Jan 17, 2021 (Heraldkeepers) -- Market Overview:
Plasticizers are additives used to increase or decrease the viscosity and to alter the physical properties of a material by reducing the attraction between polymer chains. The global bio plasticizers market was valued at USD 908 Million in 2016 and is projected to reach USD 1,900 million in 2022. The market is expected to grow at a CAGR of 10.02 % during the forecasted period of 2016 to 2022.Growing demand for plastics owing to application expanse expected to drive a substantial demand
Environmental regulations and attractive benefits such as renewable nature expected to drive a positive market
Government regulations such as the registration, evaluation, authorization, and restriction of chemicals act (REACH) promoting the use of eco-friendly chemicals and restrictions on harmful chemicals is a strong driver of Europe and North America markets. The implementing of regulations such as the Clean Air Act is a further stimulant of the market.
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The high cost of bioplastics and fluctuations in stock materials owing to organic nature is a restraint on the market. The concerns of food security due to use of organic material for plastic production needs to be mitigated.
The prominent players in the market include The Dow Chemical Company, Bioamber Inc., Myriant Corporation, Emery Oleochemicals Llc, Vertellus Specialties Inc., Lanxess Ag Evonik Industries, Danisco Us Inc., Solvay S.A., Polyone Corporation, Matrica Spa, and others.
North America accounts for the significant market share due to the growing demand for bio-based products primarily in the paper, packaging, textiles, and other industries. The increasing production of acrylonitrile butadiene, ethyl vinyl acetate, and styrene based materials is driving the market of this region. Government incentives have propelled Europe to the second position. Europe is the largest producer of biofuels has further stimulated the demand. Europe is led by Germany, France, and the U.K. and is expected to become the largest market due to the implementation of guidelines of Environmental Agency (EPA) and the Regulation for Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) to substitute petroleum derived materials in end-uses by ecofriendly products.
Asia Pacific region led by China and India is anticipated to account for the fastest growth due to rapid industrial growth and end-use industries. The Middle East and Africa are expected to be led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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