Castor Oil & Derivatives Market Size, Share & Trends Analysis Report By Product (Sebacic Acid, 12-HAS), By Application (Lubricants, Surface Coatings, Biodiesel), By Region, And Segment Forecasts, 2022 - 2030

Research Methodology

A three-pronged approach was followed for deducing the castor oil & derivatives market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for castor oil & derivatives market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of castor oil & derivatives market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Castor Oil & Derivatives Market Categorization:

The castor oil & derivatives market was categorized into three segments, namely product (Sebacic Acid, 12-HAS, Ricinoleic Acid, Hydrogenated Castor Oil (Castor Wax), Undecylenic Acid, Dehydrated Castor Oil), application (Lubricants, Surface Coatings, Biodiesel, Cosmetics and Pharmaceuticals, Plastics and Resins), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The castor oil & derivatives market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The castor oil & derivatives market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Spain; Italy; Netherlands; China; India; Japan; South Korea; Australia; Singapore; Brazil; Argentina; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Castor oil & derivatives market companies & financials:

The castor oil & derivatives market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Thai Castor Oil Industries Co. Ltd. - Thai Castor Oil Industries Co., Ltd. is a Thai-German joint venture between Alberdingk Boley GmbH and TCO Group. It produces and supplies castor oil and its derivatives worldwide. The product portfolio includes different grades of dehydrated castor oil, dehydrated castor oil fatty acid, and castor meal extracts. The company has a manufacturing unit located in Bangkok, which has the capacity to crush 40,000 tons of castor seeds per year. Almost 70% of the castor oil produced is sold to affiliated companies as raw materials, while the remaining 30% is for local sales and exports. The company mainly exports to major markets in Asia Pacific, Europe, and North America.

• ITOH Oil Chemicals Co., Ltd. - ITOH Oil Chemicals Co., Ltd. is a company that specializes in the production and sales of specialty chemicals, castor oil, and castor-based derivatives. The company’s product portfolio includes refined castor oil, castor oil derivatives, polyurethane resins, lubricants, processing oil materials, and additives for coatings, printing inks, and adhesive markets. ITOH Oil Chemicals caters its products to various end-use industries such as pharmaceutical, cosmetics, toiletry, textile, paints, lubrication, plastics, and metalworks. The company’s headquarters are located in Japan.

• Jayant Agro-Organics Limited - Jayant Agro-Organics Limited is a leading manufacturer and distributor of castor-based specialty chemicals. The company’s diverse product portfolio includes various grades of castor oil, such as dehydrated castor oil (Decasoil), as well as castor oil derivatives, ethoxylated castor oil, glycerin, hydrogenated castor oil, 12-hydroxystearic acid, sebacic acid, and HIOL fatty acid. These products cater to a wide range of end-use industries, including agriculture, cosmetics, pharmaceuticals, textile, perfumeries, lubricants, paint, rubber, polymer & plastics, and electronics. Jayant Agro-Organics Limited is known for its global leadership in the castor-based specialty chemicals industry, with a strong focus on research and development to create innovative solutions. The company’s commitment to quality and innovation has established it as a preferred partner worldwide for sourcing castor oil and its derivatives. 

• Hokoku Corporation - Hokoku Corporation is a company that manufactures and distributes animal and vegetable oil extracts, including a range of castor-based products such as refined castor oil, dehydrated castor oil, hydrated castor oil, undecylenic acid, and fatty acids. The company supplies its products to various industries, including manufacturers of medicines, cosmetics, food & feed products, organic fertilizers, paints, textile, lubricants, and construction products. Additionally, the company is known for being a top share manufacturer of sebacic acid in Japan, which is used in soaps, cosmetics, and inks. Furthermore, Hokoku Corporation’s product ELA-DR is a castor oil polyol suitable for urethane resins, indicating its presence in the polymer additives and pigments materials industry.

• RPK Agrotech - RPK Agrotech is a company based in Gandhidham, India, that specializes in the manufacturing and distribution of various grades of castor oil and castor seed extraction. The company’s product portfolio includes castor oil, organic fertilizers, and cattle feeds, catering to end-use industries such as textile, lubricants, and agriculture. RPK Agrotech has a significant production capacity, with the ability to crush 250 metric tons of castor seeds, refine 200 metric tons of castor oil, and operate a solvent extraction plant with a capacity of 250 metric tons of castor meal per day. Additionally, the company has its own fleet of 25 trucks, ensuring efficient logistics and easy connectivity with the ports of Kandla and Mundra. RPK Agrotech’s focus on castor oil and its related products positions it as a key player in the castor oil market, with a strong presence in the industry and the ability to meet the demand of various end-use sectors.

• Taj Agro Products Limited - aj Agro Products Limited is a subsidiary of The Taj Group and is a leading manufacturer, marketer, and distributor of different grades of castor oil, castor oil derivatives, and castor seed extracts globally. The company has an installed capacity to crush 115 metric tons of castor seeds, refine 50 metric tons of castor oil, and operate a solvent extraction plant for the extraction of 100 metric tons of castor meal per day. Taj Agro Products Limited distributes its products in Europe, Asia, North America, and the Middle Eastern countries. 

• Tongliao Tonghua Castor Chemical Co., Ltd. - Tongliao Tonghua Castor Chemical Co., Ltd. is a company that manufactures and supplies organic chemicals, food & feed additives, inorganic chemicals, organic intermediates, and daily chemicals to various industries such as cosmetics, pharmaceutical, lubricants, plastics, food & beverage, resins, agriculture, and construction. The company has received the ISO 9001:2000 certificate for its standard quality management systems. 

• Xingtai Lantian Fine Chemical Co., Ltd. - Xingtai Lantian Fine Chemical Co., Ltd. specializes in the manufacturing and distribution of surfactants, offering a diverse product portfolio that includes pesticide emulsifiers, monomer series, nonylphenol ethoxylates, polyoxyethylene fatty acid ester series, polyethylene glycols, and castor oil polyoxyethylene ether series. The company is recognized as a professional manufacturer of surfactants and other practical products, with a wide range of offerings such as pesticide auxiliaries, detergent auxiliaries, and textile, printing, and dyeing chemicals. 

• N.K. Proteins Pvt Limited - NK Proteins Pvt Limited, formerly known as Maruti Proteins Ltd., is a leading manufacturer and distributor of a wide range of edible oils, including sunflower oil, soybeans oil, cottonseed oil, corn oil, groundnut oil, palm oil, and castor oil. The company’s castor oil-based production unit, located in Mehsana, Gujarat, primarily produces hydrogenated castor oil, hydroxy stearic acid, and ricinoleic acid. NK Proteins Pvt Limited has a capacity to crush 27,000 metric tons of castor seeds per month. The company is a major player in the castor oil and derivatives market, which is highly competitive, with numerous players striving to capture a significant market share. 

• Adani Wilmar Ltd. - Adani Wilmar Ltd. is a prominent player in the castor oil and derivatives market, with a strong presence in the industry. The company is known for its extensive product portfolio, which includes castor oil and its derivatives. Adani Wilmar Ltd. is recognized as a leading exporter of castor oil and its derivatives, with a strong procurement network for good quality raw materials and state-of-the-art manufacturing facilities. The company also caters to institutional demand through its industry essentials range, which includes castor oil derivatives, oleo chemicals, and soya value-added products. 

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Castor Oil & Derivatives Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2021, historic information from 2018 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Castor Oil & Derivatives Market Report Assumptions:

• The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.