Press release
Castor Oil And Derivatives Market Expansion Continues, with Forecast Valuation of $1.83 Billion by 2029
Castor Oil And Derivatives
Castor Oil And Derivatives Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size for castor oil and its derivatives has witnessed significant growth. The projected growth is from $1.38 billion in 2024 to $1.46 billion in 2025, with a compound annual growth rate (CAGR) of 5.8%. Factors contributing to this growth during the historic period include an increase in industrial usage of castor oil, applications in pharmaceuticals and cosmetics, a surge in demand within the textile industry, agricultural globalization, and the development of specialty chemicals.
Castor Oil And Derivatives Market Size Forecast: What's the Projected Valuation by 2029?
The market size for castor oil and its derivatives is projected to experience substantial expansion in the coming years, escalating to $1.84 billion in 2029 with a 5.9% compound annual growth rate (CAGR). The predicted growth during this period is associated with the expansion in the cosmetic and personal care sector, the rising need for bio-based plastics, the use of castor oil in farming, the growing application in pharmaceuticals, and the emphasis on renewable resources. Key trends to look out for in the forecast period encompass the need for bio-based goods, advancements in extraction technology, production of biodiesel, research and enhancements in castor farming, and textile industry demand.
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What Are the Drivers Transforming the Castor Oil And Derivatives Market?
An upsurge in the need for cosmetic products is forecasted to propel the expansion of the castor oil and its derivatives market onward. Cosmetics comprise of any product designed to preserve, improve, or change the aesthetic of skin, hair, nails, or teeth. This category encompasses beauty treatments and grooming tools. Castor oil and its derivatives are mainly utilized in the production of cosmetics items like lotions, makeup, and cleansers owing to their moisturizing qualities. Consequently, the increasing demand for cosmetics propels the market for castor oil and its derivatives. For instance, in 2022, The Cosmetic, Toiletry, and Perfumery Association, a UK-based entity, revealed in their 2022 Annual Report that sales of fragrance will climb to 71,544,000, a growth from 70,766,000 in 2021 in the UK. Additionally, the sales of color cosmetics in the UK is expected to hit 118,172,000 units in 2022, a rise from 112,257,000 units in 2021. Thus, the burgeoning demand for cosmetic products is stimulating the expansion of the castor oil and derivatives market.
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What Long-Term Trends Will Define the Future of the Castor Oil And Derivatives Market?
A prominent trend emerging in the castor oil and derivatives market is the emphasis on product innovations. To maintain their market dominance, major industry players are devoting efforts towards introducing innovative products. For example, in July 2024, BASF Corporation, a German chemicals firm, entered a collaboration with Pragat, a provider of castor beans based in India. They are seeking to establish verified traceability for bio-based solutions in the footwear sector, with a specific focus on sustainable castor oil, as per the SuCCESS code. With the surge in demand for environmentally friendly footwear solutions, this venture enables BASF to cater to customer requirements, simultaneously lowering fossil resource use and boosting sustainability. EVO is an entirely renewable resource that neither exhausts fertile food-producing land nor demands large quantities of water.
Which Segments in the Castor Oil And Derivatives Market Offer the Most Profit Potential?
The castor oil and derivatives market covered in this report is segmented -
1) By Product: 12-HAS, Dehydrated Castor Oil, Hydrogenated Castor Oil, Ricinoleic Acid, Sebacic Acid, Undecylenic Acid
2) By Grade: Pale Pressed Grade, First Special Grade (FSG), Commercial Grade, First Pressed Degummed Grade Castor Oil, British Pharma Grade (BPG), Other Grades
3) By Application: Lubricants, Cosmetics And Pharmaceuticals, Biodiesel, Plastics And Resins, Other Applications
4) By End-Use Industry: Healthcare, Cosmetics And Personal Care, Food Industry, Aerospace And Defense, Automotive, Electrical And Electronics, Other End-Use Industries
Subsegments:
1) By 12-HAS (12-Hydroxy Stearic Acid): Industrial Applications, Personal Care Products, Adhesives And Sealants
2) By Dehydrated Castor Oil: Coatings, Plastics, Textiles
3) By Hydrogenated Castor Oil: Lubricants, Cosmetics, Pharmaceuticals
4) By Ricinoleic Acid: Surfactants, Personal Care Products, Industrial Applications
5) By Sebacic Acid: Nylon Production, Plasticizers, Lubricants
6) By Undecylenic Acid: Antifungal Products, Personal Care Products, Food Additives
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Which Firms Dominate the Castor Oil And Derivatives Market by Market Share and Revenue in 2025?
Major companies operating in the castor oil and derivatives market include Rpk Agrotech Exports Pvt Ltd., Adani Wilmar Limited, Hokoku Corporation, Taj Agro Products Limited, Girnar Industries, Kanak Castor Products Pvt. Ltd., N.K. Proteins Pvt. Limited, Jayant Agro Organics Limited, Gokul Agri International Ltd., ITOH Oil Chemicals Co. Ltd., Ambuja Intermediates Pvt. Ltd., Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Co. Ltd., Arvalli Castor Derivatives Private Limited, Xingtai Lantian Fine Chemical Co. Ltd., Kokura Gosei Kogyo Ltd., Arkema S.A., Alberdingk Boley GmbH, Vrundavan Agro International, Tongliao Meihua United Biotech Co. Ltd., Bom Brazil, Hangzhou Dayangchem Co. Ltd., YNK Castor Products, Liaoning Xinhe Chemical Co. Ltd., Hengshui Shanzhi Health Minerals Co. Ltd., Gwalior Chemical Industries Ltd., Tonghua Castor Chemical Co. Ltd., Swan Isopropyls Ltd., Biotor Industries Ltd., Sapthagiri Agro Oil Mill, Tongliao Tys Chemical Co. Ltd., Lasons India Pvt. Ltd., La International
Which Regions Offer the Highest Growth Potential in the Castor Oil And Derivatives Market?
Asia-Pacific was the largest region in the castor oil and derivatives market in 2024. The regions covered in the castor oil and derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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