The castor oil derivatives market is expected to grow at a 4.9% average annual growth rate (CAGR) between 2023 and 2033. The market for castor oil derivatives is anticipated to be valued at US$ 1.37 billion in 2023, but it is anticipated to reach a market share of US$ 2.21 billion by 2033.
- The expansion of pharmaceutical, cosmetic, and personal care industries is flourishing the demand for castor oil derivatives. Furthermore, the increasing pollution is also pushing end users to look for herbal products to safeguard their skin and hair.
- The medicinal usage of castor oil derivatives for effective immunity and is helpful in constipation. Along with it, pharmaceutical lotions for joint pain and arthritis are expanding the market verticals.
- The long range of applications including the usage of castor oil derivatives as a bio-energy source is gaining traction for the market and its future possibilities during the forecast period.
- Enhancing blood circulation, and effective impact on the moles and cysts are garnering market growth. The increased manufacturing facilities in emerging economies are thriving the demand for castor oil derivatives.
- Lastly, the most important application of castor oil derivatives on hair is that it strengthens and thickens the hair. These derivatives have no or lower side effects. Alongside this, the rising usage of alternative medicine in developed economies is also propelling market growth.
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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.
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
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