Global Castor Oil and Derivatives Market is expected to reach USD 1.81 billion by 2020, according to a new study by Grand View Research, Inc. Growth of key end-use industries including biodiesel, lubricants and cosmetics is expected to drive the global castor oil and derivatives market. Volatile crude oil prices have prompted a strong shift towards substitution of conventional fuel by bio fuels which is also expected to have a positive influence on the market growth. Threat from other vegetable oils in terms of price and application scope is expected to remain a key challenge for market participants. High dependency on seasonality for better crop yield is also expected to hinder the market growth.
Sebacic acid emerged as the leading product segment and accounted for 27.7% of total market volume in 2013. Growth of global nylon industry is expected to remain a key driving factor for this segment. Other applications of sebacic acid include fragrances, antiseptics, painting materials, lubricants and greases. Castor wax is expected to witness the highest growth rate of CAGR of 5.8% from 2014 to 2020. Growth of personal care industry particularly in emerging markets of Asia Pacific and Latin America is expected to drive its demand over the next six years.
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Further key findings from the study suggest:
- Global castor oil and derivatives demand was 674 kilo tons in 2013 and is expected to reach 898 kilo tons by 2020, growing at a CAGR of 4.4% from 2014 to 2020.
- Cosmetics & pharmaceuticals was the largest application segment and accounted for over 25% of total market volume in 2013. Growing demand for bio ingredient based cosmetics is expected to remain a key driver for this segment. Cosmetics & pharmaceuticals is also expected to witness the highest growth rate over the next six years. The segment is expected to grow at an estimated CAGR of 4.7% from 2014 to 2020.
- Asia Pacific emerged as the largest regional market and accounted for 57.2% of total market volume in 2013. Growth of personal care industry coupled with increasing healthcare expenditure particularly in China and India is expected to drive the regional demand. Asia Pacific is also expected to witness the highest growth rate over the forecast period. The region is expected to grow at an estimated CAGR of 4.7% from 2014 to 2020. Presence of sophisticated healthcare infrastructure coupled with growing biodiesel production in most parts of North America and Europe is expected to drive respective regional markets.
- Some major castor oil & derivatives manufactures operating in the global market include ITOH Oil Chemicals Co. Ltd., Thai Castor Oil Industries Co. Ltd., Jayant Agro Organics, RPK Agrotech, Hokoku Corporation, Taj Agro Products, Xingtai Lantian Fine Chemical Co. Ltd., Tongliao TongHua Castor Chemical Co. Ltd., NK Proteins, Kanak Castor Products Pvt. Ltd., Adani Group, Liaoyang Huaxing Chemical Co., Ltd., Bom Brazil, Enovel, and Gokul Overseas. Commercialization of the market is still at its nascent stage and most of the companies have been increasing their R&D investments in order to increase product and application base.
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For the purpose of this study, Grand View Research has segmented the castor oil and derivatives market on the basis of product, application and region:
Global Castor Oil and Derivatives Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2020):
• Sebacic Acid
• Undecylenic Acid
• Castor Wax
• Dehydrated Castor Oil
Global Castor Oil and Derivatives Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2020):
• Surface Coatings
• Cosmetics & Pharmaceuticals
• Plastics & Resins
Global Castor Oil and Derivatives Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 – 2020):
• North America
• Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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