Castor oil is a vegetable oil is removed from the seeds of castor plants. Castor oil is one of the widely used plant oils and contains a high quantity of ricin oleic acid and oleic acid. It is a triglyceride and comprises fatty acids, 90% of which is ricin oleic acid. Castor oil is a pale yellow liquid with a thick and sticky feeling. It has anti-oxidant and anti-inflammatory properties which makes it useful for therapeutic applications. Castor oil has a steady viscosity and thus it doesn’t freeze at lower temperatures. This property makes it an ideal substitute for synthetic lubricants in various commercial manufacturing processes. Castor oil and its derivatives have many applications such as food additive and flavorants, mold inhibitor, and cosmetic ingredient. Castor oil is also used to produce bio-diesel. Castor oil is widely used in the production of soaps, lubricants, hydraulic and brake fluids, paints, dyes, coatings, inks, cold resistant plastics, waxes and polishes, nylon, pharmaceuticals, and perfumes.
Market size and Forecast
Global castor oil and derivatives market is anticipated to observe substantial growth till 2027. Volatile crude oil prices resulted in shift towards replacement of conventional fuel by bio fuels which is also expected to have a positive influence on the market growth.
The global castor oil & derivatives market is segmented into product type and application type. On the basis of application type castor oil and derivatives market is segmented into lubricants, surface coating, biodiesel, cosmetics & pharmaceuticals and plastics & resins. Cosmetics & pharmaceuticals was the largest application segment and anticipated to contribute around 27% to the total castor oil market. Cosmetics & pharmaceuticals is also anticipated to observe the highest growth rate over the next six years. The cosmetics & pharmaceuticals segment is expected to grow at an estimated CAGR of 5% from 2017 to 2027.
By region, global castor oil & derivatives market can be segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific castor oil and derivatives market is dominating the castor oil and derivatives market and expected to contribute over 55% of global castor oil and derivatives market in 2016. In Asia Pacific region, India is the largest producer of castor seeds contributing about 65% of total production. High Availability of castor oil seed is anticipated to fuel the market growth of castor oil & derivatives. . Additionally, rising renewable oil sources is estimated to drive the market growth of the castor oil & derivatives .Moreover, advancements in various industries such as pharmaceuticals, lubricants, and personal care are projected to propel the demand in the Asia Pacific region over the forecast period.
The rising trend towards acceptance of bio-based cosmetics is projected to provide significant gains to Europe market. North America is anticipated to witness robust growth in the next few years. This is attributed to the rising trend towards acceptance of bio-based cosmetics. Moreover, increasing biodiesel demand in various countries such as U.S. and Canada are estimated to have positive impact on the overall castor oil and derivatives market.
Our-in depth analysis of the global castor oil & derivatives market which includes the following segments:
Global Castor Oil & Derivatives Market is further classified on the basis of region as follows:
Growth drivers and Challenges
The global castor oil & derivatives market is anticipated to exhibit significant growth owing to the growing demand from the end-use industries such as cosmetics, lubricants, and pharmaceuticals. Other facts that are contributing to the market growth of the global castor oil & derivatives market are the increasing regulations that are supportive and the increasing prices for substitute products are projected to influence the market. The growing health awareness among consumers and growing personal care sector are the major factors which are anticipated to fuel the market growth of the castor oil & derivatives market over the forecast period. However, fluctuating raw material prices and widening supply demand gap are the major challenges for the global castor oil & derivatives market during the forecast period.
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