Report Overview

Global Castor Oil and Derivatives Market Forecast and Trends

The Global Castor Oil and Derivatives Market has reached USD 752.5 Million in 2019 and projected to reach USD 1195.17 Million by 2026 with a significant CAGR of 6.83% during the forcast period 2020-2026. Owing to the factors such as increasing demand from the various industries such as cosmetics, pharmaceuticals, and lubricants, along with the growing demand for the products that are sustainable and biodegradable is expected to trigger the market growth.

Rising global consumption of castor oil and derivatives by various industries for the purpose of manufacturing bio based plastics, coatings, lubricants, hair care, skincare, and medicinal products is anticipated to drive the market growth during the forecast period. Increasing consumption of castor oil and derivatives in biodiesel feedstock is the one of the key factor for the growth of market. In addition, due to its ability to treat skin disorders, headaches, inflammatory problems, and the utilization of the product in traditional medicines sector boosting growth trend and positively impact the growth of the global castor oil and derivatives market over the forecast period.

Global Castor Oil and Derivatives Market: Overview

Castor oil is a kind of vegetable oil which is extracted from castor plant. The key contents of this oil are oleic acid, and ricinoleic acid. Castor oil and its derivatives are mainly utilized in production of paints, coatings, soaps, dyes, inks, etc. due to its distinctive chemical structure and enriching properties.

Growth Drivers

Use of castor oil as bio-diesel source

The use of castor oil as a biodiesel source is one of the key castor oil and its derivatives market trends. The increasing demand for petroleum products had led to an increase in petrol and diesel prices and shifted the attention to biofuel production. Biofuels are used as substitutes to conventional fuels for running automobiles, generators, heavy machinery, and other equipment. Castor oil exhibits great productivity and yield and is a non-edible crop for producing biodiesel. Castor oil is potentially inexhaustible and renewable source of energy content close to diesel fuel. Its low cost and easy availability is also driving its growing utilization for producing biodiesel. This provides the opportunity for the market of castor oil & derivatives.

Shifting preference towards consumption of personal care products with natural ingredients

The young generation is spending heavily to attain better looks, grooming and styling. The increasing demand for natural cosmetics & personal care products is driving innovation in the cosmetics sector globally. Moreover, the demand for natural ingredients products is expected to rise in the future as consumers becoming more aware about personal care and the ingredients used in the products. This is anticipated to the growing demand for castor oil derivatives.

Restraint

Allergic reactions and several side effects of castor oil restrict the growth of the market

Castor oil and its derivatives have reported for various allergic reactions and contact dermatitis in case of continued exposure. The seeds and leaves of the plant comprises of the alkaloid ricinine and the toxic protein ricin. Inner ingestion of castor oil and its derivatives may result in nausea, diarrhea, vomiting, cramping or abdominal pain. These factors projected to hinder growth of castor oil and its derivatives market globally.

Global Castor Oil and Derivatives Market: Product

Based on product, global Castor Oil and Derivatives Market is segmented into Sebacic Acid, 12-HSA, Ricinoleic Acid, Hydrogenated castor Oil, Undecylenic acid, Dehydrated Castor Oil, and Others. The sebacic acid is expected to grow at a faster rate owing to increasing application scope of sebacic acid in lubricants, cosmetics, plasticizers, hydraulic fluids and candle manufacturing catalyze. Increasing sebacic acid demand in bio-based polymer as well as polyamide manufacturing is expected to favor industry growth.

Global Castor Oil and Derivatives Market: Application

Based on application, global Castor Oil and Derivatives Market is segmented into Lubricants, Surface Coatings, Biodiesel, Cosmetics & Pharmaceuticals, Plastics & Resins, and Others. The cosmetics & Pharmaceuticals segment is expected to grow at a faster rate. The castor oil and derivatives are used in the production of several personal care and cosmetic products such as soaps, deodorants, body lotions, haircare, and skincare products. It is generally used as an ingredient in cosmetics by the name of Ricinus communis oil. Ricinoleic acid and its esters and salts function predominantly as surfactants, skin-conditioning agents, and emulsion stabilizers, in the cosmetics & pharmaceuticals industry.

Global Castor Oil and Derivatives Market: Regional Insights

Geographically, the global Castor Oil and Derivatives market is segmented into North America, Europe, Asia-Pacific, and Latin America & Middle East & AFrica. APAC driven by India, Japan and China castor oil derivatives market size is expected to grow significantly due to rapid growth in cosmetics, pharmaceutical, and surface coating industries. The major castor producing countries are India, China, Brazil, Paraguay, Philippines, Russia, Ethiopia, and Thailand.

Global Castor Oil and Derivatives Market: Competitive Landscape

The major market players in the Castor Oil & Derivatives market are Thai Castor Oil Industries Co. Ltd., ITOH Oil Chemicals Co., Ltd., Jayant Agro-Organics Limited, Hokoku Corporation, RPK Agrotech, Taj Agro Products Limited, Tongliao Tonghua Castor Chemical Co., Ltd., Xingtai Lantian Fine Chemical Co., Ltd., N.K. Proteins Pvt Limited, Adani Wilmar Ltd., Kanak Castor Products Pvt. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Gokul Agri International Ltd., Girnar Industries, BOM Brasil Óleo de Mamona Ltda, Enovel, Arkema, Ambuja Solvex Pvt. Ltd., and other prominent players. These vendors have adopted various startegies to expand their offerings in the market.

Scope of the Report

By Product

Ø  Sebacic Acid

Ø  12-HSA

Ø  Ricinoleic Acid

Ø  Hydrogenated castor Oil

Ø  Undecylenic acid

Ø  Dehydrated Castor Oil

Ø  Others

By Application

Ø  Lubricants

Ø  Surface Coatings

Ø  Biodiesel

Ø  Cosmetics & Pharmaceuticals

Ø  Plastics & Resins

Ø  Others

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and forecast the global Castor Oil and Derivatives Market size of the market in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

Ø  The Global Castor Oil and Derivatives Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa coupled with their leading countries.

Ø  To outline, categorized, and forecast the global Castor Oil and Derivatives Market based on the Product, Application, coupled with the region.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the global Castor Oil and Derivatives Market.

Ø  To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.