Pune India, April 28, 2022 (GLOBE NEWSWIRE) -- Castor oil derivatives market is anticipated to grow at a steady growth rate over the forecast period, owing to upsurge in demand and consumption of castor oil derivatives by end-use industries for manufacturing bio-based coatings, plastics, lubricants, hair care, skincare, and medicinal products. Castor oil is obtained from castor seeds also known as ricinus communis. Castor oil derivatives have distinctive chemical structure as well as enriching properties which fuels its usage in several industries such as pharmaceuticals, cosmetics, food, plastics & rubber, inks & adhesives, lubricants, electronics & telecommunications, agriculture, paints, and perfumeries.
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Key Insights & Findings:
- The 12-hydroxy stearic acid (12-HSA) segment led the castor oil derivatives market and valued at USD 0.42 Billion in 2020. This is mainly due to the property of 12-HSA of insolubility in water and negligible solubility in organic solvents.
- The plastics & resins segment accounted for the largest market share and valued at USD 0.52 Billion in 2020. Rising preference and demand for biodegradable plastics primarily drives growth of this segment. Presently, the castor oil derivatives has emerged as an efficient raw material for plastics manufacturing as compared with the crude oil.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the castor oil derivatives market and valued at USD 0.94 Billion in 2020. Growth of the Asia-Pacific castor oil derivatives market is mainly driven by the number of factors such as upsurge in production and consumption of castor oil derivatives. China is the largest importer of the castor oil and derivatives from India and the leading producer of sebacic acid. Europe region is anticipated to grow at prominent CAGR over the forecast period, due to the growing adoption of castor oil derivatives and favorable government regulations.
Key players operating in the global Castor Oil Derivatives Market Hengshui Jinghua Chemical Co., Ltd., N.K. Proteins Pvt. Ltd., HOKOKU Co. Ltd., Adani Wilmar Ltd., Gokul Agri International Ltd., RPK Agrotech, Thai Castor Oil Industries Co. Ltd., Sebacic India Pvt. Ltd., Arvalli Castor Derivatives Pvt Ltd., and Krishna Antioxidants Pvt. Ltd. among others. To enhance their market share in the global castor oil derivatives market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in August 2021, Adani Wilmar, one of the leading market players filed draft papers with markets regulator Sebi to launch its initial public offer (IPO) and to raise up to Rs 45,000 million for funding its expansion.
- In June 2020, Rioconn Interactive, a creative communications and digital marketing agency has won the contract for digital mandate for N.K. Proteins Pvt. Ltd., one of the leading market players. The mandate comprises of working on digital marketing strategies, overall social media, and influencer outreach requirements of all sub-brands
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Global Castor oil derivatives Market by Product:
- Sebacic acid
- 12HSA
- Ricinoleic Acid
- Undecylenic acid
- Dehydrated Castor Oil
- Hydrogenated Castor oil (Castor wax)
- Others
Global Castor oil derivatives Market by Application:
- Lubricants
- Surface Coatings
- Cosmetics & Pharmaceuticals
- Biodiesel
- Plastics & Resins
- Others
Global Castor oil derivatives Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the castor oil derivatives market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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