PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1181684
PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1181684
“Global Castor Oil-Based Biopolymer Market to Reach $3,320.9 Million by 2031.”
The global castor oil-based biopolymer market is projected to reach $3,320.9 million by 2031 from $741.3 million in 2021, 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.
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.
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.
COVID-19 had a considerable impact on the global castor oil-based biopolymer market owing to country-wide lockdowns, labor shortages, temporary shutdown of manufacturing sites, and disruptions in supply chains globally. The lockdowns imposed by the governments significantly reduced automotive production, thereby further shown adverse impact on the market. China is one of the major consumers of castor oil-based biopolymer and zero covid policy adopted by the country has shown sever adverse impact on raw material supply chain. The global demand for castor oil-based biopolymers have been adversely impacted by these downturns in the end-user industries. However, the market is expected to recover with growing automotive industry gradually over the forecast period.
Based on the end user, the automotive segment dominated the castor oil-based biopolymer market in 2021 and is expected to showcase considerable growth, owing to rising sales of passenger cars across the globe.
Among different polymer types, bio-polyamides are anticipated to lead the market during the forecast period (2022-2031).
The global castor oil-based biopolymer market is estimated to be led by pellets in terms of form.
In the global castor oil-based biopolymer market, China and Asia-Pacific and Japan are estimated to gain traction in castor oil-based biopolymer production, owing to the continuous growth in automotive production and the presence of key manufacturers in the regions.
Following are the demand drivers for the global castor oil-based biopolymer market:
The market is expected to face some limitations as well due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, and market penetration.
The global castor oil-based biopolymer market has been segmented by different polymer types, among which bio-polyamides captured around 98.28% of the market as of 2021. The bio-polyamides segment is further bifurcated into bio-polyamide 6 and bio-polyamide 10 & 11. The bio-polyamide 6 accounted for 10.81%, and bio-polyamide 10 and 11 accounted for 87.47%. Other polymer types, including bio-polyurethane, accounted for around 1.12%, and other polymer types accounted for 0.6% of the total demand in 2021 in terms of value.
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