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Castor oil derivatives are chemical compounds extracted from castor oil seeds. They have wide applications due to their superior hydrating, anti-aging and moisturizing properties. Castor oil derivatives are used in various personal care products like skin care creams, hair conditioners, lip balms etc. They are also used as lubricants, surfactants, plasticizers in industries.
The global Castor Oil Derivatives Market is estimated to be valued at US$ 1.28 billion in 2023 and is expected to exhibit a CAGR of 2.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in bio-plastics industry is one of the major trends fueling growth of the global castor oil derivatives market. Castor oil derivatives such as hydrogenated castor oil and dehydrated castor oil are increasingly used in production of bio-based plastics as substitutes to petroleum-based plastics. They confer properties like durability, flexibility and heat resistance to bio-plastics. Rapid replacement of traditional plastics with eco-friendly bio-plastics owing to stringent regulations against plastic pollution has augmented demand for castor oil derivatives from the bio-plastics industry. This is expected to drive castor oil derivatives market growth over the forecast period.
SWOT Analysis
Strength: Castor oil derivatives have wide applications in various end use industries like pharmaceuticals, cosmetics, lubricants etc. It is renewable source and easily biodegradable.
Weakness: Fluctuations in castor oil prices affects the production cost of castor oil derivatives. Dependence on single crop for raw material supply can impact steady supply.
Opportunity: Increasing demand for bio-based and natural ingredients in cosmetics and personal care products offer opportunities. Growing pharmaceutical industry especially in developing nations boost the demand.
Threats: Availability of substitutes like mineral oil limits the market growth. Strict environmental regulations regarding disposal of castor oil derivatives pose threats.
Key Takeaways
Global Castor Oil Derivatives Market Size is expected to witness steady growth.
Regional analysis: The castor oil derivatives market in Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to the presence of large customer base in pharmaceutical and personal care industries especially in developing countries like China and India. North America currently dominates the global market due to high demand for bio-based products.
Key players operating in the castor oil derivatives market are BASF SE, Evonik Industries AG, Liaoyang Huaxing Chemical Co. Ltd., Gokul Overseas, Arkema, Hunan Zhongchao Chemical Co. Ltd., Ningbo Ngk Chemical Co.Ltd., Xingtai Lantian Fine Chemical Co. Ltd., and RPK Agrotech.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
