Global Castor Oil Derivatives Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Sebacic Acid, Ricinoleic Acid, Hydrogenated Castor Oil, 12-Hydroxy Stearic Acid, and Others), By Application (Cosmetics & Pharmaceuticals, Surface Coatings, Plastic & Resins, Lubricants, Biodiesel, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

Industry: Specialty & Fine Chemicals

RELEASE DATE Jul 2024
REPORT ID SI5068
PAGES 206
REPORT FORMAT PathSoft

Global Castor Oil Derivatives Market Insights Forecasts to 2033

  • The Global Castor Oil Derivatives Market Size was Valued at USD 1349.2 Million in 2023
  • The Market Size is Growing at a CAGR of 5.60% from 2023 to 2033
  • The Worldwide Castor Oil Derivatives Market Size is Expected to Reach USD 2325.5 Million by 2033
  • North America is Expected to Grow the fastest during the forecast period.

 

Global Castor Oil Derivatives Market

Get more details on this report -

Request Free Sample PDF

The Global Castor Oil Derivatives Market Size is Anticipated to Exceed USD 2325.5 Million by 2033, Growing at a CAGR of 5.60% from 2023 to 2033.

 

Market Overview

Castor oil is a vegetable oil derived from the seeds of the castor plant (Ricinus Communis). It's a pale yellow liquid with a distinct aroma and flavor. Ricinoleic acid (an omega-9 fatty acid), a monounsaturated fatty acid, accounts for 85-95% of castor oil's total fatty acid concentration. Castor oil derivatives are compounds derived from castor oil through various chemical reactions or modifications. The castor oil derivatives market is thriving due to its extensive benefits for skin and hair care, its use in cosmetics, and the rising demand for organic ingredients. It's gaining popularity in both medical and personal care sectors, including joint pain relief and acne treatment. The shift towards herbal solutions in the cosmetic industry and the unique chemical properties of castor oil derivatives are driving their adoption in green chemicals and beauty products worldwide.

 

Report Coverage

This research report categorizes the market for castor oil derivatives market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the castor oil derivatives market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the castor oil derivatives market.

 

Global Castor Oil Derivatives Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 1349.2 Million
Forecast Period:2023-2033
Forecast Period CAGR 2023-2033 :5.60%
2033 Value Projection:USD 2325.5 Million
Historical Data for:2019-2022
No. of Pages:206
Tables, Charts & Figures:110
Segments covered:By Product Type, By Application, By Region
Companies covered::Thai Cator Oil Industries Co., Ltd., Tongliao Tonghua Cator Chemical Co., Ltd., RPK Agrotech, Krishna Antioxidants Pvt. Ltd, Arvalli Castor Derivatives Pvt Ltd., Adani Wilmar Ltd., Hengshui Jinghua Chemical Co., Ltd, N.K. Proteins Pvt. Ltd., Gokul Agri International Ltd., Sebacic India Pvt. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Kanak Castor Products Pvt., Ltd., and Others
Pitfalls & Challenges:Covid-19 Empact, Challenges, Growth, Analysis.

Get more details on this report -

Request Free Sample PDF
 

Driving Factors

The castor oil derivatives market is driven by its diverse applications in industries such as cosmetics, pharmaceuticals, and manufacturing. The increased need for chemical-free skin and hair care products, combined with castor oil's superior efficiency against the immune system and disorders such as constipation, makes its goods inclusive. Furthermore, brands that promote the benefits of castor oil, such as omega-6 fatty acids, are revolutionizing the market. The rising response from end users has provided additional encouragement for organic cosmetic companies. These companies are now offering lotions, blended oils, and lubricants for a variety of skin and hair conditions. Castor oil and its derivatives provide significant advantages over other vegetable oils due to their unique fatty acid composition. Castor oil derivatives exhibit renewable, natural, and diverse physicochemical features. Thus, castor oil derivative products are preferred as a key raw material in a variety of applications, including lubricants, oleochemicals, medical, cosmetics, pharmaceuticals, and bio-energy, among others. The green chemical trend, combined with its exceptional chemical features, which benefit a wide variety of applications, is likely to cater to market expansion.

 

Restraining Factors

Poor extraction procedures, a lack of innovation, and increased demand for chemical-based cosmetics and alternatives are some of the primary challenges facing the castor oil derivatives business. Furthermore, raw material availability, weather uncertainty, a lack of working capital, extraction techniques, and methodologies are all impeding the growth of the castor oil derivatives industry. Temperature, light, rainfall, soil qualities, latitude, and altitude, among other variables, all have a significant impact on castor oil yield. Uncertainty in prices affects downstream production and diminishing profit margins hinder the growth of the castor oil derivative market.

 

Market Segmentation

The castor oil derivatives market share is classified into product type and application.

  • The sebacic acid segment is estimated to hold the highest market revenue share through the projected period.

Based on the product type, the castor oil derivatives market is classified into sebacic acid, ricinoleic acid, hydrogenated castor oil, 12-hydroxy stearic acid, and others. Among these, the sebacic acid segment is estimated to hold the highest market revenue share through the projected period. This dominance is related to the vast industrial applications of sebacic acid, such as the production of lubricants, cosmetics, and polymers, among others. It is an important component in lubricants because of its outstanding lubricating qualities and great stability under a variety of situations. Sebacic acid is valued in cosmetics for its potential to improve formulations while also providing moisturizing properties. It is used in the polymer sector to produce a variety of polymers and resins.

 

  • The cosmetics & pharmaceuticals segment is anticipated to hold the largest market share through the forecast period.

Based on the application, the castor oil derivatives market is divided into cosmetics & pharmaceuticals, surface coatings, plastic & resins, lubricants, biodiesel, and others. Among these, the cosmetics & pharmaceuticals segment is anticipated to hold the largest market share through the forecast period. Castor oil's natural moisturizing and emollient characteristics contribute to its popularity as a skincare, haircare, and medicinal ingredient. The growing consumer demand for natural and sustainable products strengthens its market position in these industries. As the market for eco-friendly and bio-based components grows, castor oil derivatives are likely to play a crucial role in driving growth within the cosmetics and pharmaceutical industries. Castor oil derivative also cures skin disorders, burns, cuts, ailments, abdominal illness, constipation, muscle pains, and inflammatory problems enhancing market growth worldwide.

 

Regional Segment Analysis of the Castor Oil Derivatives Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the castor oil derivatives market over the predicted timeframe.

 

Global Castor Oil Derivatives Market

Get more details on this report -

Request Free Sample PDF

Asia Pacific is anticipated to hold the largest share of the castor oil derivatives market over the predicted timeframe. The demand is attributable to increased consumption and production of the castor oil derivative product. Castor seeds grown in tropical regions such as India, Myanmar, Vietnam, Pakistan, Cambodia, Thailand, Bangladesh, the Philippines, and Indonesia, as well as semi-arid regions like China, Japan, and South Korea, enhance the market expansion. In the last decade, many countries in the region have begun substantial efforts to grow castor seeds on a commercial scale. China is the global leader in the manufacture and export of sebacic acid with a capacity of more than 210 kilotons. India has become a producer and exporter of castor oil and its derivatives, including 12-hydroxy stearic acid, castor wax, dehydrated castor oil, and undecylenic acid. India is currently exporting to China, the United States, and the European Union.

 

Top of FormBottom of FormNorth America is expected to grow at the fastest CAGR growth of the castor oil derivatives market during the forecast period. North America developed as a major user of the commodity as the region's usage of bio-based plastics, lubricants, fuel, and cosmetics expanded. Furthermore, rising demand for castor-based supplements to promote healthy hair and skin growth is likely to support the industry's expansion.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the castor oil derivatives market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Thai Cator Oil Industries Co., Ltd.
  • Tongliao Tonghua Cator Chemical Co., Ltd.
  • RPK Agrotech
  • Krishna Antioxidants Pvt. Ltd
  • Arvalli Castor Derivatives Pvt Ltd.
  • Adani Wilmar Ltd.
  • Hengshui Jinghua Chemical Co., Ltd
  • N.K. Proteins Pvt. Ltd.
  • Gokul Agri International Ltd.
  • Sebacic India Pvt. Ltd.
  • Liaoyang Huaxing Chemical Co., Ltd.
  • Kanak Castor Products Pvt., Ltd.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In May 2024, Casterra Ag Ltd., an integrated solutions company for growing castor for bio-based industrial applications such as biofuels and biopolymers, and a subsidiary of Evogene Ltd. announced the signing of new agreements with both existing and new seed producers in Africa. These agreements are expected to increase Casterra's seed supply capacity by adding roughly 500 tons of high-yielding, high-oil castor seeds.

 

  • In November 2022, Casterra Ag Ltd. the castor seeds technology developer whose mission is to provide the most advanced castor bean seed varieties and comprehensive ag-service solutions to castor cultivators and manufacturers, and a subsidiary of Evogene Ltd. announced that it has signed a long-term royalty agreement with Titan Castor Farms Limited, a Zambian cultivator, manufacturer, and distributor of castor oil.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the castor oil derivatives market based on the below-mentioned segments: 

 

Global Castor Oil Derivatives Market, By Product Type

  • Sebacic Acid
  • Ricinoleic Acid
  • Hydrogenated Castor Oil
  • 12-Hydroxy Stearic Acid
  • Others

 

Global Castor Oil Derivatives Market, By Application

  • Cosmetics & Pharmaceuticals
  • Surface Coatings
  • Plastic & Resins
  • Lubricants
  • Biodiesel
  •  Others

 

Global Castor Oil Derivatives Market, By Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. What is the CAGR of the castor oil derivatives market over the forecast period?
    The castor oil derivatives market is projected to expand at a CAGR of 5.60% during the forecast period.
  • 2. What is the market size of the castor oil derivatives market?
    The Global Castor Oil Derivatives Market Size is Expected to Grow from USD 1349.2 Million in 2023 to USD 2325.5 Million by 2033, at a CAGR of 5.60% during the forecast period 2023-2033.
  • 3. Which region holds the largest share of the castor oil derivatives market?
    Asia Pacific is anticipated to hold the largest share of the castor oil derivatives market over the predicted timeframe.

Need help to buy this report?

Inquiry Before Buy
We'll use cookies to improve and customize your experience if you continue to browse. Is it OK if we also use cookies to show you personalized ads?
Learn more and manage your cookies
Yes, Accept Cookies