The anticipated substantial growth of the APAC castor oil-based biopolymer market is attributed to the increasing need for sustainable biopolymer solutions. Supportive government regulations, ongoing research and development initiatives, and the widespread adoption of biopolymers across various industries are also included in the growth factors of the market.
According to the BIS Research report, the Asia-Pacific castor oil-based biopolymer market is projected to reach $892.3 million by 2031 from $203.5 million in 2022, growing at a CAGR of 17.8% during the forecast period 2022-2031.
The expected market expansion of castor oil-based biopolymers is bolstered by their advanced properties. However, challenges such as the elevated cost of castor oil-based biopolymers, fluctuating prices of raw materials, and the dependence on India as a primary supplier of castor seeds may pose potential obstacles to the growth of this market in future.
China, Asia-Pacific, and Japan are expected to witness traction in castor oil-based biopolymer production within the global market. This is attributed to the ongoing expansion in automotive production and the significant presence of key manufacturers in these regions.
The automotive sector emerged as the leading end user in the castor oil-based biopolymer market and is anticipated to experience substantial growth, driven by increasing global sales of passenger cars. The APAC region captured a market share of $66.5 million in 2021.
The global castor oil-based biopolymer market is estimated to be led by pellets in terms of form. In the APAC region, the market share for pellets holds a market share of $121.5 million in 2021.
Among different polymer types, bio-polyamides are anticipated to lead the market. The APAC region in 2021 holds a market share for bio-polyamides of $180.7 million in 2021.
In October 2022, Toray Industries, Inc. introduced "Ultrasuede nu," a headrest cover crafted from polyester. This cover incorporates three components: ultra-fine fibers, elastomer, and scrim. The introduction of Ultrasuede nu reflects the company's commitment to creating environmentally conscious products, thereby strengthening its position in the realm of sustainable solutions.
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:
In January 2022, Toray Industries, Inc. unveiled the commercial release of a nylon-grade fiber, N510, produced entirely from plant-based sources. This product is primarily employed in the manufacturing of athletic and outdoor fabrics, encompassing compact snip textiles and embroidered elements for garments.
According to Sachin Singh, Lead Analyst, BIS Research, “Castor oil-based biopolymers play a significant role in automotive, textile, household appliances as well as other applications. Castor oil-based biopolymers have been adopted by these end users as they enhance the aesthetics, durability, chemical and abrasion resistance, and longevity of the substrates to which they are applied.”
