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Castor Oil-Based Biopolymer Global Market Report 2022: Growing Electronic Industry and Emerging Use of Castor Oil-Based Biopolymers Presents Opportunities

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Global Castor Oil-Based Biopolymer Market

Global Castor Oil-Based Biopolymer Market
Global Castor Oil-Based Biopolymer Market

Dublin, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The "Castor Oil-Based Biopolymer Market - A Global and Regional Analysis: Focus on End User, Polymer Type, Form, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The global castor oil-based biopolymer market is projected to reach $3,320.9 million by 2031 from $828.3 million in 2022, growing at a CAGR of 16.7% during the forecast period 2022-2031.

The demand for castor oil-based biopolymers is anticipated to grow with the increasing adoption of bio-polyamides from end-user industries such as automotive, household appliances, oil and gas, and others. Furthermore, it is anticipated that during the projected period (2022-2031), the increasing adoption of high-performance bio-polyamides in the automotive industry and growing usage of sustainable biopolymers in sports accessories, such as helmets and shoes, are expected to further fuel the advancement of the global castor oil-based biopolymer market. The advanced characteristics of castor oil-based biopolymers, such as easy processing, chemical resistance, toughness, dimensional stability, and abrasion resistance, support their adoption by a wide range of end users. However, the high cost of castor oil-based biopolymers, frequent fluctuating raw material prices, and dependency on India as only one major castor seed supplier is anticipated to hinder market growth in the upcoming future.

Market Lifecycle Stage

The global castor oil-based biopolymer market is in the growth phase. The rising awareness about biopolymers across the globe, along with stringent government regulations pertaining to supporting a carbon-neutral economy, is expected to drive the demand for sustainable biopolymer solutions. Additionally, growing research and development activities, along with rising investments, are expected to boost market innovations. The adoption of bio-polyamides in various apparel brands is gaining momentum owing to superior characteristics such as extremely breathable, ultra-light, and super stretch product. Moreover, the global castor oil-based biopolymer market is expected to benefit from the growing household appliances industry in developing economies owing to rising disposable income and increasing number of nuclear families, among others.

Industrial Impact

Castor oil-based biopolymers continue to improve the toughness, chemical resistance, aesthetics, and durability of the materials to which they are applied. As a result, castor oil-based biopolymer materials are gaining importance in a variety of end users, including heavy commercial automotives, household appliances, and textiles, among others. One area where the adoption of castor oil-based biopolymer has been rising at a considerable pace is the automotive industry, as castor oil-based biopolymer auto parts are lightweight, thereby enhancing fuel efficiency and minimizing carbon emission. This is expected to create opportunities for both existing market participants and market entrants.

Furthermore, castor oil-based biopolymers have a moderate to high impact on end-user industries; however, in the upcoming future, with increased adoption of high-end household appliances, sustainable textiles, rising automotive production, and other applications, the impact is anticipated to increase.

Report Attribute

Details

No. of Pages

221

Forecast Period

2022 - 2031

Estimated Market Value (USD) in 2022

$828.3 Million

Forecasted Market Value (USD) by 2031

$3320.9 Million

Compound Annual Growth Rate

16.7%

Regions Covered

Global

Market Segmentation

Segmentation 1: by End User

  • Automotive

  • Solar

  • Household Appliances

  • Textile

  • Oil and Gas

  • Others

Segmentation 2: by Polymer Type

  • Bio-Polyamides (Bio-Polyamide 6, Bio-Polyamide 10 and 11)

  • Bio-Polyurethane

  • Others

Segmentation 3: by Form

  • Pellets

  • Yarns

  • Others

Key Market Players

  • Arkema

  • Evonik Industries AG

  • BASF SE

  • EMS-Chemie Holding AG

  • Solvay S.A.

  • Toray Industries, Inc.

  • UNITIKA LTD.

  • RadiciGroup

  • Fulgar SpA

  • DSM

  • DuPont de Nemours, Inc.

  • Mitsui Chemicals Inc.

  • Nexis Fibers

  • VAUDE Sport GmbH & Co. KG

  • EOS GmbH

  • AWAKE CONCEPT

  • NEUBAU EYEWEAR gmbh

  • Lanxess AG

  • BIO-FED

  • Asahi Kasei Corporation

Key Topics Covered:

1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Growing Electronic Industry and Emerging Use of Castor Oil-Based Biopolymers
1.1.1.2 Growing Awareness about Sustainability and Biopolymers
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Growing Automotive Industry across the Globe
1.2.1.2 Rising Demand for High-Performance Polyamide Yarns in Textile Industry
1.2.1.3 Advanced Chemical and Mechanical Properties of Castor Oil-Based Biopolymers
1.2.2 Business Challenges
1.2.2.1 Dependency Only on India for Crop Cultivation of Castor Beans
1.2.2.2 High Cost and Rising Price Volatility of Raw Materials
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Business Opportunities
1.2.4.1 Emerging Additive Manufacturing Sector and Use of Castor Oil-Based Biopolymer Powders in 3D Printing
1.2.4.2 Emerging Self-Driving/Autonomous Vehicles Industry

2 Application

3 Products

4 Regions

5 Markets - Competitive Benchmarking & Company Profiles

6 Research Methodology

For more information about this report visit https://www.researchandmarkets.com/r/3tto6b

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