New York, United States , July 16, 2024 (GLOBE NEWSWIRE) -- 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.
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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 smell and taste. Ricinoleic acid (an omega-9 fatty acid), a monounsaturated fatty acid, accounted for 85-95% of castor oil's total fatty acid content. Castor oil derivatives are substances formed from castor oil through a variety of chemical reactions or changes. The castor oil derivatives market is driven by its wide range of uses in industries such as cosmetics, pharmaceuticals, and manufacturing. The growing need for chemical-free skin and hair care products, combined with castor oil's excellent efficacy against the immune system and illnesses like constipation, makes its products more inclusive. Furthermore, brands that highlight the benefits of castor oil, such as omega-6 fatty acids, are transforming the market. The growing response from consumers has offered more encouragement to organic cosmetic companies. These companies now provide lotions, blended oils, and lubricants for a variety of skin and hair issues. However, Poor extraction processes, a lack of innovation, and rising demand for chemical-based cosmetics and alternatives are among the major difficulties confronting the castor oil derivatives industry.
Browse key industry insights spread across 206 pages with 110 Market data tables and figures & charts from the report on the "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."
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The sebacic acid segment is predicted to hold the largest market share through the forecast 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 predicted to hold the largest market share through the forecast period. This dominance is attributed to sebacic acid's numerous industrial applications, including the manufacture of lubricants, cosmetics, and polymers, among others. It is a key component in lubricants because of its exceptional lubricating properties and remarkable stability in a range of circumstances.
The cosmetics & pharmaceuticals segment is anticipated to hold the highest market share during the projected timeframe.
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 highest market share during the projected timeframe. Castor oil's natural moisturizing and emollient properties make it popular as a skincare, haircare, and medical ingredient. The rising consumer demand for natural and sustainable products increases its market position in these sectors. As the market for eco-friendly and bio-based components expands, castor oil derivatives are likely to play a critical role in driving growth within the cosmetics and pharmaceutical industries.
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Asia Pacific is estimated to hold the largest share of the castor oil derivatives market over the forecast period.
Asia Pacific is estimated to hold the largest share of the castor oil derivatives market over the forecast period. Demand is driven by the rising use 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, contribute to market expansion.
North America is predicted to have the highest CAGR growth in the castor oil derivatives market over the forecast period. North America emerged as a major consumer of the commodity as the region's consumption of bio-based plastics, lubricants, fuel, and cosmetics increased. Furthermore, increased demand for castor-based supplements to promote healthy hair and skin growth is expected to drive the industry forward.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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.
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Recent Developments
- In November 2022, Casterra Ag Ltd., an Evogene Ltd. company, announced a long-term royalty arrangement with Titan Castor Farms Limited, a Zambian castor oil cultivator, maker, and distributor. The company's objective is to deliver improved castor bean seed types and comprehensive agricultural service solutions to castor cultivators and manufacturers.
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
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