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Asia-Pacific Castor Oil-Based Biopolymer Market - Analysis and Forecast, 2022-2031

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    Report

  • 93 Pages
  • November 2023
  • Region: Asia Pacific
  • BIS Research
  • ID: 5907717
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The Asia-Pacific castor oil-based biopolymer market (excluding China) 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 growing demand for bio-polyamides, the growing acceptance of high-performance bio-polyamides, and the expanding use of sustainable biopolymers are expected to propel the APAC castor oil-based biopolymer market's considerable growth in the upcoming years. Castor oil-based biopolymers' sophisticated properties are anticipated to support market expansion as well. However, the high cost of biopolymers based on castor oil, the price volatility of raw materials, and the reliance on India as a key source of castor seeds could potentially hinder the growth of this market in the near future.

Market Introduction

The growing demand for sustainable biopolymer solutions, favorable government regulations, expanding research and development efforts, and the adoption of biopolymers across a range of industries are all expected to contribute to the APAC castor oil-based biopolymer market's projected significant growth in the upcoming years. Significant breakthroughs and innovations are anticipated in the market, which will accelerate its growth trajectory.

Market Segmentation:

Segmentation 1: by End User

  • Automotive
  • Solar
  • Household Appliances
  • Textile
  • Oil and Gas
  • Others

Segmentation 2: by Polymer Type

  • Bio-Polyamides
  • Bio-Polyamide 6
  • Bio-Polyamide 10 and 11
  • Bio-Polyurethane
  • Others

Segmentation 3: by Form

  • Pellets
  • Yarns
  • Others

Segmentation 4: by Country

  • Japan
  • South Korea
  • India
  • Rest-of-Asia-Pacific

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different polymer types involved in the production of castor oil-based biopolymers, such as bio-polyamides, bio-polyurethane, and others. Moreover, the study provides the reader with a detailed understanding of the Asia-Pacific castor oil-based biopolymer market based on the end user (automotive, solar, household appliances, oil and gas, textile, and others). Castor oil-based biopolymers are gaining traction in end-user industries on the back of sustainability concerns and their excellent properties, such as lightweight, toughness, and chemical and abrasion resistance.

Growth/Marketing Strategy: The Asia-Pacific castor oil-based biopolymer market has seen major development by key players operating in the market, such as the establishment of new production facilities, product development, mergers and acquisitions, and strategic joint ventures to strengthen their position in the Asia-Pacific castor oil-based biopolymer market.

Competitive Strategy: Key players in the Asia-Pacific castor oil-based biopolymer market analyzed and profiled in the study involve castor oil-based biopolymer manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the Asia-Pacific castor oil-based biopolymer market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as agreements, partnerships, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:

  • Toray Industries, Inc.
  • UNITIKA LTD.
  • Mitsui Chemicals Inc.
  • Asahi Kasei Corporation


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Table of Contents

1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Growing Electronic Industry and Emerging Use of Castor Oil-Based Biopolymers
1.1.1.2 Growing Awareness about Sustainability and Biopolymers
1.1.2 Supply Chain Analysis
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.1.4 Impact of COVID-19 on the Castor Oil-Based Biopolymer Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Growing Automotive Industry across the Globe
1.2.1.2 Rising Demand for High-Performance Polyamide Yarns in Textile Industry
1.2.1.3 Advanced Chemical and Mechanical Properties of Castor Oil-Based Biopolymers
1.2.2 Business Challenges
1.2.2.1 Dependency Only on India for Crop Cultivation of Castor Beans
1.2.2.2 High Cost and Rising Price Volatility of Raw Materials
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Business Opportunities
1.2.4.1 Emerging Additive Manufacturing Sector and Use of Castor Oil-Based Biopolymer Powders in 3D Printing
1.2.4.2 Emerging Self-Driving/Autonomous Vehicles Industry
1.3 Start-Up/Emerging Manufacturer Landscape
1.3.1 Key Start-Ups/Emerging Manufacturers in the Ecosystem
2 Regions
2.1 China
2.1.1 Market
2.1.1.1 Buyer Attributes
2.1.1.2 Key Producers and Suppliers in China
2.1.1.3 Business Drivers
2.1.1.4 Business Challenges
2.1.2 Applications
2.1.2.1 China Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.1.3 Products
2.1.3.1 China Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.1.3.2 China Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
2.2 Asia-Pacific and Japan
2.2.1 Market
2.2.1.1 Key Producers and Suppliers in Asia-Pacific and Japan
2.2.1.2 Business Drivers
2.2.1.3 Business Challenges
2.2.2 Applications
2.2.2.1 Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.2.3 Products
2.2.3.1 Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.2.3.2 Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
2.2.4 Asia-Pacific and Japan (by Country)
2.2.4.1 Japan
2.2.4.1.1 Market
2.2.4.1.1.1 Buyer Attributes
2.2.4.1.1.2 Key Producers and Suppliers in Japan
2.2.4.1.1.3 Business Drivers
2.2.4.1.1.4 Business Challenges
2.2.4.1.2 Applications
2.2.4.1.2.1 Japan Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.2.4.1.3 Products
2.2.4.1.3.1 Japan Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.2.4.1.3.2 Japan Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
2.2.4.2 South Korea
2.2.4.2.1 Market
2.2.4.2.1.1 Buyer Attributes
2.2.4.2.1.2 Key Producers and Suppliers in South Korea
2.2.4.2.1.3 Business Drivers
2.2.4.2.1.4 Business Challenges
2.2.4.2.2 Applications
2.2.4.2.2.1 South Korea Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.2.4.2.3 Products
2.2.4.2.3.1 South Korea Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.2.4.2.3.2 South Korea Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
2.2.4.3 India
2.2.4.3.1 Market
2.2.4.3.1.1 Buyer Attributes
2.2.4.3.1.2 Key Producers and Suppliers in India
2.2.4.3.1.3 Business Drivers
2.2.4.3.1.4 Business Challenges
2.2.4.3.2 Applications
2.2.4.3.2.1 India Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.2.4.3.3 Products
2.2.4.3.3.1 India Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.2.4.3.3.2 India Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
2.2.4.4 Rest-of-Asia-Pacific
2.2.4.4.1 Market
2.2.4.4.1.1 Buyer Attributes
2.2.4.4.1.2 Key Producers and Suppliers in Rest-of-Asia-Pacific
2.2.4.4.1.3 Business Drivers
2.2.4.4.1.4 Business Challenges
2.2.4.4.2 Applications
2.2.4.4.2.1 Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by End User), Volume and Value Data
2.2.4.4.3 Products
2.2.4.4.3.1 Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Polymer Type), Volume and Value Data
2.2.4.4.3.2 Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Form), Volume and Value Data
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Benchmarking (2021)
3.1.1 Competitive Position Matrix (2021)
3.1.2 Product Matrix for Key Companies, By Form
3.1.3 Market Share Analysis of Key Companies, 2021
3.2 Company Profiles
3.2.1 Toray Industries, Inc.
3.2.1.1 Company Overview
3.2.1.1.1 Role of Toray Industries, Inc. in the Castor Oil-Based Biopolymer Market
3.2.1.1.2 Product Portfolio
3.2.1.1.3 Production Site
3.2.1.2 Business Strategies
3.2.1.2.1 Market Developments
3.2.1.3 R&D Analysis
3.2.1.4 Analyst View
3.2.2 UNITIKA LTD.
3.2.2.1 Company Overview
3.2.2.1.1 Role of UNITIKA LTD. in the Castor Oil-Based Biopolymer Market
3.2.2.1.2 Product Portfolio
3.2.2.1.3 Production Site
3.2.2.2 R&D Analysis
3.2.2.3 Analyst View
3.2.3 Mitsui Chemicals Inc.
3.2.3.1 Company Overview
3.2.3.1.1 Role of Mitsui Chemicals Inc. in the Castor Oil-Based Biopolymer Market
3.2.3.1.2 Product Portfolio
3.2.3.1.3 Production Site
3.2.3.2 Business Strategies
3.2.3.2.1 Market Developments
3.2.3.3 R&D Analysis
3.2.3.4 Analyst View
3.2.4 Asahi Kasei Corporation
3.2.4.1 Company Overview
3.2.4.1.1 Role of Asahi Kasei Corporation in the Castor Oil-Based Biopolymer Market
3.2.4.1.2 Product Portfolio
3.2.4.1.3 Production Site
3.2.4.2 Corporate Strategies
3.2.4.2.1 Partnerships, Collaborations, and Joint Ventures
3.2.4.3 R&D Analysis
3.2.4.4 Analyst View
4 Research Methodology
List of Figures
Figure 1: Castor Oil-Based Biopolymer Market, $Million, 2021, 2022, and 2031
Figure 2: Castor Oil-Based Biopolymer Market (by End User), $Million, 2021 and 2031
Figure 3: Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021 and 2031
Figure 4: Castor Oil-Based Biopolymer Market (by Form), $Million, 2021 and 2031
Figure 5: Castor Oil-Based Biopolymer Market (by Region), $Million, 2021 and 2031
Figure 6: Supply Chain Analysis of the Castor Oil-Based Biopolymer Market
Figure 7: Global Automotive Production, Units (2019-2021)
Figure 8: World Passenger Car Production, Million Units, Q1 to Q3 (FY2022) and Q1 to Q3 (FY2021)
Figure 9: Global Polyamide Production, Million Tons, 2017-2021
Figure 10: Comparative Densities of Engineering Polymers and Aluminum (g/cm2)
Figure 11: Production of Castor in India, Lakh Tons, 2017-2021
Figure 12: 3D Printing Market, $Billion, 2021-2026
Figure 13: Research Methodology
Figure 14: Top-Down and Bottom-Up Approach
Figure 15: Castor Oil-Based Biopolymer Market Influencing Factors
Figure 16: Assumptions and Limitations
List of Tables
Table 1: Key Bio-Based Polyamide Fibers and Yarns Manufacturers
Table 2: Key Product Developments
Table 3: Key Market Developments (2018-2021)
Table 4: China Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 5: China Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 6: China Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 7: China Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 8: China Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 9: China Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 10: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 11: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 12: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 13: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 14: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 15: Asia-Pacific and Japan Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 16: Japan Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 17: Japan Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 18: Japan Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 19: Japan Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 20: Japan Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 21: Japan Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 22: South Korea Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 23: South Korea Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 24: South Korea Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 25: South Korea Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 26: South Korea Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 27: South Korea Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 28: India Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 29: India Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 30: India Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 31: India Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 32: India Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 33: India Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 34: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by End User), Kilo Tons, 2021-2031
Table 35: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by End User), $Million, 2021-2031
Table 36: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Polymer Type), Kilo Tons, 2021-2031
Table 37: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Polymer Type), $Million, 2021-2031
Table 38: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Form), Kilo Tons, 2021-2031
Table 39: Rest-of-Asia-Pacific Castor Oil-Based Biopolymer Market (by Form), $Million, 2021-2031
Table 40: Product Matrix for Key Companies, By Form
Table 41: Market Share of Key Companies

Executive Summary

The Asia-Pacific castor oil-based biopolymer market (excluding China) is estimated to reach $892.3 million by 2031, reveals the premium market intelligence study. The study also highlights that the market is set to witness a CAGR of 17.8% during the forecast period 2022-2031.

The region comprises Japan, South Korea, India, and Rest-of-Asia-Pacific. The demand for castor oil-based biopolymers is anticipated to increase due to the rising demand for sustainable solutions across the region. Another major reason contributing to the growth of the market is the sustainability and recovery of the economy by the countries during the post-pandemic period.

The Asia-Pacific Castor Oil-Based Biopolymer Market: Drivers and Challenges

Asia-Pacific is one of the major regions for the production and sales of automotives. The ongoing investments by several automotive manufacturers in different regional countries are further expected to drive the demand for castor oil-based biopolymers.

Some of the countries in Asia-Pacific are still in their developing phase, and sustainability is not a priority for many of the regional countries. Further availability of several bio-based plastics at an economical price range, along with easy availability of other bioplastics, including naturally occurring fibers such as soy and hemp strengthen polymers, may hinder the adoption of castor oil based biopolymers over the forecast period.

USPs of report

  • Analysis of business drivers and challenges of the Asia-Pacific Castor Oil-Based Biopolymer Market
  • Detailed analysis of Castor Oil-Based Biopolymer Market for South Korea, India, and Japan
  • Extensive competitive benchmarking of key players to offer a holistic view of the global castor oil-based biopolymer market landscape

Market segregation based on polymer type, form, and end user

Analyst’s Perspective on Asia-Pacific Castor Oil-Based Biopolymer Market

The Principal Analyst states, '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. Also, the expansion of the automotive industry, growing sustainable textiles industry, along with the demand from household appliances are anticipated to drive market growth over the forecast period.'

Key Questions Answered in the Report

  • What are the major factors and trends that are impacting the consumption of castor oil-based biopolymers?
  • What are some of the key initiatives taken by the existing players to improve their market positioning and strategies adopted by new players entering in market space?
  • What is the market's leading product and most promising application, and how it would emerge in the coming years?

Companies Mentioned

  • Toray Industries, Inc.
  • UNITIKA LTD.
  • Mitsui Chemicals Inc.
  • Asahi Kasei Corporation

Table Information

Report AttributeDetails
No. of Pages93
PublishedNovember 2023
Forecast Period2022 - 2031
Estimated Market Value ( USD ) in 2022 $ 203.5 Million
Forecasted Market Value ( USD ) by 2031 $ 892.3 Million
Compound Annual Growth Rate17.8%
Regions CoveredAsia Pacific
No. of Companies Mentioned4

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