The global castor oil derivatives market size is expected to reach USD 1,429.7 million by 2027, exhibiting a CAGR of 4.3% during the forecast period. The growing demand for organic cosmetics products will create lucrative business opportunities for the market, states Fortune Business Insights, in a report, titled “Castor Oil Derivatives Market Size, Share & COVID-19 Impact Analysis, By Product Type (Sebacic Acid, Ricinoleic Acid, Hydrogenated Castor Oil, 12-Hydroxy Stearic Acid, Dehydrated Castor Oil and Others), Application (Cosmetic & Pharmaceuticals, Plastic & Resins, Lubricants, Biodiesel, and Others) and Regional Forecast, 2025-2032.” The market size stood at USD 1,035.4 million in 2019.
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Segmentation Analysis:
By Product Type Analysis
Sebacic acid is a bio-based and unique feedstock for the production of biopolymers. Owing to performance benefits such as durability, hydrophobicity, flexibility, and low melting points, it is widely adopted in the manufacturing of polyamides. Moreover, sebacic acid is adopted as an additive in lubricants, as a buffering agent in personal care products, as a corrosion inhibitor, and in the production of esters.
By Application Analysis
In 2019, the Plastic & Resin segment held the largest castor oil derivatives market share of 36.5% in the global market. These oil derivatives are extensively used in the manufacturing of plastic & resins, which are further used in paint, coating, inks, and other polymer applications. For instance, 12-hydroxy stearic acid is used as a feedstock to produce acrylic polymers. Moreover, the increase in the consumption of bioplastics globally is fueling demand for castor oil and its derivative in bioplastic production.
Market Driver:
Growing Demand for Castor Oil Derivatives to Drive Market Growth
The rising awareness of castor oil’s advantages over traditional oils like cotton, coconut, soy, and corn is expected to boost market growth. Its versatile physicochemical properties and expanding use in lubricants, oleo-chemicals, cosmetics, pharmaceuticals, bioenergy, and more will fuel demand. Additionally, the shift toward green chemicals will further support market expansion.
Declined Production to Retard Business Amid Coronavirus
The production of castor oil has dropped severely due to the coronavirus outbreak. The halt on manufacturing sites, inadequate feedstock, and manpower will harshly affect the global market. Disturbed supply chain and deteriorated manufacturing facilities have resulted in an enormous loss for the industry. However, the ease on lockdowns by the governments will subsequently facilitate the recovery of the market in the near future.
Key Development:
December 3, 2019: Eni, a leading energy company based in Italy signed an MoU with the Societè National de Distribution des Petroles to develop castor cultivation to be used in the production of biodiesel.
The Report List the Main Companies in the Castor Oil Derivatives Market:
- HengshuiJinghua Chemical Co., Ltd. (China)
- K. Proteins Pvt. Ltd. (India)
- Thai Castor Oil Industries Co. Ltd. (Thailand)
- Sebacic India Pvt. Ltd. (India)
- HOKOKU Co. Ltd. (Japan)
- Adani Wilmar Ltd. (India)
- GokulAgri International Ltd. (India)
- RPK Agrotech (India)
- Arvalli Castor Derivatives Pvt Ltd. (India)
- Krishna Antioxidants Pvt. Ltd. (India)
Regional Analysis:
High Availability of Castor Seeds to Augment Growth in Asia Pacific
The market in Asia Pacific is expected to experience a rapid growth rate owing to the growing production and distribution of oils in the region. China is a global leader in the sebacic acid with a production capacity of more than 210-kilo tons per year. According to The Solvent Extractors Association of India, China holds around 40% of castor oil export from India followed by Europe 30-35%.The high availability of castor seeds will Further promote healthy growth of the market in Asia Pacific. India is a major producer & exporter of castor oil and castor oil derivatives such as 12-hydroxy stearic acid, castor wax, dehydrated castor oil, undecylenic acid. Europe is expected to rise tremendously during the forecast period owing to the rising adoption and favorable government regulations regarding the use of bio-based chemicals.
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