The castor oil derivatives are widely used in the production of bio-based polymers which finds applications in various end-use industries like food packaging, textiles, automotive and construction. Castor oil derivatives act as an efficient feedstock for production of bio-based polyamides, polyurethanes and epoxy resins. These bio-based polymers provide improved durability, thermal stability and mechanical strength.
The global castor oil derivatives market is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 2.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for bio-based polymers from packaging and automotive industries is the major factor propelling the growth of castor oil derivatives market. Bio-based polymers are increasingly being used as a sustainable replacement for petroleum-based polymers in various applications. For instance, bio-based polyamides are used in luggage, electronic devices casing and automotive interior parts as a substitute for conventional polycarbonate, polypropylene and nylon. They provide excellent mechanical properties, durability and eco-friendly nature. Moreover, bio-epoxy produced from castor oil derivatives finds usage in coatings for food and beverage packaging. The growth of packaging industry worldwide is further augmenting the demand for castor oil based bio-epoxy resins and polyurethanes, thereby fueling the market growth over the forecast period.
Segment Analysis
The global castor oil derivatives market is dominated by sebacic acid. Sebacic acid accounts for over 30% of the global market. It is widely used in the production of nylon, lubricants, cosmetics, and polyamides owing to the beneficial properties of castor oil derivatives. The increasing demand from end-use industries such as plastics, lubricants, cosmetics, and pharmaceuticals is fueling the growth of the sebacic acid segment.
Key Takeaways
The global Castor Oil Derivatives Market Growth is expected to witness high growth over the forecast period of 2024 to 2031. The global castor oil derivatives market is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 2.6% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific holds the largest share in the castor oil derivatives market. India and China are the major producers and consumers of castor oil derivatives owing to the large availability of raw materials and rapidly expanding end-use industries. The demand is expected to grow at a faster rate from these developing economies.
Key players: Key players operating in the castor oil derivatives market are Mason Corporation, Ace Chemical Company, City Chemicals LLC, TIB Chemicals AG, Pfaltz & Bauer Inc., GFS Chemicals, Showa America, S V Plastochem Private Limited, Westman Chemicals Pvt, William Blythe, Haihang Industry Co.,Ltd, and Strem Chemicals. The major players are focusing on launching application-specific products to cater to the diversifying needs of end-use industries. Strategic partnerships with local players to strengthen distribution is another area of focus.
For more insights, read- https://www.newswirestats.com/castor-oil-derivatives-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/unlocking-security-the-rise-of-the-biometric-card-market
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