The global castor oil and derivatives market size exceeded USD 1.30 billion in 2015. The key factor contributing to the growth of the global market include increasing demand for sustainable and biodegradable products due to the shift of the industry towards diminishing dependence on petrochemicals.
This shift towards bio-based chemicals is on account of unstable prices of petrochemical derived product owing to the imbalance in the supply and demand have elevated distress regarding the overall chemical industry.
Regulatory support, due to conventions for governing environmental hazards connected to conventional sources and petrochemicals which is also expected to drive castor oil & derivatives market over the forecast period.
U.S. castor oil and derivatives market volume by product, 2014 - 2024 (KiloTons)
Development in the chief industries such as cosmetics, textiles, automotive, and pharmaceuticals is anticipated to additionally boost the global market demand over the next eight years.
However, highly unstable prices of castor seed due to the imbalance in their supply chain is expected to hinder the growth of the overall market. Additionally, the prices of unconventional renewable chemicals are further estimated to negatively impact the market growth globally. Over-reliance on the weather generates huge concerns regarding the continuous castor oil and its derivatives supply.
India emerged as the largest castor seeds producer and held more than 80% of the global castor oil and derivative production, followed by Brazil and China. Crop production is highly dependent on the climatic conditions and the process of harvesting take over six months, giving rise to unreliable crop supply.
The growing demand for natural and organic cosmetic products is also forecasted to generate beneficial prospects for the global castor oil and derivative market over the forecast period.
Sebacic acid remained the highest castor oil derivatives consumed in 2015 and held more than 20% of the global market revenue. The major factor driving this segment is likely to be the extensive application of sebacic acid.
Castor wax is anticipated to observe the maximum growth from 2016 to 2024, on account of its increasing approval in lubrication, greases, cosmetics, and coatings uses. Dehydrated castor oil and derivatives are projected to see table progress shortly.
Pharmaceuticals and cosmetics were the major application segment and held more than 30% of entire market volume in 2015. Growing healthcare industry along with the development of the personal care industry in the emerging nations of South America and Asia-Pacific is estimated to provide significant gains to the market. Biodiesel is forecasted to observe the highest growth rate shortly.
Rising investment in research & development to expand the castor oil and derivatives application base is anticipated to boost the market demand over the next eight years. Growing biodiesel demand is further projected to benefit the overall castor oil and derivatives market in future.
Asia Pacific castor oil and derivatives market stood led the global industry and held over 55% of global demand in 2015. Advancements in the key industries such as pharmaceuticals, lubricants, and personal care are projected to benefit the demand in the region over the forecast period.
Obtainability of important raw material which is castor oil seed in large quantities has also donated to the development of the market. Rising renewable oil sources demand is estimated to additionally enrich the growth of the market. Asia Pacific is furthermore projected to observe the maximum growth in future.
Change in the trend towards acceptance of bio-based cosmetics is projected to provide significant gains to Europe market. North America is anticipated to witness reasonable growth in the next few years. Rising biodiesel demand in several countries, for instance, France, Canada, Germany, and U.S. are estimated to have immediate positive impact on the overall demand for castor oil and derivatives market in North America and Europe.
Castor oil and derivatives commercialization stand at a budding phase in the overall market. Invention and developments to grow new applications are amongst the key strategies implemented by main companies.
Chief companies functioning in the overall castor oil and derivatives market include Hokoku Corporation, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Adani Group, Jayant Agro Organics, Liaoyang Huaxing Chemical Co., Ltd., Gokul Overseas, Thai Castor Oil Industries Co. Ltd., NK Proteins, RPK Agrotech, TongliaoTongHua Castor Chemical Co. Ltd., Kanak Castor Products Pvt. Ltd., Bom Brazil, and Enovel.
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