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Castor Oil-Based Biopolymer Market

Castor Oil-Based Biopolymer Market Size, Share & Trends Analysis Report By End-User (Automotive, Solar, Household Appliances, Textile, Oil And Gas), Polymer Type (Bio-Polyamides (Bio-Polyamide 6, Bio-Polyamide 10 And 11), Bio-Polyurethane) And Foam (Pellets, Yarns), By Region, And Segment Forecasts, 2024-2031

Report ID : 1693 | Published : 2024-06-17 | Pages: 180 | Format: PDF/EXCEL

The Global Castor Oil-Based Biopolymer Market Size is valued at 962.51 million in 2023 and is predicted to reach 3,169.05 million by the year 2031 at a 16.12% CAGR during the forecast period for 2024-2031.

Castor oil is utilized as a bio-based raw material for manufacturing biodiesel since it is non-edible and has a different chemical structure. Increased consumption of the product as biodiesel feedstock is expected to drive demand. Liquid biofuels are utilized as substitute fuels in many types of combustion engines that run on diesel, kerosene, and gasoline, as well as in passenger vehicles such as airplanes, ships, and trucks. Biodiesel, a liquid biofuel derived from animal fats or vegetable oils, is used in diesel engines or blended with diesel oil. The growing global awareness of biopolymers and severe government laws aimed at promoting a carbon-neutral economy will likely stimulate demand for sustainable biopolymer solutions. 

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India, Brazil, and China are the world's top producers of castor oil. The COVID-19 outbreak significantly harmed Castor oil production in these countries due to limited or no access to manufacturing facilities, limited feedstock, and a workforce. Supply chain disruptions and decreased output contributed to the export slump. According to The Solvent Extractors Association of India and worldwide industry experts, global demand and export of castor oil may plummet by 10-30% due to the pandemic. 

Recent Developments:

  • In October 2022, Toray Industries, Inc. developed the "Ultrasuede nu" polyester-based headrest cover. The scrim, elastomer, and ultra-fine fibers components comprise the cover. The elastomer is made of a polyurethane material based on castor oil. 

Competitive Landscape:

Some of the castor oil-based biopolymer market players are:

  • 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

Market Segmentation:

The castor oil-based biopolymer market is segmented based on end-user, polymer type and foam. Based on end-user, the market is categorized as automotive, solar, household appliances, textile, oil and gas, and others. By polymer type, the market is segmented into bio-polyamides (Bio-Polyamide 6, Bio-Polyamide 10 and 11), bio-polyurethane, and others. The form segment includes pellets, yarns, and others.

Based On Product, The Pellets Segment Is A Major Contributor To The Castor Oil-Based Biopolymer Market

The pellets category will hold a major share of the global castor oil-based biopolymer market in 2024. It is widely used in producing pellets due to its performance advantages, such as durability, hydrophobicity, flexibility, and low melting points. In contrast to crude oil, the product is heavily exploited as a raw resource for plastics manufacture. It is also utilized in the textile sector as an alternative to recycled plastics.

Bio-Polyimides Segment Witnessed Growth At A Rapid Rate

The bio-polyamide segment is projected to grow rapidly in the global castor oil-based biopolymer market. Polyamide resin, a castor oil-based resin, has exceptional features such as high-temperature performance, toughness, flexibility, rigidity, chemical resistance, strong adhesive, and formulation latitude. As a result, castor oil has become a key element in epoxy and polyamide resin formulas. Its modified resins are widely used in the paints and coatings industry.

In The Region, Asia Pacific Castor Oil-Based Biopolymer Market Holds A Significant Revenue Share

Asia Pacific castor oil-based biopolymer market is expected to register the highest market share in revenue in the near future. The growth in consumption and production of the commodity is related to the increase in demand. Castor seeds are grown in India, Myanmar, Vietnam, Pakistan, Cambodia, Thailand, Bangladesh, the Philippines, Indonesia, Japan, China, and South Korea. Castor seeds were traditionally produced in the wilds of Asia Pacific, and many countries in the region have begun to make considerable efforts to grow castor seeds commercially in the last decade. Moreover, Europe is the world's second-largest user of castor oil, with considerable imports from India, Brazil, Malaysia, Mexico, and China. The leading importing countries were France, the Netherlands, Germany, Belgium, Italy, and the United Kingdom. 

Castor Oil-Based Biopolymer Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 962.51 Mn

Revenue forecast in 2031

USD 3,169.05 Mn

Growth rate CAGR

CAGR of 16.12% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Million, Volume (KT), and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

End-User, Polymer Type And Foam

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Cargill Inc., BASF SE, Bio-Kleen Products, Inc., Balfour Beatty PLC, DuPont Industrial, 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, and Asahi Kasei Corporation.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Castor Oil-based Biopolymer Market Snapshot

Chapter 4. Global Castor Oil-based Biopolymer Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Polymer Type Estimates & Trend Analysis
5.1. by Polymer Type & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Polymer Type:

5.2.1. Bio-Polyamides
5.2.1.1. Bio-Polyamide 6
5.2.1.2. Bio-Polyamide 10 and 11
5.2.2. Bio-Polyurethane
5.2.3. Others

Chapter 6. Market Segmentation 2: by Form Estimates & Trend Analysis
6.1. by Form & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Form:

6.2.1. Pellets
6.2.2. Yarns
6.2.3. Others

Chapter 7. Market Segmentation 3: by End-user Estimates & Trend Analysis
7.1. by End-user & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-user:

7.2.1. Automotive
7.2.2. Solar
7.2.3. Household Appliances
7.2.4. Textile
7.2.5. Oil and Gas
7.2.6. Others

Chapter 8. Castor Oil-based Biopolymer Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Polymer Type, 2023-2031
8.1.2. North America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Form, 2023-2031
8.1.3. North America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-user, 2023-2031
8.1.4. North America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

8.2. Europe

8.2.1. Europe Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Polymer Type, 2023-2031
8.2.2. Europe Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Form, 2023-2031
8.2.3. Europe Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-user, 2023-2031
8.2.4. Europe Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Polymer Type, 2023-2031
8.3.2. Asia Pacific Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Form, 2023-2031
8.3.3. Asia-Pacific Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-user, 2023-2031
8.3.4. Asia Pacific Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

8.4. Latin America

8.4.1. Latin America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Polymer Type, 2023-2031
8.4.2. Latin America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Form, 2023-2031
8.4.3. Latin America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-user, 2023-2031
8.4.4. Latin America Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Polymer Type, 2023-2031
8.5.2. Middle East & Africa Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Form, 2023-2031
8.5.3. Middle East & Africa Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-user, 2023-2031
8.5.4. Middle East & Africa Castor Oil-based Biopolymer Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles


9.2.1. Arkema
9.2.2. Evonik Industries AG
9.2.3. BASF SE
9.2.4. EMS-Chemie Holding AG
9.2.5. Solvay S.A.
9.2.6. Toray Industries, Inc.
9.2.7. UNITIKA LTD.
9.2.8. RadiciGroup
9.2.9. Fulgar SpA
9.2.10. DSM
9.2.11. DuPont de Nemours, Inc.
9.2.12. Mitsui Chemicals Inc.
9.2.13. Nexis Fibers
9.2.14. VAUDE Sport GmbH & Co. KG
9.2.15. EOS GmbH
9.2.16. AWAKE CONCEPT
9.2.17. NEUBAU EYEWEAR gmbh
9.2.18. Lanxess AG
9.2.19. BIO-FED
9.2.20. Asahi Kasei Corporation
9.2.21. Other Prominent Players

 

Segmentation of Castor Oil-Based Biopolymer Market-

Castor Oil-Based Biopolymer Market By End-User-

  • Automotive
  • Solar
  • Household Appliances
  • Textile
  • Oil and Gas
  • Others 

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Castor Oil-Based Biopolymer Market By Polymer Type-

  • Bio-Polyamides
    • Bio-Polyamide 6
    • Bio-Polyamide 10 and 11
  • Bio-Polyurethane
  • Others

Castor Oil-Based Biopolymer Market By Form-

  • Pellets
  • Yarns
  • Others

Castor Oil-Based Biopolymer Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Castor Oil-Based Biopolymer Market?

Castor Oil-Based Biopolymer Market expected to grow at a 16.12% CAGR during the forecast period for 2024-2031

Cargill Inc., BASF SE, Bio-Kleen Products, Inc., Balfour Beatty PLC, DuPont Industrial, Arkema, Evonik Industries AG, BASF SE, EMS-Chemie Holding AG,

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