Castor Oil Derivatives Market Size Worth $2,335.78 Million By 2032 | CAGR: 6.0%

Castor Oil Derivatives Market Size Worth $2,335.78 Million By 2032 | CAGR: 6.0%

The global castor oil derivatives market size is expected to reach USD 2,335.78 million by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Exponential growth in the pharmaceutical and cosmetics industry, especially in developing economies such as India, China, and Brazil, extensive rise in the global population, increase in consumer disposable income, and improvements in the standard of living globally are among the prominent factors influencing the global market growth at a significant pace. In addition, increased awareness regarding the several benefits of castor oil derivatives over traditional vegetable oils, like the presence of fatty acid structure and renewable and versatile physio-chemical properties, has boosted the adoption of these oils across various end-use industries are further predicted to contribute to the market growth.

For instance, according to the Ministry of Commerce & Industry, India’s total pharma exports have witnessed a significant growth of around 103% in 2021-22 from the value of pharma export in 2013-14. The country has gained a remarkable increase of approximately USD 10 billion in the last eight years, and India ranks as the 3rd largest country in the production of pharmaceuticals.

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In recent years, there has been significant growth in the demand for castor oil from the healthcare sector, especially for being used for injection purposes to efficiently administer lipophilic drugs, as it contains ricinoleic acid and omega-6 fatty acid, which boost the growth of lymphocytes, that are widely known for fighting against various disease-causing factors naturally. Moreover, using the product to reduce the symptoms of constipation, ensure less strain during defecation, and lower the feelings of improper or incomplete bowel movements, coupled with the rising number of people becoming health conscious, are likely to create lucrative growth opportunities for the market soon.

Castor Oil Derivatives Market Report Highlights

  • Sebacic acid segment dominated the castor oil derivatives market in 2022, which is highly attributable to increased need and demand for the manufacturing of resins and adoption as an additive in lubricants
  • Plastics and resins segment accounted for largest market share in 2022, on account of its growing use in the textile industry due to its numerous benefits such as flexibility and high formulation latitude
  • North America region is expected to grow at a fastest CAGR during the projected period, due to rapid growth in the cosmetics and pharmaceutical sector and high consumption of bio-based plastics in the region
  • The global key market players include Gokul Agri International, Jayant Agro Organics, Adani Wilmar, Taj Agro Products, & Thai Castor Oil.

Polaris Market Research has segmented the castor oil derivatives market report based on product, application, and region:

Castor Oil Derivatives, Product Outlook (Revenue - USD Million, 2019 - 2032)

  • Sebacic Acid
  • 12-HAS
  • Ricinoleic Acid
  • Hydrogenated Castor Oil
  • Undecylenic Acid
  • Dehydrated Castor Oil
  • Others

Castor Oil Derivatives, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Lubricants
  • Surface Coatings
  • Biodiesel
  • Cosmetics and Pharmaceuticals
  • Plastics and Resins
  • Others

     Castor Oil Derivatives, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa