Between 2023 and 2033, the castor oil derivatives market is expected to grow at an average CAGR of 4.9%. The market for castor oil derivatives is projected to reach US$ 2.21 billion in market share by 2033, up from an estimated US$ 1.37 billion in 2023.
The pharmaceutical, cosmetic, and personal care industries are witnessing a surge in demand for castor oil derivatives, driven by their versatile applications. In addition to addressing the rising pollution concerns, consumers are increasingly turning to herbal products to protect their skin and hair. Castor oil derivatives are not only valued for their skincare benefits but also for their medicinal properties, aiding in boosting immunity and relieving constipation. Moreover, the pharmaceutical sector is exploring their use in lotions for joint pain and arthritis, expanding the market’s horizons.
Furthermore, the potential of castor oil derivatives as a bio-energy source is gaining momentum, opening up new avenues for growth in the market. These derivatives are also making strides in enhancing blood circulation and addressing skin issues like moles and cysts. The growing number of manufacturing facilities in emerging economies is further fueling the demand for castor oil derivatives. Notably, their significant impact on hair, strengthening and thickening it, with minimal to no side effects, is a crucial factor contributing to their popularity.
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Key Points
- Indian market leads the castor oil derivatives market in terms of CAGR in the Asian region. The India region thrives at a CAGR of 5.9% between 2023 and 2033. The growth in this region is attributed to the expanding production and exporting capacity along with the higher government efforts.
- In 2023, the Japanese market holds a market share of 3.6% in the global market, attributed to the higher penetration of the cosmetic industry.
- The German castor oil derivatives market is another significant market in the region. The market holds a market share of 5.8% in 2023. The growth is attributed to the presence of major cosmetic and pharmaceutical brands along with the joint efforts of the European government.
- The pharmaceutical segment leads the application type segment as it holds a market share of 22.5% in 2023. The growth is attributed to the higher consumption and its helpful proposition on constipation.
- Based on the classification, the industrial segment leads as it holds a market share of 74.7% in 2023.
Competitive Landscape
The key vendors work on application-specific castor oil derivatives along with increasing the production capacity. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
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Recent Market Developments
- Sebacic India Pvt. Ltd. Has introduced its “From black to green” program that produces powder sebacic acid and grain sebacic acid with white crystalline powder and white granular.
- Adani Wilmer and Royal Castor Products are engaging in third-generation castor seeds and castor oil derivatives. This development has fueled the presence of Indian dominance in the global market.
Key Players
- BASF SE
- Hengshui Jinghua Chemical Co., Ltd.
- N.K. Proteins Pvt. Ltd.
- Thai Castor Oil Industries Co. Ltd.
- Sebacic India Pvt. Ltd.
- HOKOKU Co. Ltd.
- Adani Wilmar Ltd.
- Gokul Agri International Ltd.
- RPK Agrotech
- Arvalli Castor Derivatives Pvt Ltd.
- Krishna Antioxidants Pvt. Ltd.
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Key Segments Covered
Product Type:
- Undecylenic Acid
- Sebacic Acid
- Castor Wax
- Dehydrated Castor Oil
- Others
Application:
- Lubricants
- Cosmetics & Pharmaceuticals
- Biodiesel
- Plastics & Resins
- Other
By Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- Japan
- APEJ
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