Wilmington, Delaware, United States, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The castor oil and derivatives market is projected to expand at a CAGR of 3.8% during the forecast period from 2022 to 2031, as per the market outlook report by TMR.
Castor oil, a type of vegetable oil, is gaining traction as one of the highly utilized industrial fuels due to its advantages, such as easy availability, sustainability, and effectiveness. Concerns pertaining to the environmental effects of petroleum-based products have increased in the past few years. This has resulted in the inclination toward adoption of renewable and more sustainable alternatives. This factor is creating business opportunities for castor oil and derivatives providers. Regulatory bodies across many developed and emerging economies are undertaking initiatives in order to promote the usage of bio-based products. They are implementing different policies that encourage these initiatives. This factor is anticipated to fuel the demand for castor oil and derivatives in the next few years.
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Key Findings
- Cost of manufacturing bio-based products has come down due to technological advancements. This has helped in making bio-based products a key substitute to petroleum-based alternatives. Preference for bio-based and sustainable products instead of conventional energy sources is estimated to drive the castor oil and derivatives market during the forecast period.
- The oil obtained from castor seeds contain high percentage of triglycerides, specifically ricinolein. This oil can be converted into different types of products, including a probable substitute to petrochemicals. Regulatory bodies of developed and developing countries across the globe are undertaking initiatives to support the development as well as approval of biocosmetics. This factor is projected to drive industry growth in the next few years.
- Castor oil derivatives are used in pharmaceuticals, cosmetics and perfumeries, and other industries as a key ingredient in soaps, creams, and several other products. People from developed and emerging economies are becoming increasingly conscious about their appearance. Moreover, spending power of consumers in these countries is improving. Thus, sales of personal care products have increased, boosting expansion of the cosmetics and perfumeries sector. Major manufacturers of personal care products are focusing on the development of products utilizing eco-friendly ingredients as per consumer requirements. These factors are expected to lead to rise in market demand in the near future. Demand for cosmetics is projected to increase in the next few years owing to rise in older population as well as improved spending power of people. This, in turn, is expected to drive market expansion.
Castor Oil and Derivatives Market: Growth Drivers
- Increase in demand for sustainable feedstock is fueling sales opportunities in the global industry
- Rapid expansion of the cosmetics and perfumeries sector is anticipated to create high demand for castor oil and derivatives
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Regional Analysis
- As per the castor oil and derivatives market report by TMR, Asia Pacific accounted for 44.0% share of the global industry in 2021. It is projected to maintain a large share of the market during the forecast period. This can be ascribed to increase in castor oil production in the region. India is a leading castor seeds supplier that caters to about 75% of the global demand. Hence, the country is projected to play an important role in the development of the market in Asia Pacific during the forecast period.
- Europe held 26.0% share of the global market in 2021. The regional market is projected to witness substantial growth opportunities in the next few years owing to rapid adoption of sustainable products and expansion of the cosmetics and perfumeries sector.
- The market in North America is anticipated to witness growth at a significant pace during the forecast period. This can be attributed to rise in focus on carbon emission reduction and launch of bio-based products in the region.
Competition Landscape
- Major market players are focusing on R&D activities to develop products with improved quality
- They are adopting strategies, such as product launch and regional expansion, in order to stay ahead of the competition
Castor Oil and Derivatives Market: Key Players
- Adani Wilmar
- BASF SE
- Eni
- Arkema
- Bom Brasil
- Thai Castor Oil Industries Co., Ltd.
- Kanak Castor Products Pvt. Ltd.
- Hokoku Corporation
- ITOH Oil Chemicals Co., Ltd.
- Sebacic India Ltd.
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Castor Oil and Derivatives Market Segmentation
Derivative Type
- Sebacic Acid
- Ricinoleic Acid
- Hydrogenated Castor Oil
- 12-Hydroxy Stearic Acid
- Dehydrated Castor Oil
- Undecylenic Acid
- Others
End-use
- Cosmetics & Perfumeries
- Plastics & Rubbers
- Food Packaging
- Pharmaceuticals Textiles
- Electronics & Telecommunications
- Paints, Inks & Additives
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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