InsightAce Analytic announces the release of a market assessment report on the “Global 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)- Market Outlook And Industry Analysis 2031”
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.
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Castor oil and its derivatives are multifunctional compounds extensively used in producing paints, lubricants, coatings, cosmetics, medications, and other products. These derivatives are gaining popularity because of their exceptional chemical properties. Major ingredient manufacturers are introducing castor oil-based compounds to leverage the potential of the green chemical market.
Additionally, it is anticipated that the castor oil-based increased investment and research and development activities will enhance the biopolymer market. The utilization of bio-polyamides in various apparel companies is increasing due to their exceptional properties, including their ultra-lightweight, super stretch, and highly breathable nature. Furthermore, the global castor oil-based biopolymer market is expected to benefit from the growing home appliances industry in developing nations due to factors such as an increase in nuclear families and rising disposable income.
List of Prominent Players in the Castor Oil-Based Biopolymer Market:
• Arkema
• DuPont de Nemours, Inc.
• Mitsui Chemicals Inc.
• Nexis Fibers
• VAUDE Sport GmbH & Co. KG
• Asahi Kasei Corporation
• Evonik Industries AG
• BASF SE
• EMS-Chemie Holding AG
• Solvay S.A.
• Toray Industries, Inc.
• UNITIKA LTD.
• RadiciGroup
• Fulgar SpA
• DSM
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Market Dynamics:
Drivers-
Due to their distinctive fatty acid composition, castor oil and its derivatives possess substantial advantages over other vegetable oils. The applications of cotton, coconut, soy, corn, and rapeseed oil are predominantly restricted to food purposes. Castor oil derivatives are renewable, natural, and adaptable in their physicochemical properties. Consequently, these products are critical primary materials in diverse applications, such as lubricants, oleo-chemicals, medical, cosmetics, pharmaceuticals, and bioenergy. The market is expected to experience a consistent increase in the future due to the increasing global influence of green chemicals.
Challenges:
Castor oil is a feedstock for the manufacture of various derivatives. Temperature, light, rainfall, soil properties, latitude, and altitude are all factors that influence castor oil yield. The yield determines the price of castor oil. The volatile pricing has an impact on downstream production and demand for castor oil derivatives, lowering profit margins. Yet, the fast adoption of modern agricultural practices supported by government legislation will boost the oil business soon.
Regional Trends:
The revenue share of the Asia Pacific castor oil-based biopolymer market is anticipated to be significant. It is expected to expand at a high compound annual growth rate shortly. Due to the abundance of castor seeds, India has emerged as a producer and exporter of castor oil and its derivatives, including undecylenic acid, dehydrated castor oil, castor wax, and 12-hydroxy stearic acid. India’s main export destinations are the European Union, the United States, and China. The Solvent Extractors Association of India reports that China is responsible for over 40% of Indian castor oil exports, with Europe at 30-35%. Europe was the second-largest consumer of castor oil derivatives. The market is expected to experience a significant increase in the near future as a result of the increased adoption of bio-based compounds and the favourable government policies that surround their use.
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Recent Developments:
• In October 2022, the “Ultrasuede” headrest cover, which is composed of polyester, was created by Toray Industries, Inc. The scrim, elastomer, and ultra-fine fibre components are the components of the cover. The elastomer is composed of a polyurethane material derived from castor oil.
Segmentation of Castor Oil-Based Biopolymer Market-
By Polymer Type-
• Bio-Polyamides
• Bio-Polyamide 6
• Bio-Polyamide 10 and 11
• Bio-Polyurethane
• Others
By End-User-
• Automotive
• Solar
• Household Appliances
• Textile
• Oil and Gas
• Others
By Form-
• Pellets
• Yarns
• Others
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
• Southeast 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
Details insights on this market: https://www.insightaceanalytic.com/report/castor-oil-based-biopolymer-market/1693
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This release was published on openPR.
