Bio-Plasticizers Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)
The bio-plasticizers market is projected to register a CAGR of over 6% during the forecast period.
COVID-19 negatively impacted the market in 2020. During the pandemic, construction activities were temporarily halted due to the government-imposed lockdown. This led to a decrease in the consumption of bio-plasticizers based on flooring and wall coverings, wires, and cables, which, in turn, negatively impacted the demand for bio-plasticizers. However, the demand for packaging from the food and e-commerce segment significantly increased during this situation, which, in turn, stimulated the demand for packaging materials made up of bio-plasticizers, thus, enhancing the market growth.
Key HighlightsThe bio-plasticizers market is partially consolidated in nature. Some major players in the market include (not in any particular order) Dow, Evonik Industries AG, LANXESS, Matrica SpA, and OQ Chemicals GmbH, among others.
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