Castor oil derivatives Market, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1681
Castor Oil Derivatives Market size is expected to witness steady gains during the forecast timeframe owing to rising petrochemical prices along with growing sustainable and renewable fuel source demand.
Castor oil is derived from castor plant seeds and contains large amount of ricinoleic acid and oleic acid. It is pale yellow liquid having wide application in lubricants, soaps, brake fluid, paints, dyes, plastics, waxes, coatings, inks, nylon pharmaceuticals and perfumes manufacturing. Increasing castor oil derivatives demand for bio diesel production due to growing environmental concerns may favor industry growth.
Strong application potential in lubricants, plastics & resins, cosmetics & pharmaceuticals and surface coating industries may drive castor oil derivatives market size. Castor oil derivatives such as hydrogenated oil is mainly used in lubricant due to polarity, lubricity, surface resistant and water repellant properties. Shifting preferences towards biodegradable products to reduce dependence on petrochemicals may boost product demand. Volatile crude prices have promoted a strong shift towards conventional biofuel, thereby stimulating industry growth.
Consumer inclination towards personal care due to changing lifestyle and rising economic standards has led to increase in cosmetic products demand thereby stimulating industry growth. Global cosmetic industry is poised to exceed USD 450 billion by 2024. Castor oil derivatives such as waxes and esters are widely used in lipsticks, perfumes, shampoos, polishes, hair tonics and deodorants due to conditioning, emollience, healing and moisturizing properties.
Favorable regulations by FDA regarding GRAS approval of castor oil promotes its use as laxative in OTC pharmaceutical preparations. Increased emphasis on using environment friendly and safe products along with growing investments in research to develop new products may have a positive influence on castor oil derivatives market size.
Increasing sebacic acid application scope in lubricants, plasticizers, cosmetics, hydraulic fluids and candle manufacturing catalyzes may fuel product demand. Rising sebacic acid demand in bio based polymer including polyamide manufacturing is likely to favor industry growth. It also finds application in light stabilizers and plasticizers along with anticorrosion & lubricants thereby promoting castor oil derivatives market size.
Dehydrated castor oil derivatives are prominently used in manufacturing coatings, primers, appliance finishes, alkyd resins, inks and primers. It is also used in various end use applications such as house paints, sealants, varnishes and enamel to impart fine gloss, adhesion, flexibility and chemical & water resistance. Increasing consumer spending on high quality paints for better appearance may boost product demand.
APAC driven by India, Japan and China castor oil derivatives market size may grow significantly owing to rapid growth in pharmaceutical, cosmetics and surface coating industries. India produces over 1.5 million tons of castor seeds and about 500,000 tons of castor oil in global market. paint industries account for 20% domestic consumption in India.
North America led by Canada and the U.S. castor oil derivatives market may witness significant gains owing to positive indicator towards pharmaceuticals, biofuel and coatings industry along with supporting government regulations which is likely to promote regional growth. Rising natural flavoring demand in food and beverages due to increasing consumer awareness regarding natural food additives may drive regional growth.
Europe led by France, UK and Germany castor oil derivatives market is expected to grow significantly over the forecast period. Stringent environment policy on fossil fuel usage along with biofuel production technology development may favor industry growth demand. Shift in consumer preference towards using bio-based cosmetics is another driving factor for regional industry growth.
Fluctuating raw material prices owing to availability of cheaper substitutes along with widening supply demand gap due to long storage and hoarding period may challenge industry profitability thereby affecting castor oil derivatives price trend. However, presence of various manufacturers engaged in strategic alliance to gain competitive advantage may propel industry growth.
Global castor oil derivatives market share is fairly consolidated. Some of the key players include NK Proteins, RPK Agrotech, Kanak Castor Products, Jayant Agro Organics, Taj Agro Products, Xingtai Lantian Fine Chemical Company, Liaoyang Huaxing Chemical and Bom Brazil.
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