According to a report, “Castor Oil And Derivatives Market Analysis By Product (Sebacic Acid, Ricinoleic Acid, Undecylenic Acid, Castor Wax, Dehydrated Castor Oil), By Application (Lubricants, Surface Coatings, Biodiesel, Cosmetics & Pharmaceuticals, Plastics& Resins) And Segment Forecasts To 2024″,published by Grand View Research, Inc.,The global castor oil and derivatives market is expected to reach USD 2.30 billion by 2024,Rise in petrochemical prices coupled with growing end-use commercial activity and demand for the sustainable and renewable source is expected to compel the market growth over the next eight years.
The market is estimated to witness a high growth owing to increase in demand for biodegradable products and increasing trend to reduce dependence on petrochemicals are expected to foster the market growth. Asia Pacific dominated the overall market. Growth in end-use markets such as personal care, lubricants, and pharmaceuticals is presumed to fuel the regional demand over the next eight years.
Key Takeaways from the report:
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The global castor oil and derivatives market demand was 718.5 kilo tons in 2015 and is expected to reach 1,085.2 kilo tons by 2024, growing at a CAGR of 4.7% from 2016 to 2024
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Undecylenic acid emerged as the leading product segment and accounted for 26.5% of total market volume in 2015. Castor wax product segment is projected to witness the highest growth of 5.5% from 2016 to 2024. It’s increasing penetration in coatings and cosmetics industries is expected to drive this segment over the forecast period.
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Cosmetics and pharmaceuticals were the leading application segment and accounted for 30.0% of total demand in 2015. Growing demand for environmental friendly products in cosmetics and pharmaceuticals industry is expected to drive this segment over the forecast period.
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Asia Pacific had the highest regional market penetration and accounted for over 57.5% of global demand in 2015. The increase in demand for sustainable and renewable resources is presumed to fuel the regional growth.
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Key market participants include RPK Agrotech, NK Proteins, Adani Group, Xingtai Lantian Fine Chemical Company, Hokoku Corporation, Kanak Castor Products Pvt. Ltd., Enovel, Gokul Overseas, Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Tongliao Tong Hua Castor Chemical Co. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Thai Castor Oil Industries Co. Ltd., and Bom Brazil.
U.S. castor oil and derivatives market volume by product, 2014 – 2024 (KiloTons)
Easy availability of castor seed is presumed to contribute to the regional industry development. Rising demand for renewable sources is estimated to fuel the market consumption. Thus, Asia Pacific is projected to witness rapid growth over the forecast period.
Advancements and innovation to develop better quality product have been important strategies implemented by major companies. The market vendors have been heavily investing in research & development to create novel applications and gain competitive advantage.
Application Insights
Pharmaceuticals and cosmetics were the major application segment and held more than 30% of entire market volume in 2015. Growing healthcare industry along with the development of the personal care industry in the emerging nations of South America and Asia-Pacific is estimated to provide significant gains to the market. Biodiesel is forecasted to observe the highest growth rate shortly.
Rising investment in research & development to expand the castor oil and derivatives application base is anticipated to boost the market demand over the next eight years. Growing biodiesel demand is further projected to benefit the overall castor oil and derivatives market in future.
Regional Insights
Asia Pacific castor oil and derivatives market stood led the global industry and held over 55% of global demand in 2015. Advancements in the key industries such as pharmaceuticals, lubricants, and personal care are projected to benefit the demand in the region over the forecast period.
Obtainability of important raw material which is castor oil seed in large quantities has also donated to the development of the market. Rising renewable oil sources demand is estimated to additionally enrich the growth of the market. Asia Pacific is furthermore projected to observe the maximum growth in future.
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Change in the trend towards acceptance of bio-based cosmetics is projected to provide significant gains to Europe market. North America is anticipated to witness reasonable growth in the next few years. Rising biodiesel demand in several countries, for instance, France, Canada, Germany, and U.S. are estimated to have immediate positive impact on the overall demand for castor oil and derivatives market in North America and Europe.
Grand View Research has segmented the global castor oil and derivatives market on the basis of product, application, and region:
Castor Oil And Derivatives Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2024)
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Sebacic Acid
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Ricinoleic Acid
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Undecylenic Acid
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Castor Wax
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Dehydrated Castor Oil
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Others
Castor Oil And Derivatives Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2024)
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Lubricants,
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Surface Coatings
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Biodiesel
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Cosmetics & Pharmaceuticals
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Plastics & Resins
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Others
Castor Oil And Derivatives Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2024)
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North America
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U.S.
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Europe
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Germany
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France
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UK
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Asia Pacific
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China
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India
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Japan
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Middle East & Africa
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Central & South America
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Brazil
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