Industry Insights
Castor oil and derivatives market has been growing at a good pace
over the past few years on account of growing demand for bio-degradable
products. Increasing environmental concerns is the key factor expected
to boost the market over the foreseeable period. Stringent regulation
from government boards including EPA and PNGRB to limit the usage of
traditional petrochemicals resulted in shift in focus towards castor oil
and its derivatives.
This shift in focus is likely to create an opportunity for the market
players. Volatile price of petrochemical is the other key factor which
is expected to surge the demand for bio-degradable products over the
foreseeable period. Bio-degradable products demand is presume to drive
castor oil and derivatives market growth over the next six years.
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Global castor oil market is also expected to witness strong growth on
account of increasing demand from automotive sector across the globe.
Increasing application scope of castor oil and derivatives in major
end-use industries including pharmaceuticals, cosmetics & personal
care and plastics & resins is expected to fuel the market growth
over the forecast period. However, increasing prices of raw materials
including castor seeds coupled with low prices of other renewable
chemicals is anticipated to impact the market negatively over the
forecast period.
Product Insights
Sebabic acid is the major product segment of castor oil &
derivatives followed by caster wax and dehydrated castor oil. Sebabic
acid has found large number of applications in major industries, which
is expected to drive the market over the forecast period. Castor oil
& derivatives market is expected to witness strong growth over the
next six years owing to increasing application scope of caster wax in
cosmetics and personal care products.
Application Insights
Cosmetics and health care industry was the largest application
segment for castor oil & derivatives market over the last decade,
and the trend is expected to continue over the forecast period.
Increasing R&D activities in health care to broaden the application
of bio-based products in this segment is the key factor expected to
drive castor oil & derivatives market over the next six years.
Surface coating is anticipated to witness strong growth over the
forecast period owing to increasing demand from construction sector
across the globe.
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Regional Insights
Asia pacific was the largest market for castor oil and its
derivatives over the last decade in terms of production and exports.
India is the largest producer of castor oil followed by China.
Increasing demand from end use industries including personal care,
pharmaceuticals and lubricants is anticipated to surge the market growth
over the next six years in this region.
North America was the largest consumers of castor oil and its
derivatives owing to increasing demand for bio degradable products in
cosmetics and pharmaceuticals. Europe castor oil market is expected to
witness significant growth over the foreseeable period owing to
increasing bio diesel demand coupled with stringent regulations from EPA
to reduce the usage of traditional petrochemicals.
Competitive Insights
Increasing R&D activities by key market players is expected to
enhance application scope and end-use specific product development for
plastics & rubber, paints, lubricants, food, and textile industries
over the forecast period. Some key players in castor oil &
derivatives market include Thai Castor Oil Industries Co. Ltd., Castor
Chemical Co. Ltd., Adani Group, Kanak Castor Products Pvt. Ltd. and
Liaoyang Huaxing Chemical Ltd. Co among others.
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