The global Castor Oil Derivatives Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Castor oil derivatives have wide applications in the form of raw materials in different industries like food, pharmaceuticals, personal care products, lubricants, etc. due to their natural, non-toxic and biodegradable properties. Castor oil derivatives provide various functional advantages like moisture retention, thickening and plasticizing properties.
Market key trends:
One of the key trends driving the growth of the castor oil derivatives market is increasing demand for oleochemicals. Oleochemicals derived from castor oil such as fatty acids, fatty alcohols, esters, ethers, and amines have wide applications in industries such as food, pharmaceuticals, and personal care products. The growth in these end-use industries is fueling the demand for castor oil derivatives. Another major trend is the high demand for biodegradable and sustainable products across different industries. Castor oil derivatives offer environment-friendly and sustainable properties due to which they are replacing petroleum-based derivatives.
Segment Analysis
The global castor oil derivatives market is dominated by ricinoleic acid segment. Ricinoleic acid accounted for over 55% of the global market share in 2022. This is attributed to growing demand for ricinoleic acid in industries such as lubricants, plastics and biodiesel due to its superior lubricating properties and ability to reduce friction and wear. Other major segments include undecylenic acid, sebacic acid and others.
Key Takeaways
The Global Castor Oil Derivatives Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for green and sustainable chemicals for industries such as cosmetics, pharmaceuticals, lubricants and biodiesel.
Regional analysis
Asia Pacific region is expected to dominate the global castor oil derivatives market over the forecast period. This is attributed to high production and consumption of castor oil derivatives in countries such as India, China and Thailand. Asia Pacific accounted for over 40% of the global market share in 2023. Europe and North America are also major markets due to stringent regulations favoring bio-based and sustainable chemicals.
Key players
Key players operating in the castor oil derivatives market are Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Hokoku Corporation, NK Proteins, RPK Agrotech, Taj Agro Products, Adani Wilmar, Kanak Castor Products Pvt. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Gokul Overseas, Thai Castor Oil Industries Co. Ltd., JayaLaxmi Castor Oil Pvt Ltd, Girnar Industries, Bom Brazil, Enovel, Castor International, Hokoku Corp, Arvalli Castor Derivatives Private Limited, Khokhoil Qita Tukm Corp, Shivam Castor Products (p) Ltd.
Latest Insights: https://www.newsstatix.com/castor-oil-derivatives-market-size-share-and-growth-forecast-2023-2030/
Comments
0 comment