July 24, 2024
Castor Oil Derivatives Market

Rising Demand for Bio-Based and Eco-Friendly Products to Boost the Growth of Castor Oil Derivatives Market

The global Castor Oil Derivatives Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Castor oil derivatives are products derived from castor oil through various chemical and enzymatic processes. Castor oil is composed of triglycerides, mainly ricinoleic acid which is further processed to manufacture wide range of derivatives. Castor oil derivatives find extensive applications in various end use industries such as pharmaceuticals, cosmetics & personal care, lubricants, paints & coatings and plastics among others. Growing awareness about bio-based and eco-friendly products is boosting the demand for castor oil derivatives.

Market key trends:

One of the key trends in the castor oil derivatives market is growing demand for bio-based and eco-friendly products. Castor oil derivatives are naturally derived products and are considered as biodegradable and environment friendly. Rising concerns about sustainability and greenwashing has prompted various industries to shift towards eco-friendly bio-based products. Castor oil derivatives act as a viable substitution to synthetic petrochemical based derivatives. Pharmaceutical and personal care industries especially are actively seeking sustainable and biodegradable alternatives to synthetic ingredients. This growing demand for eco-friendly products is a major tailwind for the castor oil derivatives market.

Porter’s Analysis

Threat of new entrants: Low due to high capital requirement for manufacturing the derivatives and the established presence of global key players.
Bargaining power of buyers: Moderate as buyers can switch to available substitutes. However, the unique properties of castor oil derivatives limit alternatives.
Bargaining power of suppliers: High due to the limited number of castor oil suppliers and reliance of manufacturers on them.
Threat of new substitutes: Low as castor oil derivatives have distinctive properties that are difficult to substitute.
Competitive rivalry: Intense due to the dominance of global players and availability of substitutes. Companies focus on new product launches and expanding geographical reach.

Key Takeaways

The Global Castor Oil Derivatives Market Size is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand for bio-based and sustainable products.

Regional analysis
Asia Pacific dominates the global market and is anticipated to grow at the fastest rate during the forecast period owing to growing end-use industries and ease of castor cultivation in countries like India. India is currently the largest producer and exporter of castor seeds globally.

Key players
Key players operating in the castor oil derivatives market are Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Hokoku Corporation, NK Proteins, RPK Agrotech, Taj Agro Products, Adani Wilmar, Kanak Castor Products Pvt. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Gokul Overseas, Thai Castor Oil Industries Co. Ltd., JayaLaxmi Castor Oil Pvt Ltd, Girnar Industries, Bom Brazil, Enovel, Castor International, Hokoku Corp, Arvalli Castor Derivatives Private Limited, Khokhoil Qita Tukm Corp, Shivam Castor Products (p) Ltd.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it