Market revenue in 2023 | USD 279.1 million |
Market revenue in 2030 | USD 575.2 million |
Growth rate | 10.9% (CAGR from 2023 to 2030) |
Largest segment | Epoxidized soybean oil (esbo) |
Fastest growing segment | Castor oil-based plasticizers |
Historical data | 2018 - 2022 |
Base year | 2023 |
Forecast period | 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 |
Epoxidized soybean oil (esbo) was the largest segment with a revenue share of 35.01% in 2023. Horizon Databook has segmented the China 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.
China dominated Asia Pacific bio-plasticizers market, in terms of both revenue and volume, in 2020. The market in China is anticipated to witness significant growth over the forecast period owing to the rising demand for the product in applications including packaging, automotive & transport, agriculture, consumer goods, building & construction, and textiles.
China is one of the prominent consumers of non-alcoholic beverages across the globe, which, in turn, contributes to the demand for bio-plasticizers in packaging industry. The country is also one of the biggest consumers of packaged food products including fresh food, ready-to-eat food, and processed food, which further paves the way for the use of bio-plasticizers in packaging applications.
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