Castor oil, a kind of vegetable oil, is extracted from castor plant. The major contents of this oil are ricinoleic acid and oleic acid. Castor oil is primarily used in production of soaps, paints, coatings, dyes, inks, etc.
The global castor oil and derivatives market is anticipated to flourish at a rapid pace and projected to reach USD 2.0 Billion by the end of 2021. Geographically, the global castor oil and derivatives market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World.
Market Size and Forecast
Regionally, with 58.0% of share in 2015, Asia-Pacific dominates the global castor oil and derivatives market. The castor oil market in the region is propelled by increasing healthcare spending and continuous expansion of personal care sector in countries such as India and China. Asia-Pacific is further anticipated to dominate the global castor oil and derivatives market and flourish at a CAGR of 5.0% during 2015-2021. North America and Europe castor oil and derivatives market is also expected to grow at a rapid pace primarily sparked by rapid increase in bio-diesel production in some of the major countries including the U.S., Germany, U.K., etc.
The global castor oil and derivatives market is segmented on the basis of product type into undecylenic acid, castor wax or hydrogenated castor oil, sebacic acid, dehydrated castor oil and others.
On the basis of application the global castor oil and derivatives market is segmented into lubricants, biodiesel, cosmetics, pharmaceuticals, resin and others. Growth of castor oil and derivatives in cosmetics and pharmaceutical industry is expected to witness a CAGR of 5.0% during 2015-2021.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and challenges
Escalating demand of castor oil from end user industries (biodiesel, lubricants, etc.) is believed to uplift the global castor oil and derivatives market over the forecast period i.e. 2015-2021.
In addition to that, rising need of biodegradable and sustainable products is also expected to drive the demand of castor oil and its derivatives in future.
However, irregularity in the rain due to global warming, increasing prices of raw materials such as castor seeds along with availability of low price alternative renewable chemicals etc. are projected to restrain the growth of global castor oil and derivatives market over next 4-5 years.
Global castor oil and derivatives market is very competitive and includes some of the top players such as
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