Castor Oil Derivatives Market By Product Type (Sebacic Acid, Sebacic Acid Dehydrated Castor Oil, Hydrogenated Castor Oil, Ricinoleic Acid, Others), By End-use Industry (Pharmaceuticals, Personal Care and Beauty Care, Lubricants, Paints and Varnishes, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global castor oil derivatives market was valued at $1.3 billion in 2021, and is projected to reach $2.1 billion by 2031, growing at a CAGR of 4.8 % from 2022 to 2031.
Castor oil derivatives are multi-featured chemical that are predominantly employed in the formulation of paints, lubricants, coatings, cosmetics products, and others. Castor oil derivatives carry significant benefits over vegetable oils owing to the presence of fatty acid structure, cotton, coconut, soy, and others. Castor oil derivatives possess natural, non-toxic, renewable, and versatile physio-chemical properties and are extensively used in various end-use industries, including automotive, electrical, paint and coatings, aviation, and others.
The growth of the castor oil derivatives market is driven by rise in urbanization, increase in disposable income, adoption of western culture, growth in demand for various clothes, and increase in fashion consciousness among people that has surged the demand for castor oil derivatives in the textile industry. Castor oil derivatives are gaining popularity in the textile sector due to bio degradability, bio sustainability, and bio renewable properties. Castor oil derivatives are used in dyeing and wetting cotton & linen textile. For instance, Turkey red oil, a derivative of pure castor oil can dye cotton fabric with vat dye whereas refined castor oil (DAB 10) is a special grade oil that is also extensively used in the textile industry and also helps in maintaining the durability and quality of clothes. This is projected to propel the growth of the castor oil derivatives market in the textile industry.
However high manufacturing cost, rising prices of raw materials, uncertainty in climatic conditions, lack of working capital, lack of skilled labor for extraction method, and availability of various substitute to the castor oil derivatives are expected to hamper the growth of the castor oil derivatives market.
The rapid increase in population in both developed and developing economies, rise in import and export of various cosmetics and skincare products, up-gradation in technology, and increased focus on the cosmetic sector have increased the demand for castor oil derivatives. The hydrogenated castor oil in cosmetics is used as an emulsifier, surfactant, and fragrance ingredient. Other castor oil derivatives applications in cosmetics and personal care are to formulate products like creams, hair oils, lip gels, shampoo, deodorants, sunscreens, and other personal hygiene care products. These factors are anticipated to offer remunerative opportunities for the castor oil derivatives market during the forecast period.
The castor oil derivatives market is segmented on the basis of product type, end-use industry, and region. On the basis of product type, the market is categorized into sebacic acid, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, and others. On the basis of end-use industry, it is divided into pharmaceuticals, personal care and beauty care, lubricants, paints and varnishes, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global castor oil derivatives market profiles leading players that include, NK Industries, Hokoku Corporation, Kanak castor Products, Girnar Industries, Jayan Agro Organics Ltd., Gokul Agri International, Vertellus, Xingtai Lantian Fine Chemicals Ltd., Kokura Gosei Kogyo Ltd., ITOH Oil Chemical Ltd., Adani Wilmar, Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Ltd., Thai Castor Oil Industries Ltd., Arvalli Castor Derivatives Pvt. Ltd., and Sebacic India Pvt. Ltd. The global castor oil derivatives market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the castor oil derivatives market analysis from 2021 to 2031 to identify the prevailing castor oil derivatives market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the castor oil derivatives market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global castor oil derivatives market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Hydrogenated Castor Oil
Ricinoleic Acid
Others
Sebacic Acid
Sebacic Acid Dehydrated Castor Oil
By End-use Industry
Pharmaceuticals
Personal Care and Beauty Care
Lubricants
Paints and Varnishes
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
NK Industries Ltd
Hokoku Corporation
Kanak Castor Products
Girnar Industries
Jayan Agro Organics Ltd.
Gokul Agri International
Vertellus
Xingtai Lantian Fine Chemicals Ltd.
Kokura Gosei Kogyo Ltd.
ITOH Oil Chemical Ltd.
Adani Wilmar
Krishna Antioxidant Pvt. Ltd.
Thai Castor Oil Industries Ltd.
Arvali Castor Derivatives Pvt. Ltd.
Sebacic India Pvt. Ltd.
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