Growing demand from Automotive Industry is expected to drive the Castor Oil-Based Biopolymer market in the forecast period 2024-2028
According to TechSci Research report, “Castor Oil-Based Biopolymer Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The Global Castor Oil-Based Biopolymer Market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028. A significant factor fueling the growth of the Castor Oil-Based Biopolymer market is the increase in its use in automotive industries due to its advanced characteristics and adequate properties. The use of biopolymers is expected to expand in the next years due to increased demand for lightweight material, abrasion, and chemical resistance, and easily degradable, which will further fuel the expansion of the castor oil-based biopolymer market. For instance, in March 2022, Nexis Fibers showcased its semi-biobased polyamide filaments products made with 63% of castor oil. in Techtextil, an international trade fair for technical textiles and nonwovens. The need for the expansion of the castor oil-based biopolymer market will be fueled by the sports industry due to increasing demand for sporting goods like shoes, and helmets.
Furthermore, the market is being further stimulated by the extensive use of Castor Oil-Based Biopolymer in textile, oil & gas industry, and household appliances.
However, fluctuations in the raw material cost can slow down the market growth. Also, growing concerns regarding dependence on specific region crops can further slowdown the market growth.
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Global Castor Oil-Based Biopolymer Market is segmented based on polymer type, form, end user, and region.
Based on polymer type, the market is categorized into Bio-Polyamides, Bio-Polyurethane, and others. Bio-Polyamides are expected to hold the largest market share in the forecast period, 2024-2028. Bio-Polyamides are utilized in various applications due to their high thermal conductivity, high stiffness, flame resistance, low moisture assimilation, high specific strength, superior impact resilience, and chemical stability.
Based on form, the market is fragmented into Pellets, Yarns, and others. Yarn is expected to grow at the highest rate during the forecast period. This can be attributed to offers several advantages such as green strength and excellent stability.
Based on end user, the market is segmented into automotive, solar, household appliances, and others. The automotive segment will experience the highest market share during the forecast period. This can be attributed to the demand for lightweight vehicle parts that help in minimizing carbon emissions during production.
Major companies operating in the global Castor Oil-Based Biopolymer market are:
- BASF SE
- Toray Industries, Inc.
- Arkema S.A.
- Solvay S.A.
- Evonik Industries AG
- Mitsui Chemicals Inc.
- DuPont de Nemours, Inc.
- EMS-Chemie Holding AG
- Fulgar SpA
- Koninklijke DSM N.V.
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“Asia Pacific region is expected to grow at the highest rate during the forecast period. Long-term demand for castor oil-based biopolymer is anticipated to be attracted by automotive industries, oil & gas sector will likely see increased production capacity as investments in new manufacturing facilities would likely accelerate market growth. Additionally, in Europe, high consumer demand for bio-based yarn is the key factor contributing to the market’s long-term growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Castor Oil-Based Biopolymer Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Polymer Type (Bio-Polyamides, Bio-Polyurethane, Others) By Form (Pellets, Yarns, Others) By End User (Automotive, Solar, Household Appliances, Others), By Region and Competition, has evaluated the future growth potential of global Castor Oil-Based Biopolymer market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Castor Oil-Based Biopolymer market.”
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