Market revenue in 2023 | USD 185.3 million |
Market revenue in 2030 | USD 268.1 million |
Growth rate | 5.4% (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 35.94% in 2023. Horizon Databook has segmented the Mexico 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.
The bio-plasticizers market in Mexico is expected to witness substantial growth over the forecast period owing to the rising demand from key application sectors such as packaging and consumer goods. The growing adoption of bio-plasticizer products in food packaging and agriculture is expected to further propel the demand for bio-plasticizers in the country.
Furthermore, rising environmental concerns related to single-use plastics and the government’s initiatives to reduce global warming and greenhouse gas emissions are expected to provide lucrative opportunities for market growth in the coming years.
This ban is anticipated to create huge demand for environmentally friendly and sustainable materials like bio-plasticizers over the forecast period. In addition, the rising geriatric population in the country is anticipated to create significant demand for bio plasticizers in medical device applications in the coming years.
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