Asia Pacific Bio Plasticizers Market Size & Outlook
Asia Pacific bio plasticizers market, 2018-2030 (US$M)
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Asia Pacific bio plasticizers market highlights
- The Asia Pacific bio plasticizers market generated a revenue of USD 677.4 million in 2023.
- The market is expected to grow at a CAGR of 9.7% from 2024 to 2030.
- In terms of segment, epoxidized soybean oil (esbo) was the largest revenue generating product in 2023.
- Castor oil-based plasticizers is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 677.4 million |
| Market revenue in 2030 | USD 1,293.9 million |
| Growth rate | 9.7% (CAGR from 2023 to 2030) |
| Largest segment | Epoxidized soybean oil (esbo) |
| Fastest growing segment | Castor oil-based plasticizers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Epoxidized soybean oil (ESBO), Castor oil-based plasticizers, Citrates, Succinic Acid, Other Products |
| Key market players worldwide | Avient Corp, Basf SE, Cargill, DIC Corp, Dow Inc, Evonik Industries AG, Lanxess AG, Solvay SA, PTT Global Chemical PCL ADR, Jungbunzlauer Suisse |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 22.2% of the global bio plasticizers market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,293.9 million by 2030.
Epoxidized soybean oil (esbo) was the largest segment with a revenue share of 36.08% in 2023. Horizon Databook has segmented the Asia Pacific bio plasticizers market based on epoxidized soybean oil (esbo), castor oil-based plasticizers, citrates, succinic acid, other products covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is characterized by a large number of skilled labor at low cost coupled with easy land availability for manufacturing industries. The shift in the production landscape of bio-plasticizers toward emerging economies, particularly China and India, is expected to positively influence the market growth in the region over the forecast period.
Rapid industrialization coupled with government support for domestic manufacturing is expected to boost regional production of bio-plasticizers and reduce the dependence on imports, which is expected to present lucrative opportunities for global bio-plasticizers manufacturers.
The growth of the bio-plasticizers market in Asia Pacific was negatively impacted by COVID-19 as there was limited cross-border trade among the economies. However, medical and packaging applications are driving the demand for bio-plasticizer-based plastics in the region on account of the rising demand for face shields, face masks, and personal protective clothing.
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Bio Plasticizers Market Scope
Bio Plasticizers Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific bio plasticizers market size, by country, 2018-2030 (US$M)
Asia Pacific Bio Plasticizers Market Outlook Share, 2023 & 2030 (US$M)
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