Global Castor Oil and Derivatives Market – Growth Opportunities Identified
Castor oil and its chemical derivatives find numerous applications globally. It is a viscous liquid and popularly used in diesel and jet car engines as a high-temperature lubricant. The report "Global Castor Oil And Derivatives Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast" added by DecisionDatabases.com to its vast repository provides market insights, facts, historical data, and future projections of the Castor oil and derivatives industry. This report provides information in terms of revenue and volume for the period 2015 to 2022. Drivers, restraints, and opportunities are intellectually assessed in the research report.
Growing demand for sustainable & renewable resources along with the growth of key end-use industries such as lubricants, textiles, pharmaceutical, automotive, cosmetics & biodiesel, are major growth drivers, which are expected to fuel demand for castor oil and derivatives market over the coming years. In addition, volatility in the prices of petrochemical products has shifted preference towards substitution of traditional fuel with bio-fuels, which will further aid in its market growth. Furthermore, favorable regulatory support to reduce the usage of environmentally hazardous products such as petrochemicals and to encourage the use of eco-friendly products like bio-diesel will have a positive impact on the market penetration of the castor oil product in the forthcoming years. However, volatility in the prices of castor seed due to mismanaged supply chain and over-reliance on seasonality for high crop yield are anticipated to hinder the market growth of the product over the forecast period.
The global castor oil and derivatives market has been segmented based on product into sebacic acid, ricinoleic acid, undecylenic acid, castor wax, dehydrated castor Oil and others. The sebacic acid is a leading product segment and is projected to witness a significant growth during the forecast period owing to the growing demand due to its extensive application scope across the globe. Furthermore, the this market has been segmented based on the application into lubricants, surface coatings, biodiesel, cosmetics & pharmaceuticals, plastics & resins and others. The cosmetics & pharmaceuticals is a major application segment and is anticipated to show a double-digit growth over the coming years on account of rising healthcare industry along with the growth of the personal care industry
in the emerging economies.
Asia Pacific is a major market for castor oil and derivatives and is estimated to grow at the highest CAGR over the forecast period due to growing major end-use industries including pharmaceuticals, personal care, and lubricants in the region. In addition, availability of raw materials and rising preference for renewable resources will open new avenues for the growth of the market. North America is anticipated to witness a considerable growth in the near future owing to the increasing adoption of bio-based products such as bio-diesel, bio-based cosmetics, and others in the region.
The key industry players include Thai Castor Oil Industries Co. Ltd., ITOH Oil Chemicals Co. Ltd., Jayant Agro Organics, Hokoku Corporation, RPK Agrotech, Taj Agro Products, TongliaoTongHua Castor Chemical Co. Ltd., XingtaiLantian Fine Chemical Co. Ltd., NK Proteins, Adani Wilmars, Kanak Castor Products Pvt. Ltd., Liaoyang Huaxing Chemical Co. Ltd., Enovel, Bom Brazil, and Gokul Overseas.
In May 2015, Arkema had launched a new range of polyamide “Rilsan S” processed from castor oil.
In March 2016, SKC Polyurethanes and Mitsui Chemicals has jointly launched a bio-polyol “Vithal Castor Polyols (VCP)” in India by using castor oil from non-edible plants as a key raw material.
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