The global bio-plasticizers market is estimated to witness a healthy growth, at an estimated CAGR of over 6%, over the forecast period. The major factors driving the growth of the market studied are augmenting demand for flexible PVC and prohibition on phthalate-based plasticizers.
- High cost when compared with typical plasticizers is likely to hinder the markets growth.
- Ongoing research on bio-based plasticizers is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Flooring and Wall Covering
- Bio-Plasticizers help in reducing water requirement and make concrete strong and workable. These are generally organic or a combination of organic and inorganic substances that help reduce water content for workability.
- The quantity of plasticizers added is about 0.1% to 0.4% by weight of cement. This amount reduces 5% to 15% of the water requirement and also leads to the increment of workability from about 3 to 8 cm slump. A plasticizer, in general, entrains less than 2% air.
- Thus, with the growing demand for conservation of water resources, the usage of plasticizers is rapidly increasing in flooring and wall covering.
- Owing to all these factors, the demand for bio-plasticizers is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market Growth
- The Asia-Pacific construction sector is the largest in the world, and is growing at a healthy rate, owing to the rising population, increase in middle-class incomes, and urbanization.
- Increasing infrastructure construction activities and the entry of major players from the European Union into the lucrative market of China have further fueled the industry’s expansion.
- China’s 13th Five Year Plan started in 2016, as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country. The China’s construction industry developed rapidly in the recent past, due to the central government’s push for infrastructure investment, as a mean to sustain economic growth.
- Furthermore, restrictions on foreign investment on land development, high-end hotels, office buildings, international exhibition centers, and construction and operation of large theme parks have also been lifted. The growth in the infrastructure and transportation sectors is expected to boost the bio-plasticizers market in the country, over the forecast period.
The bio-plasticizers market is partially consolidated in nature. Some of the major players in the market include Dow, Evonik Industries AG, LANXESS, Matrica S.p.A., and OXEA GmbH, among others.
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