Bio-Plasticizers Market Foreseen to Grow Exponentially by 2023
Global Bioplasticizers Market: Overview
Bioplasticizers are biologically derived substances added to polymers to make them more pliable and workable. Plasticizers are essential to modify a polymer’s characteristics to suit the particular application in which it is going to be used. The rising awareness about the adverse effects of using conventional plasticizers has led several key consumers of polymers to switch to bioplasticizers, leading to a steady surge in the global bioplasticizers market. This is likely to be the key driver for the global bioplasticizers market in the coming years.
The report elaborates upon the workings of the global bioplasticizers market in detail by assessing it from the geographical, economic, and competitive perspective. The key factors aiding and hindering the development of the bioplasticizers market are discussed in detail in the report. Production and consumption figures for the key regional markets for bioplasticizers are also given in the report in order to provide readers with a comprehensive view of the market.
Global Bioplasticizers Market: Drivers and Restraints
The key driver for the global bioplasticizers market is the awareness about the health risks of conventionally used plasticizers, such as phthalates. Phthalates are readily soluble in organic solvents such as saliva, which makes them dangerous when used in objects that come in close proximity to infants. If ingested, they can hamper the development of infants considerably, while adults may also face adverse effects from overexposure to phthalates. The lack of such concerns is thus a key driver for the global bioplasticizers market, as polymers treated with bioplasticizers can be used in a wider range of applications, including food packaging and medical products.
Medical devices, packaging materials, and consumer goods comprise some of the leading application segments of the global bioplasticizers market. The steady research environment backing these three sectors means the bioplasticizers industry could enjoy a consistent rise in demand in the coming years.
The use of bioplasticizers in widely popular polymers such as PVC is likely to remain a crucial driver for the global bioplasticizers market in the coming years. Polymers like PVC are virtually unusable without the application of additives, but are used in a wide range of applications once prepared. The steady development of safer and more effective bioplasticizers has also boosted the market for polymers such as PVC, which has further driven research into polymer design.
Global Bioplasticizers Market: Geographical and Competitive Dynamics
Due to the sustained expansion and technological advancement of the medical devices and consumer goods industries, North America is the leading regional contributor to the global bioplasticizers market. The booming healthcare industry in North America is a key factor responsible for the sustained growth of the bioplasticizers market in North America, as this has raised the funding available to the polymer industry. North America and Europe are likely to remain the prime regional segments of the bioplasticizers market in the coming years.
Another factor driving the consumption of bioplasticizers in developed regions such as North America and Europe is the steady government support to environment-friendly initiatives, which includes replacing conventional plasticizers with bioplasticizers. Due to their organic composition, bioplasticizers are entirely biodegradable, which constitutes a significant advantage over conventional inorganic plasticizers.
However, the rising demand for consumer goods, medical materials, and wires and cables in developing regions such as Asia Pacific and the Middle East is also likely to remain a key driver for the global bioplasticizers market in the coming years. Emerging economies such as the UAE and Brazil could thus play a significant role in the trajectory of the global bioplasticizers market in the coming years.
Impact Assessment of COVID-19 Outbreak on Bio-Plasticizers Market
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