U.S. Bio Plasticizers Market Size, Share & Trends Analysis Report By Type (Epoxidized Soybean Oil, Castor Oil-based Plasticizers), By Application (Packaging Materials, Consumer Goods, Automotive & Transport),- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2033

U.S. Bio Plasticizers Market Size and Trends

The U.S. bio plasticizers market size was exhibited at USD 529.75 million in 2023 and is projected to hit around USD 1,186.76 million by 2033, growing at a CAGR of 8.4% during the forecast period 2024 to 2033.

U.S. Bio Plasticizers Market Key Takeaways:

• The packaging material segment dominated the market, accounting for the largest revenue share of 34.46% in 2023. 
• Epoxidized soybean oil (ESBO) accounted for the largest market share of 36% in 2023.
• Castor Oil-Based Plasticizers held a significant market share in 2023.

Report Scope of U.S. Bio Plasticizers Market

The surge in demand for bio-based packaging in the food and consumer goods sectors is driving the growth of bio plasticizers. These eco-friendly plastics are more convenient to use and have a higher tensile strength than traditional plastics, and are becoming increasingly popular. Moreover, the adoption of sustainable manufacturing practices in the plastic industry is expected to have a positive economic impact, promote resource efficiency, reduce waste and pollution, and open up new avenues for innovation and growth.

Plasticizers are compounds that are added to a polymer matrix to enhance its chemical properties, increase its flexibility, and facilitate its processing. They reduce the brittleness of the material and impart softness and plasticity. Bio-plasticizers, which are derived from natural and renewable sources such as soybean oil, castor oil, starch, and stearic acid, are typically used to make polymers more pliable and workable. The addition of bio-plasticizers can lower the melt viscosity, glass transition temperature, and elastic modulus of the polymer, thereby improving its characteristics for specific applications.

Bio plasticizers are used in a variety of industries, including automotive, construction, healthcare, and packaging. In the automotive industry, they are used to enhance the flexibility and durability of various plastic components, such as PVC-based interiors, wiring insulation, and gaskets. They also improve the performance of automotive materials, making them more resistant to temperature fluctuations and mechanical stress. The growing focus on lightweight materials and sustainability in the automotive industry complements the use of bio plasticizers.

The increasing sustainability concerns among plastic manufacturers and the rising demand for eco-friendly plastics across various end-user industries are driving the plasticizers industry. With growing global concerns over climate change, the focus on sustainability is intensifying. Plastics are used in a wide range of industries, including packaging, healthcare, building & construction, logistics, aviation, textiles, and others, leading to an increased demand for sustainable practices in the long run, considering the environmental and social impacts. Furthermore, sustainable practices in plastic manufacturing are expected to have a positive economic impact, promote resource efficiency, reduce waste and pollution, and create new opportunities for innovation and growth.

U.S. Bio Plasticizers Market By Application Insights

The packaging material segment dominated the market, accounting for the largest revenue share of 34.46% in 2023. This growth is attributed to the rising consumer preference for sustainable packaging and the increasing issues of landfill pollution globally, leading to a surge in the adoption of packaging products made from bio-plasticizers. Moreover, the strict prohibition on single-use plastics in several U.S. states like New York, California, and Hawaii, is significantly boosting the demand for bio-plasticizer-based plastics in the packaging sector. These bio-plasticizer-based plastics are extensively used in various packaging applications such as food & beverage packaging, personal care packaging, films & sheets, and household care products packaging.

The consumer goods segment also held a substantial revenue share in 2023. Major consumer goods manufacturers are transitioning from traditional plastics to biodegradable plastics to minimize their carbon footprint. Therefore, the manufacturers' growing preference for biodegradable plastics is expected to provide numerous growth opportunities for the global manufacturers of bio-plasticizer-based plastics.

The automotive & transport segment saw substantial growth in 2023. In the automotive industry, bio-plasticizer-based plastics are used in applications like under-the-hood components and interior parts. Bioplastics, due to their high bio-based content, are highly effective in reducing the carbon footprint. They provide impact resistance, UV resistance, high gloss, excellent color ability, and dimensional stability. The use of bio-plasticizers contributes to reducing the overall weight of a vehicle, thereby decreasing the overall transportation costs. All these factors are expected to boost the demand for bio-plasticizer-based plastics in the automotive industry in the future years.

U.S. Bio Plasticizers Market By Type Insights

Epoxidized soybean oil (ESBO) accounted for the largest market share of 36% in 2023. This growth is due to several factors such as environmental and health concerns, and regulatory requirements associated with traditional plasticizers. The demand for ESBO has been positively influenced by the increasing awareness of the environmental and health effects of conventional plasticizers. As a result, manufacturers are progressively shifting towards bio-based alternatives. ESBO, a plasticizer derived from soybean oil, is used to enhance the flexibility and durability of plastic materials, particularly those containing polyvinyl chloride (PVC), which are used in various industries such as construction, packaging, and consumer goods.

Castor Oil-Based Plasticizers held a significant market share in 2023, due to their unique chemical composition, which allows them to be used in a range of industrial processes, including the production of bio-based plasticizers. The demand for bio-plasticizers derived from castor oil has increased due to their sustainable sourcing, non-toxicity, biodegradability, and high performance.

In addition, Succinic Acid saw substantial growth in the market in 2023. Succinic acid, derived from various renewable sources, with corn and sugarcane being the most commonly used, is ideal for manufacturers focusing on environmental sustainability. Numerous countries have implemented regulations to limit the use of certain types of plasticizers, especially those derived from petroleum or containing harmful chemicals. This has resulted in an increased demand for alternative plasticizers, including those based on succinic acid.

U.S. Bio Plasticizers Market Recent Developments

• In February 2024, Cargill made a strategic investment in two processing plants to boost its production and distribution of ready-for-sale beef and pork to retailers in the Northeast region of the U.S. This move was in response to the growing consumer demand for affordable and convenient protein options. The company acquired ready-for-sale meat facilities in North Kingstown, R.I., and Camp Hill, Penn. from Infinity Meat Solutions, a subsidiary of Ahold Delhaize USA. This investment is expected to strengthen Cargill's ongoing partnership with Ahold Delhaize USA companies and enable it to offer high-quality ready-for-sale products to new retail customers.
  
  
• In January 2024, Avient Corporation, a prominent player in the provision of specialized and sustainable material solutions and services, showcased its range of bio-based polymer solutions at Pharmapack 2024, a leading European trade show for the pharmaceutical packaging and drug delivery device industry. The solutions include bio-based polymer colorants, additives, and bio-derived thermoplastic elastomers with lower product carbon footprint (PCF) values, validated by Avient’s PCF Calculator that is certified by TÜV Rheinland for ISO 14067 compliance.
  
  
• In May 2023, Dow Inc. and New Energy Blue entered into a long-term supply agreement in North America. As per the agreement, New Energy Blue will produce bio-based ethylene from renewable agricultural residues, which Dow intends to purchase. This bio-based ethylene is expected to reduce carbon emissions from plastic production and find use in recyclable applications across various sectors like transportation, footwear, and packaging. This agreement is a crucial part of Dow's strategy to develop material ecosystems that value, source, and transform waste into circular products. By partnering with leading technologies and partners for waste collection, reuse, and recycling, Dow is facilitating the scaling of global material ecosystems.

Some of the prominent players in the U.S. bio plasticizers market include:

• Avient Corporation
• Cargill, Incorporated
• Dow, Inc.
• ACS Technical Products
• Emery Olechemicals
• Valtris Specialty Chemicals
• PolyOne Corporation
• Vertellus LLC.
• Mayriant Corporation

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. bio plasticizers market

Type

• Epoxidized Soybean Oil (ESBO)
• Castor Oil-Based Plasticizers
• Citrates
• Succinic Acid
• Others

Application

• Packaging Materials
• Consumer Goods
• Automotive & transport
• Building & construction
• Textiles
• Agriculture & Horticulture
• Others