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Castor oil derivatives Market share research by applications and regions for 2016 – 2024
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Castor oil is derived from castor plant seeds and contains large amount of ricinoleic acid and oleic acid. It is pale yellow liquid having wide application in lubricants, soaps, brake fluid, paints, dyes, plastics, waxes, coatings, inks, nylon pharmaceuticals and perfumes manufacturing. Increasing castor oil derivatives demand for bio diesel production due to growing environmental concerns may favor industry growth.
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Strong application potential in lubricants, plastics & resins, cosmetics & pharmaceuticals and surface coating industries may drive castor oil derivatives market size. Castor oil derivatives such as hydrogenated oil is mainly used in lubricant due to polarity, lubricity, surface resistant and water repellant properties. Shifting preferences towards biodegradable products to reduce dependence on petrochemicals may boost product demand. Volatile crude prices have promoted a strong shift towards conventional biofuel, thereby stimulating industry growth.
Consumer inclination towards personal care due to changing lifestyle and rising economic standards has led to increase in cosmetic products demand thereby stimulating industry growth. Global cosmetic industry is poised to exceed USD 450 billion by 2024. Castor oil derivatives such as waxes and esters are widely used in lipsticks, perfumes, shampoos, polishes, hair tonics and deodorants due to conditioning, emollience, healing and moisturizing properties.
Favorable regulations by FDA regarding GRAS approval of castor oil promotes its use as laxative in OTC pharmaceutical preparations. Increased emphasis on using environment friendly and safe products along with growing investments in research to develop new products may have a positive influence on castor oil derivatives market size.
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Increasing sebacic acid application scope in lubricants, plasticizers, cosmetics, hydraulic fluids and candle manufacturing catalyzes may fuel product demand. Rising sebacic acid demand in bio based polymer including polyamide manufacturing is likely to favor industry growth. It also finds application in light stabilizers and plasticizers along with anticorrosion & lubricants thereby promoting castor oil derivatives market size.
Dehydrated castor oil derivatives are prominently used in manufacturing coatings, primers, appliance finishes, alkyd resins, inks and primers. It is also used in various end use applications such as house paints, sealants, varnishes and enamel to impart fine gloss, adhesion, flexibility and chemical & water resistance. Increasing consumer spending on high quality paints for better appearance may boost product demand.
Fluctuating raw material prices owing to availability of cheaper substitutes along with widening supply demand gap due to long storage and hoarding period may challenge industry profitability thereby affecting castor oil derivatives price trend. However, presence of various manufacturers engaged in strategic alliance to gain competitive advantage may propel industry growth.
Global castor oil derivatives market share is fairly consolidated. Some of the key players include NK Proteins, RPK Agrotech, Kanak Castor Products, Jayant Agro Organics, Taj Agro Products, Xingtai Lantian Fine Chemical Company, Liaoyang Huaxing Chemical and Bom Brazil.
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