Global Castor Oil and Derivatives Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Castor Oil and Derivatives Market” is the title of an upcoming report at MarketResearch.biz. Revenue details, in-depth insights, and other important information related to the global castor oil and derivatives market are included in the report. In addition, various data and information on the global castor oil and derivatives market such as market trends, drivers, restraints, revenue details, growth opportunities, competitive landscape, details of key players, and recent developments are included. The global castor oil and derivatives market report has been segmented on the basis of product, application, and region and countries.
Castor oil is a multipurpose plant oil obtained by pressing seeds of castor oil plants. It is a source of ricinoleic, monounsaturated, and 18-carbon fatty acid. It has rich properties and a unique chemical structure, and castor oil and its derivatives are used in industries such as food, cosmetics, paints, lubricants, agriculture, pharmaceuticals, electronics and telecommunications, plastics and rubber, perfumeries, textile, chemicals, inks, and adhesives.
Mounting consumption of castor oil and derivatives in biodiesel feedstock is the key factor projected to drive market growth. A homogeneous alkaline transesterification process is used to synthesize the product to form biodiesel additives. Demand for castor oil and derivatives has been increasing due to growing consumption of the product by end-use industries for manufacturing lubricants, bio-based plastics, coatings, hair care products, skincare products, and medicinal products. Owing to its ability to treat skin disorders, inflammatory problems, and headaches, the use of the product in traditional medicines has been increasing, which is expected to positively influence growth of the global castor oil and derivatives market over the forecast period. Moreover, increasing inclination of consumers towards using plastics, biodiesel, and resins is projected to drive market growth over the forecast period. Castor oil and derivatives are used as a raw material to produce surfactants, soaps, cosmetics, surface coatings, personal care products, and pharmaceuticals, among others. However, availability of quality alternatives is projected to restrain growth of the market over the forecast period.
Castor Oil and Derivatives Market Segment Analysis:
By Product: The hydrogenated castor oil segment continues to account for highest revenue share in the global castor oil and derivatives market among other product segments. This trend is expected to continue over the forecast period. This can be attributed to increasing demand for hydrogenated castor oil, especially in the plastic industry.
By Application: The plastics and resins segment among the application segments is expected to dominate the global castor oil and derivatives market over the forecast period. This can be attributed to increasing preference for biodegradable plastics around the globe.
Castor Oil and Derivatives Market Regional Analysis:
Among the regions, Asia Pacific is projected to contribute highest revenue share in the global castor oil and derivatives market over the forecast period. This can be attributed to increasing consumption of the product and high availability of castor seeds in the region. Asia Pacific is the largest consumer and producer of the castor oil and derivatives. In addition, this growth can be attributed to growing inclusion of the product and its derivatives in resins used in plastics, paint, rubber, cosmetics industries, and perfumery.
Castor Oil and Derivatives Market Segmentation:
- Sebacic acid
- Ricinoleic Acid
- Hydrogenated Castor oil (Castor wax)
- Undecylenic acid
- Dehydrated Castor Oil
- Surface Coatings
- Cosmetics and Pharmaceuticals
- Plastics and Resins
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Thai Castor Oil Industries Co. Ltd.
- Jayant Agro Organics
- Hokoku Corporation
- ITOH Oil Chemicals Co. Ltd.
- Gokul Overseas
- Bom Brazil
- Liaoyang Huaxing Chemical Co., Ltd.
- Kanak Castor Products Pvt. Ltd.
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