The Global Castor Oil-Based Biopolymer Market Size is valued at 833.34 million in 2022 and is predicted to reach 3140.03 million by the year 2031 at a 16.06% CAGR during the forecast period for 2023-2031.
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.
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 2021. 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 2022 |
USD 833.34 Mn |
|
Revenue forecast in 2031 |
USD 3140.03 Mn |
|
Growth rate CAGR |
CAGR of 16.06 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (KT), and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
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. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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