Asia-Pacific Castor Oil-Based Biopolymer Market to Reach $892.3 Million by 2031: BIS Research
Research Reports
Nov 28, 2023
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 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 anticipated substantial growth of the Asia-Pacific castor oil-based biopolymer market is attributed to the increasing need for sustainable biopolymer solutions.
Market Analysis: Trends, Data, and Growth Projections
BIS Research, a leading market research firm, has released a report titled Asia-Pacific castor oil-based biopolymer market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the castor oil-based biopolymer market.
The Asia-Pacific castor oil-based biopolymer market report focuses on end user, polymer type, form, and region segments.
The increasing demand for sustainable biopolymer solutions, supportive government regulations, expanding research and development, and widespread adoption across various industries are poised to drive significant growth in the Asia-Pacific castor oil-based biopolymer market in the coming years.
Key Players and Market Shares
The Asia-Pacific castor oil-based biopolymer market is estimated to be led by pellets in terms of form. In the Asia-Pacific region, the market share for pellets is $121.5 million in 2021.
Among different polymer types, bio-polyamides are anticipated to lead the market. The Asia-Pacific region in 2021 holds a market share for bio-polyamides of $180.7 million in 2021.
Some of the prominent names established in this market are:
- Toray Industries, Inc.
- UNITIKA LTD.
- Mitsui Chemicals Inc.
- Asahi Kasei Corporation
Market Drivers, Challenges, and Opportunities
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the Asia-Pacific castor oil-based biopolymer market.
Significant breakthroughs and innovations are anticipated in the market, accelerating its growth trajectory.
The following are the demand drivers for the castor oil-based biopolymer market:
- Growing Automotive Industry across the Globe
- Rising Demand for High-Performance Polyamide Yarns in Textile Industry
- Advanced Chemical and Mechanical Properties of Castor Oil-Based Biopolymers
The market is expected to face some limitations as well due to the following challenges:
- Dependence on India for Crop Cultivation of Cator Beans High Cost and Rising Price Volatility of Raw Materials
Report Focus and Methodology
The Asia-Pacific castor oil-based biopolymer market report provides a credible global and regional market analysis. The report profiles existing and upcoming end user, polymer type, form, region, and key players in the market.
BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
Analyst Note
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.”
About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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