in construction & packaging industries, specifically in China, India, Brazil, and other developing economies.
Growth in urbanization & industrialization are the main reasons for growth of the bio plasticizers market in Asia-Pacific.
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Epoxides and glycerol esters are expected to grow at the highest CAGR throughout the analysis period, due to their remarkable properties including non-toxic nature, high efficiency, improved heat stability, lower volatility, and others. These are employed in automotive, adhesive & sealants, paints & coatings, and other end uses.
In 2015, the epoxide bio plasticizers covered maximum share of the market in terms of revenue followed by sebacates-a castor oil based plasticizer. This trend is expected to be followed during the forecast period as well, owing to the superior properties and ease of availability of these bio plasticizers.
Another factor that supports their development is lesser cost compared to other types of bio plasticizers. The main applications employing bio plasticizers include floorings & walls and wires & cables.
Emerging applications of bio plasticizers in various end-user industries and high demand for bio-based & non-phthalate plasticizers in different regions are major factors expected to drive the market growth. However, high cost of these restrain the global bio plasticizers market.
Increase in demand for bio plasticizers for certain products, such as personal care cosmetics, toys, food contact materials, health care commodities, and others, are expected to create growth opportunities for various players in the market. Also, R&D on to obtain beneficial and economical bio plasticizers is anticipated to bring great opportunity for the bio plasticizers market.
Moreover, the wires & cables application segment accounted for second largest market share in 2015, and is expected to grow at the CAGR of 2.7% during the forecast period.
The major companies profiled in the bio plasticizers market include Bioamber Inc., DuPont, DOW Chemical Company, Emery Oleochemicals, Evonik Industries, Lanxess AG, Matrìca S.p.A., Myriant Corporation, PolyOne Corporation, and Vertellus Holdings LLC.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.