Newark, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.4 billion castor oil market will reach USD 2.3 billion by 2032. A particular kind of plant oil that is extracted from castor beans is known as castor oil. Castor oil is recognised for its distinct flavour and aroma and colourless to very pale yellow in hue. The substance is widely used in many industries, including lubricants, chemicals, food, cosmetics, pharmaceuticals, and polymers and resins. The oil is also used to promote the growth of skin and hair. One of the main reasons propelling the castor oil market's expansion is the product's increasing use as a feedstock for biodiesel worldwide. The rise in consumer preference for biodiesel, plastics, and resins, along with the increased demand for castor oil due to its high density and potent thermal conductivity for the manufacturing of soaps, cosmetics, paints, dyes, and inks, are driving the expansion of the castor oil market. The oil's use also influences the castor oil market in producing bio-based plastics, lubricants, coatings, skincare, hair care, and pharmaceutical products. Additionally, the market is driven by the growing demand for oil in traditional medicines due to its potential to treat inflammatory issues, stools, headaches, and skin disorders.
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Key Insights on Castor Oil Market
Asia Pacific will account for the largest market size during the forecast period.
Asia-Pacific dominates the market for castor oil due to the region's high levels of production and consumption, accessibility to castor seeds, growing use of castor oil in resins used in the paint, plastic, rubber, perfume, and cosmetics industries, as well as a rise in domestic use. People are becoming more conscious of the advantages of castor oil for their skin and digestive systems, causing them to concentrate on utilising goods infused with the oil. This will drive the demand for castor oil in this region.
The sebacic acid segment dominated the market with the most significant revenue of USD 0.29 billion.
The sebacic acid segment dominated the market with the most significant revenue of USD 0.29 billion. This segment has been expanding due to the increasing demand for sebacic acid in manufacturing plastics, biopolymers, and aromatic products.
The plastics and resins segment dominated the market with the most significant revenue of USD 0.37 billion.
The plastics and resins segment dominated the market with the most significant revenue of USD 0.37 billion. Castor oil is significantly more frequently used as a raw material in plastics manufacturing than crude oil. The textile industry also uses castor oil in place of recovered plastics, which fuels the segment's expansion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 20213–2032 |
| Base Year | 2022 |
| Market Size in 2032 | USD 2.3 Billion |
| CAGR | 5.1% |
| No. of Pages in Report | 238 |
| Segments Covered | Product, Application |
| Drivers | Increased usage of castor oil as an animal feed |
| Opportunities | Increasing use in the cosmetics industry |
| Restrains | Fluctuating raw material prices |
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Market Dynamics:
Drivers: Diverse application of castor oil
Castor oil and its derivatives have several benefits compared to other vegetable oils due to their distinct fatty acid composition. Most uses for cotton, coconut, soy, maize, and rapeseed oils are for food products. Derivatives of castor oil have diverse physicochemical characteristics and are naturally occurring and renewable. As a result, these goods are favoured as essential raw materials for various uses, such as bioenergy, lubricants, oleochemicals, medicines, and cosmetics. Because green chemicals are becoming increasingly important globally, the market is anticipated to rise steadily during the forecast period.
Restraint: Fluctuating price of raw materials
Many factors, including temperature, light, rainfall, soil properties, latitude, and altitude, influence the yield of castor oil. The yield determines the price of castor oil. The fluctuating pricing impacts the demand for and downstream production of castor oil derivatives, which lowers profit margins.
Opportunity: Increasing use in the cosmetics industry
The rise in demand for skincare products is supporting the growth of the castor oil market. One of the main components of skin care products is castor oil, which helps to moisturise, treat acne, soothe sunburns, lessen puffiness, and prevent wrinkles. Due to the growing trend of purchasing natural cosmetics to prevent severe side effects and skin allergies, castor oil is in great demand for skincare applications.
Some of the major players operating in the castor oil market are:
● Hengshui Jinghua Chemical Co., Ltd.
● Thai Castor Oil Industries Co. Ltd.
● HOKOKU Co. Ltd.
● Gokul Agri International Ltd.
● Arvalli Castor Derivatives Pvt Ltd.
● BASF SE
● N.K. Proteins Pvt. Ltd.
● Sebacic India Pvt. Ltd.
● Adani Wilmar Ltd.
● RPK Agrotech
● Krishna Antioxidants Pvt. Ltd.
Key Segments cover in the market:
By Product:
● 12-HAS
● Hydrogenated Castor Oil (Castor Wax)
● Dehydrated Castor Oil
● Sebacic Acid
● Ricinoleic Acid
● Undecylenic Acid
● Others
By Application:
● Surface Coatings
● Cosmetics and Pharmaceuticals
● Lubricants
● Biodiesel
● Plastics and Resins
● Others
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About the report:
The global castor oil market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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