15-Sep-2022 | Facts and Factors
According to Facts and Factors, the global castor oil derivatives market size was worth around USD 1.5 billion in 2021 and is predicted to grow to over USD 2 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5% between 2022 and 2028.
Castor oil is employed for the production of biodiesel as a bio-based raw material since it has a distinctive chemical structure and is non-edible. The product has great anti-inflammatory impacts that help in declining pain & swelling and help in the healing of wounds. Additionally, as castor oil is a natural laxative, it helps in the muscle movement that thrusts firm through the intestines and assists clear the bowels. An increase in demand for creams and moisturizers due to a rise in consumer disposable income is likely to boost the cosmetics market growth and consequently the castor oil derivatives demand. Widespread consciousness and changing lifestyles on account of grooming of an individual across emerging countries are projected to augment the global castor oil derivative market demand as well. Factors influencing castor oil derivatives manufacturing cost include weather uncertainties, raw material availability, extraction techniques & methods, the availability of substitute oil, and a lack of working capital, all of which are acting as restraints in the castor oil derivative market.
Browse the full “Castor Oil Derivatives Market Size, Share, Growth Analysis Report By Application (Lubricants, Cosmetics & Pharmaceuticals, Biodiesel, Plastics & Resins, and Others), By Type (Undecylenic Acid, Sebacic Acid, Castor Wax, Ricinoleic acid, 12-HAS Dehydrated Castor Oil, and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/castor-oil-derivatives-market
The global castor oil derivatives market was impacted negatively owing to the COVID-19 pandemic for a short term owing to the shutdown of refining/ manufacturing facilities as well as logistic bans in several nations. India is one of the key producers of castor oil and accounts for over 85% of product exports globally. In the year 2020, the global market was substantially hampered with respect to its high reliability on Indian castor oil exports.
The global castor oil derivatives market is segmented based on type, application, and region.
Based on type, the global market segments are undecylenic acid, ricinoleic acid, 12-HAS, sebacic acid, castor wax, dehydrated castor oil, and others. Ricinoleic acid is anticipated to witness a substantial CAGR over the coming years. The product is used in metalworking compounds & emulsifiers, industrial lubricants, and cutting oils. It is used to make high-solid liquid and transparent bar soap.
It allows the homogenization of phenolic and cresylic ingredients in disinfectants, heavy-duty detergents, and industrial germicides. Additionally, ricinoleic acid is an efficient pigment and a dye dispersant, which finds its application in inks, cosmetics, coatings, plastics, and others. All these determinants are further likely to drive the growth of the market.
Based on application, the global market segments are lubricants, cosmetics & pharmaceuticals, biodiesel, plastics & resins, and others. The cosmetics and pharmaceutical segment is anticipated to witness the highest CAGR over the coming years. The growth can be attributed to a rise in demand for cosmetic and personal care products which include deodorants, soaps, body lotions, and other skincare products.
The product is used as an excipient or additive in drugs to develop constant emulsions of nonpolar components in numerous aqueous systems. Further, it is also used as a medium for drug delivery for nonpolar drugs like anticancer drugs—paclitaxel and docetaxel. Innovations in the pharmaceutical industry concerning the addition of castor oil in novel medicines are likely to drive the market.
Asia Pacific is likely to dominate the global castor oil derivatives market globally during the coming years. The global castor oil derivatives market is consolidated as India is the only market for castor oil production across the globe. India is one of the major exporters and producers of castor oil worldwide. Key manufacturers are planning to expand their market share by coming into joint ventures with other market players or through strategic partnerships. India's top destinations for export are the United States, China, and the European Union. According to The Solvent Extractors Association of India, China accounts for approximately 41 percent of India's castor oil exports. India’s castor oil exports have risen from 547,000 tonnes in 2018 to over 685,000 tonnes in 2021 accounting for nearly 90% of the world supply. Further, with a capacity of more than 211-kilo tonnes, China is the global leader in the production and export of sebacic acid.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 1.5 Billion |
Projected Market Size in 2028 |
USD 2 Billion |
CAGR Growth Rate |
5% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Ambuja Solvex Pvt Ltd, The Castor Oil Industries Ltd, Royal Castor Products Limited, Arvalli Castor Derivatives Pvt. Ltd, Gokul Overseas, Jayant Agro Organics, Hokoku Corporation, Adani Group, Alberdingk Boley, NK Industries Limited, Xingtai Lantain Fine Chemical Co. Ltd., Kanak Castor Products Pvt. Ltd., and Others |
Key Segment |
By Application, Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global castor oil derivatives market is dominated by players like Ambuja Solvex Pvt Ltd, The Castor Oil Industries Ltd, Royal Castor Products Limited, Arvalli Castor Derivatives Pvt. Ltd, Gokul Overseas, Jayant Agro Organics, Hokoku Corporation, Adani Group, Alberdingk Boley, NK Industries Limited, Xingtai Lantain Fine Chemical Co., Ltd., and Kanak Castor Products Pvt., Ltd.
Recent Developments:
- In August 2020, BASF SE launched Lamesoft Balance, a hydrogenated castor oil-based product to stabilize ingredients in hair and skin cleansing formulations.
The global Castor Oil Derivatives market is segmented as follows:
By Application
- Lubricants
- Cosmetics & Pharmaceuticals
- Biodiesel
- Plastics & Resins
- Others
By Type
- Undecylenic Acid
- Sebacic Acid
- Castor Wax
- Dehydrated Castor Oil
- Ricinoleic acid
- 12-HAS
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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