Castor oil derivatives are multi-featured chemical that are predominantly employed in the formulation of paints, lubricants, coatings, cosmetics products, and others. Castor oil derivatives carry significant benefits over vegetable oils owing to the presence of fatty acid structure, cotton, coconut, soy, and others. Castor oil derivatives possess natural, non-toxic, renewable, and versatile physio-chemical properties and are extensively used in various end-use industries, including automotive, electrical, paint and coatings, aviation, and others.
The growth of the castor oil derivatives market is driven by rise in urbanization, increase in disposable income, adoption of western culture, growth in demand for various clothes, and increase in fashion consciousness among people that has surged the demand for castor oil derivatives in the textile industry. Castor oil derivatives are gaining popularity in the textile sector due to bio degradability, bio sustainability, and bio renewable properties. Castor oil derivatives are used in dyeing and wetting cotton & linen textile. For instance, Turkey red oil, a derivative of pure castor oil can dye cotton fabric with vat dye whereas refined castor oil (DAB 10) is a special grade oil that is also extensively used in the textile industry and also helps in maintaining the durability and quality of clothes. This is projected to propel the growth of the castor oil derivatives market in the textile industry.
However high manufacturing cost, rising prices of raw materials, uncertainty in climatic conditions, lack of working capital, lack of skilled labor for extraction method, and availability of various substitute to the castor oil derivatives are expected to hamper the growth of the castor oil derivatives market.
The rapid increase in population in both developed and developing economies, rise in import and export of various cosmetics and skincare products, up-gradation in technology, and increased focus on the cosmetic sector have increased the demand for castor oil derivatives. The hydrogenated castor oil in cosmetics is used as an emulsifier, surfactant, and fragrance ingredient. Other castor oil derivatives applications in cosmetics and personal care are to formulate products like creams, hair oils, lip gels, shampoo, deodorants, sunscreens, and other personal hygiene care products. These factors are anticipated to offer remunerative opportunities for the castor oil derivatives market during the forecast period.
The castor oil derivatives market is segmented on the basis of product type, end-use industry, and region. On the basis of product type, the market is categorized into sebacic acid, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, and others. On the basis of end-use industry, it is divided into pharmaceuticals, personal care and beauty care, lubricants, paints and varnishes, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global castor oil derivatives market profiles leading players that include, NK Industries, Hokoku Corporation, Kanak castor Products, Girnar Industries, Jayan Agro Organics Ltd., Gokul Agri International, Vertellus, Xingtai Lantian Fine Chemicals Ltd., Kokura Gosei Kogyo Ltd., ITOH Oil Chemical Ltd., Adani Wilmar, Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Ltd., Thai Castor Oil Industries Ltd., Arvalli Castor Derivatives Pvt. Ltd., and Sebacic India Pvt. Ltd. The global castor oil derivatives market report provides in-depth competitive analysis as well as profiles of these major players.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the castor oil derivatives market analysis from 2021 to 2031 to identify the prevailing castor oil derivatives market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the castor oil derivatives market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global castor oil derivatives market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Hydrogenated Castor Oil
- Ricinoleic Acid
- Others
- Sebacic Acid
- Sebacic Acid Dehydrated Castor Oil
By End-use Industry
- Pharmaceuticals
- Personal Care and Beauty Care
- Lubricants
- Paints and Varnishes
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- NK Industries Ltd
- Hokoku Corporation
- Kanak Castor Products
- Girnar Industries
- Jayan Agro Organics Ltd.
- Gokul Agri International
- Vertellus
- Xingtai Lantian Fine Chemicals Ltd.
- Kokura Gosei Kogyo Ltd.
- ITOH Oil Chemical Ltd.
- Adani Wilmar
- Krishna Antioxidant Pvt. Ltd.
- Thai Castor Oil Industries Ltd.
- Arvali Castor Derivatives Pvt. Ltd.
- Sebacic India Pvt. Ltd.
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Table of Contents
Executive Summary
According to the report, titled, “Castor Oil Derivatives Market," the castor oil derivatives market was valued at $1.3 billion in 2021, and is estimated to reach $2.1 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.Castor oil is also featured as multifunctional chemical ricinus oil, obtained from the castor seeds. The castor oil derivatives products include, sebacic acid, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, and others. The demand for castor oil derivatives has surged due to excellent properties, such as it acts as a lubricating, laxative, emulsifying, coating agent in the pharmaceutical and personal care & beauty care industries. It has several applications in various end-use industries, including in manufacturing, automotive, electrical, and pharmaceuticals, cosmetics, textiles, and others.
The cosmetics and personal care sector is one of the emerging sector across the globe. The derivatives of castor oil, such as zinc ricinolate, castor wax, ricinoleic acid, undecylenic acid, castor oil ester, and others are extensively used in the formulation of various hair care, skin care, and body care products. The growing demand from cosmetics and personal care industry has increased the potential sales of castor oil derivatives in the market.
However, there are some standards set by Food and Drug Administration (FDA) on the use of castor oil derivatives. Habitual consumption of castor oil may cause allergic effect, and overdose of castor oil derivative may cause nausea, headache, and chills. For instance, according to an article published by Healthline Media, the habitual use of castor oil derivatives may cause allergic reaction in some people. Thus, advice from medical practitioner must be taken before using the castor oil derivatives. These factors are restraining the growth of the castor oil derivatives market.
Castor oils and their derivatives such as 12-Hydroxystearic acid and hydrogenated castor oil, are preferred for the manufacture of greases and lubricants in racing engines, jet diesel, aircraft engines, and others. This is due to the multi-functional properties of castor oil derivatives, such as it is environment-friendly, low-temperature viscosity, and give better lubrication than synthetic and other vegetable oils. These factors together are projected to create remunerative opportunities for the expansion of the castor oil derivatives market in the future.
The castor oil derivatives market is segmented on the basis of product type, end-use industry, and region. By product, the market is segregated into sebacic acid, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, and others. The sebacic acid segment dominated the global market, in terms of revenue in 2021 with 32% share in the global market. Rise in transportation and logistics activities has surged the global need for refined crude oil and other petroleum products to increase their refining capacities of crude oil where castor oil derivatives-based sebacic acid is used extensively as a lubricant in reactors, hot pipes, and gas streams to maintain flow efficiency of the oil.
By end-use industry, the market is fragmented into pharmaceuticals, personal care and beauty care, lubricants, paints and varnishes, and others. The personal care and beauty care segment dominated the global market, in terms of revenue in 2021 with 34% share in the global market. Factors such as rise in population, urbanization, improvement in the standard of living, changing lifestyles, and increased focus in the personal care & beauty care industry have surged the demand for castor oil derivatives where hydrogenated castor oil in cosmetics is used as an emulsifier, surfactant, and fragrance ingredient. This is expected to increase the demand for castor oil derivatives in the cosmetic industry.
Region-wise, the castor oil derivatives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific castor oil derivatives market is projected to grow at the highest CAGR during the forecast period, in 2021, with 39% major share in the global market. The pharmaceutical industry accounts for one of the fastest-growing sectors in Japan owing to rise in R&D activities, advancements of technology in medicine, rise in manufacturing plants, and others. The castor oil derivatives are used widely in the pharmaceutical sector for formulation of various drugs, edible capsules, creams, and lubricating agents in lens manufacturing. This is anticipated to increase the sales of castor oil derivatives in the growing pharmaceuticals sector; thus, creating lucrative opportunities for the market.
Key players operating in the global castor oil derivatives market include, NK Industries, Hokoku Corporation, Kanak castor Products, Girnar Industries, Jayan Agro Organics Ltd., Gokul Agri International, Vertellus, Xingtai Lantian Fine Chemicals Ltd., Kokura Gosei Kogyo Ltd., ITOH Oil Chemical Ltd., Adani Wilmar, Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Ltd., Thai Castor Oil Industries Ltd., Arvalli Castor Derivatives Pvt. Ltd., and Sebacic India Pvt. Ltd.
Key Findings of the Study
- The hydrogenated castor oil segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.3% from 2022 to 2031.
- The lubricants end-use industry segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.3% from 2022 to 2031.
- Asia-Pacific garnered the highest share of 39% in 2021, in terms of revenue, growing at a CAGR of 5.5%.
COVID-19 Analysis
- Countries in Asia-Pacific and Middle East region are leading supplier of castor oil across the globe. Amid the COVID-19 pandemic, the production rate of castor oil derivatives decreased remarkable due to strict government guidelines on boarder, norms and regulation on import and export trade. Furthermore, the castor seed production decreased during 2020 due to the imposition of strict lockdown. For instance, according to a report published by VANAKALAM (KHARIF) in December 2021, castor seed production decreased to 17.76 lakh tonnes in 2020-2021 from 18.42lakh tonnes in 2019-2020. This temporarily hampered the demand and supply chain for castor oil derivatives. In addition, the decreasing income of customers has led contraction in the demand for castor oil, castor seed, and other vegetable oils production during the COVID-19 period. In the first quarter of 2021, the market for castor oil derivatives experienced increase in demand for castor oil derivatives chemicals globally as compared to that in 2020.
Companies Mentioned
- Nk Industries Ltd
- Hokoku Corporation
- Kanak Castor Products
- Girnar Industries
- Jayan Agro Organics Ltd.
- Gokul Agri International
- Vertellus
- Xingtai Lantian Fine Chemicals Ltd.
- Kokura Gosei Kogyo Ltd.
- Itoh Oil Chemical Ltd.
- Adani Wilmar
- Krishna Antioxidant Pvt. Ltd.
- Thai Castor Oil Industries Ltd.
- Arvali Castor Derivatives Pvt. Ltd.
- Sebacic India Pvt. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 310 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 1.3 billion |
Forecasted Market Value ( USD | $ 2.1 billion |
Compound Annual Growth Rate | 4.9% |
Regions Covered | Global |
No. of Companies Mentioned | 15 |