The global castoroil derivatives market size is expected to reach USD 1,429.7 million by2027, exhibiting a CAGR of 4.3% during the forecast period. The growing demand for
organic cosmetics products will create lucrativebusiness opportunities for the market, states Fortune Business Insights, in a
report, titled “Castor Oil DerivativesMarket Size, Share & Industry Analysis, By Product Type (Sebacic Acid,
Ricinoleic Acid, Hydrogenated Castor Oil, 12-Hydroxy Stearic Acid, Dehydrated
Castor Oil and Others), Application (Cosmetic & Pharmaceuticals, Plastic
& Resins, Lubricants, Biodiesel, and Others) and Regional Forecast,
2024-2032.” The market size stoodat USD 1,035.4 million in 2019.
Source:
The report on the castor oil derivativesmarket uncovers:
· Important facts and figures
· An all-inclusive study of themarket
· Comprehensive data about prominentcompanies
· Latest industry trends anddrivers
· Recent developments
· Study of COVID-19 impact
Market Driver:
Growing Applicationof Oil Derivativesto Incite Development
The growingknowledge about the numerous advantages of castor oil and its derivatives compared to other traditional oil willhave a tremendous impact on the market during the forecast period. The shift
from oils derived from cotton, coconut, soy, corn, rapeseed to castor oil
derivatives owing to its natural and versatile physicochemical properties will
foster healthy growth of the market. The growing application of castor oil derivatives in lubricants, oleo-chemicals, medical, cosmetics,pharmaceuticals, bioenergy, and others will consequently boost the growth of
the market. Moreover, the increasing inclination towards green chemicals will
simultaneously improve the prospects of the market during the forecast period.
Declined Production to Retard Business Amid Coronavirus
The production of castor oil has dropped severelydue to the coronavirus outbreak. The halt on manufacturing sites, inadequate feedstock,
and manpower will harshly affect the global market. Disturbed supply chain and
deteriorated manufacturing facilities have resulted in an enormous loss for the
industry. However, the ease on lockdowns by the governments will subsequently
facilitate the recovery of the market in the near future.
Regional Analysis:
High Availability of Castor Seeds toAugment Growth in Asia Pacific
The market in Asia Pacific is expected to experience a rapid growth rateowing to the growing production and distribution of oils in the region. China is a global leader in p sebacic acid with a production capacity ofmore than 210-kilo tons per year. According to The Solvent Extractors Association of India, China holds around 40% of castor oil export from India followed byEurope 30-35%.
