Wilmington, Delaware, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Global Castor Oil and Derivatives Market was valued at US$ 1.21 billion in 2023 and is expected to grow at a significant CAGR of over 4.5% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Castor oil is a vegetable oil obtained from the Ricinus communis plant. It is a distinct and versatile oil with numerous industrial, medicinal, and cosmetic applications. Because of its valuable characteristics, castor oil and its derivatives are employed in a variety of sectors.
Castor oil and its derivatives are being used in new applications and formulations as a result of ongoing research and development. Castor oil is being used in cosmetics and personal care products due to rising consumer awareness and demand for natural and organic products. Environmental concerns, consumer demand for natural products, and the versatility and utility of these materials across numerous industries are driving the market for castor oil and its derivatives. This trend is projected to continue as industry seek environmentally friendly and sustainable alternatives to old chemical products.
- According to a deep-dive market assessment by RationalStat, the global castor oil and derivatives market has been analyzed on the basis of market segments, including product, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global castor oil and derivatives market covers market sizes on the basis of market value (US$/EUR Million) and volume (Liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global castor oil and derivatives market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Castor Oil and Derivatives Market: Segmental and Market Share Analysis
- On the basis of product, in 2021, the sebacic acid category had a 35% revenue share. The increased share can be due to the increasing use of sebacic acid in the production of polyamides and resins.
- On the basis of application, in 2021, the plastics and resins application had a revenue share of more than 20%. The rise in demand can be attributable to the increased use of biodegradable polymers.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 1.21 billion |
| Market Size Forecast | US$ 1.6 billion |
| Growth Rate | 4.5% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global castor oil and derivatives market include,
- In March 2020, BASF SE is the first chemical business to be certified in accordance with the Castor Caring for Environmental and Social Standards. With this, BASF began supplying its first sustainable castor ingredients to the personal care industry.
Some of the prominent players and suppliers operating and contributing significantly to the global castor oil and derivatives market growth include Thai Castor Oil Industries Co. Ltd, Taj Agro Products Limited, N.K. Proteins Pvt, Limited, Girnar Industries Co., Ltd, Tongliao Tonghua Castor Chemical Co., Ltd, RPK Agrotech, Adani Wilmar Ltd, Hokoku Corporation, BOM Brasil Oleo de Mamona Ltd, Vertellus, and Jayant Agro Organics Limited among others.
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RationalStat has segmented the global castor oil and derivatives market based on product, application and region
- Global Castor Oil and Derivatives Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Product
- Sebacic Acid
- 12-HAS
- Ricinoleic Acid
- Hydrogenated Castor Oil
- Undecylenic Acid
- Dehydrated Castor Oil
- Others
- Global Castor Oil and Derivatives Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Application
- Lubricants
- Surface Coatings
- Biodiesel
- Cosmetics and Pharmaceuticals
- Plastics and Resins
- Others
- Global Castor Oil and Derivatives Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Region
- North America Castor Oil and Derivatives Market
- US
- Canada
- Latin America Castor Oil and Derivatives Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Castor Oil and Derivatives Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Castor Oil and Derivatives Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Castor Oil and Derivatives Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Castor Oil and Derivatives Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Castor Oil and Derivatives Market
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Key Questions Answered in the Castor Oil and Derivatives Report:
- What will be the market value of the global castor oil and derivatives market by 2030?
- What is the market size of the global castor oil and derivatives market?
- What are the market drivers of the global castor oil and derivatives market?
- What are the key trends in the global castor oil and derivatives market?
- Which is the leading region in the global castor oil and derivatives market?
- What are the major companies operating in the global castor oil and derivatives market?
- What are the market shares by key segments in the global castor oil and derivatives market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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