Castor Oil Derivatives Market Share, Size, Trends, Industry Analysis Report, By Product (Sebacic Acid, 12-HAS, Ricinoleic Acid, Hydrogenated Castor Oil, Undecylenic Acid, Dehydrated Castor Oil, and Others); By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Apr-2023
- Pages: 118
- Format: PDF
- Report ID: PM3175
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global castor oil derivatives market was valued at USD 1,307.99 million in 2022 and is expected to grow at a CAGR of 6.0% during the forecast period. The rapid increase in healthcare expenditure and continuously rising consumer awareness towards self-management and preventive care, along with the tremendous rise in the demand for skincare products, cosmetics, soaps, and many others, in which castor oil plays a vital role in the production process, are major factors likely to drive the growth of the global market. Furthermore, to cater to the increasing demand for innovative and more beneficial products, many key manufacturers are highly investing in R&D activities and are introducing several new products with various branding strategies to expand their product reach globally.
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For instance, in October 2021, Brillare, a cruelty-free personal care brand in India, introduced the first-ever zero dilution and completely natural range of hair oil available in four different variations, including castor oil, sesame oil, and coconut oil. The newly developed products have been crafted to ensure customers get the best results from real natural goods.
The emerging trend of biodegradable and sustainable products across the globe and high utilization of these kinds of products in a wide range of end-use industries, including cosmetics, pharmaceutical, automotive, and lubricants, along with the growing regulatory support from the government of many countries and continuous rise in the prices of other alternative renewable chemicals, has spurred the market growth and creating significant opportunities for the coming years.
The coronavirus's rapid emergence severely impacted castor oil production, especially in countries like India, China, and Brazil, due to the imposed lockdown and various other stringent regulations on trade activities that resulted in a temporary shutdown of many manufacturing sites and global supply chain disruptions. However, the gradual lifting of lockdowns across the globe and the normalization of the supply chain is projected to push the market forward in the coming years.
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Industry Dynamics
Growth Drivers
The growing awareness regarding the vast advantages of castor oil and its derivatives and its unique fatty acid structure, coupled with the rapid increase in the preferences for these products as a major key raw material in a variety of applications such as oleo-chemicals, bio-energy, pharmaceuticals, and cosmetics, are primary factors expected to augment the market growth at a significant pace over the study period.
In addition, rapidly changing lifestyles and widespread adoption of innovative grooming products, as a result of growing consciousness regarding an individual's personality, especially in countries like China, Malaysia, India, and Brazil, are likely to contribute positively to the demand and growth of the castor oil derivatives market. Moreover, an extensive rise in the need for moisturizers and numerous types of creams owing to increased consumer disposable income and the trend of being attractive among the young generation is also anticipated to boost the market growth.
Report Segmentation
The market is primarily segmented based on product, application, and region.
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By Product |
By Application |
By Region |
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Sebacic acid segment dominated the global market in 2022
The sebacic acid segment dominated the global market for castor oil derivatives in 2022 and is likely to maintain its dominance throughout the anticipated period. The segment market's growth is mainly attributed to the continuously increasing inclusion of this acid during the production process of polyamide and resins and the surge in demand for sebacic acid for manufacturing plastics, biopolymers, and aromatic products. Additionally, growth in the adoption of sebacic acid as an additive in lubricants and as a buffering agent in personal care products, along with the rise in the advancement in bioplastics across the globe, is further anticipated to drive the segment market growth.
The ricinoleic acid segment is expected to grow at the fastest growth rate during the study period due to the increasing utilization of this acid in the preparation of soaps, coating inks, and textile finishing. It further enables the homogenization of phenolic and acrylic ingredients in various applications, including heavy-duty detergents, industrial germicides, and disinfectants.
Plastics and resins segment accounted for largest market share in 2022
The plastics and resins segment accounted for the largest market share in 2022 and is expected to retain its position over the projected period. Increased adoption of biodegradable plastics and widespread use of plastics and resins as a major substitute for recycled plastics, mainly in the textile industry, as it offers numerous beneficial properties and features such as toughness, flexibility, high-temperature performance, string adhesive, and high formulation latitude, are among the major factors propelling the segment growth.
The cosmetics & pharmaceuticals segment is anticipated to register the highest CAGR during the study period, which is highly accelerated by increased popularity and surge in the prevalence of personal care and cosmetics products like soaps, creams, deodorants, lotions, and many others. Moreover, the growing number of innovations in the pharmaceutical sector addressing the inclusion of castor oil in novel medicines are further likely to impact the market growth over the coming years positively.
For instance, according to our findings, around USD 49.2 billion is generated by the sales of cosmetics in the US every year, and on average, American spend anywhere between USD 244 and USD 313 on cosmetics products every month.
The demand in North America is expected to witness fastest growth during forecast period
The North America region is projected to witness the fastest growth rate throughout the forecast period, owing to rapid growth in the consumption of bio-based plastics, lubricants, diesel, and cosmetics coupled with the increased prevalence of biogenic constituents among various industries such as automobile, textile, paint, construction, and packaging. In addition, the rise in the need for castor oil derivatives to support and encourage healthy hair and skin growth, especially in developed countries like US and Canada, is expected to boost the development of the regional market.
Asia Pacific region held the largest market share in the castor oil derivatives market in 2022, which is mainly driven by the high agriculture and production of castor seeds in the tropical regions of India, Myanmar, Vietnam, Pakistan, Thailand, and the Philippines, and increasing government efforts on growing castor seeds on a commercial scale to cater the globally rising demand for castor oil. For instance, according to a report published by Business Line, India’s total castor seed production is estimated at around 17.95 lakh tons in 2021-22, with an increase from last year's production of 17.89 lakh tonnes.
Competitive Insight
Some of the major players operating in the global market include Thai Castor Oil, Tongliao Tonghua Castor Chemical, RPK Agrotech, Adani Wilamr, Taj Agro Products, N.K. Proteins, Kanak Castor Products, Jayant Agro Organics, Gokul Agri International, Kokura Gosei Kogyo, & ITOH Oil Chemicals.
Recent Developments
- In January 2022, Biosynthetic Technologies announced the acquisition of Innoleo, a leading distributor of castor derivatives for lubricants, grease, metal-working fluids, personal care applications, and coatings. With this acquisition, the company will add other varieties of castor & other oleo derivatives, including castor oil, neutralized versions, pale castor oil, Dimethyl Sebacate, & many others, to its current Estolide technology portfolio.
- In July 2022, Eni announced the completion of its oilseed collection & pressing plant in Kenya and has started producing vegetable oil for the bio-refineries. The 1st agri-hub has been constructed with a capacity of around 15,000 tons and an estimated production of about 2,500 tons in FY 2022. It will process castor, croton, & cotton seeds to extract vegetable oil.
Castor Oil Derivatives Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,383.73 million |
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Revenue forecast in 2032 |
USD 2,335.78 million |
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CAGR |
6.0% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Product, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Thai Castor Oil Industries Co. Ltd., Tongliao Tonghua Castor Chemical Co. Ltd., RPK Agrotech, Adani Wilamr Ltd., Taj Agro Products Limited, N.K. Proteins Pvt. Ltd., Kanak Castor Products Pvt. Ltd., Jayant Agro Organics Limited, Gokul Agri International Ltd., BOM Brasil Oleo de Mamona Ltda., Kokura Gosei Kogyo Ltd., and ITOH Oil Chemicals Co. Ltd. |
FAQ's
The global castor oil derivatives market size is expected to reach USD 2,335.78 million by 2032.
Key players in the castor oil derivatives market are Thai Castor Oil, Tongliao Tonghua Castor Chemical, RPK Agrotech, Adani Wilamr, Taj Agro Products, N.K. Proteins, Kanak Castor Products, Jayant Agro Organics.
North America contribute notably towards the global castor oil derivatives market.
The global castor oil derivatives market expected to grow at a CAGR of 6.0% during the forecast period.
The castor oil derivatives market report covering key segments are product, application, and region.
