by Castor oil derivatives have various applications in industries such as pharmaceuticals, lubricants, personal care, and biodiesel. Castor oil derivatives have excellent flow properties, hydrolytic stability, and high viscosity index, which make them suitable for lubricant applications. They also have moisturizing and cleansing properties that help protect and nourish the skin and hair, boosting their usage in personal care products. Further, castor oil methyl esters can substitute petroleum-based fuels and are beneficial for engine durability.
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 2.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from the pharmaceutical industry is one of the major trends driving the castor oil derivatives market. Castor oil and its derivatives such as ricinoleic acid, hydroxyated ricinoleic acid, 12-hydroxystearic acid, and undecylenic acid are widely used in pharmaceuticals owing to their anti-bacterial, anti-fungal, and healing properties. Ricinoleic acid helps treat constipation and act as a laxative. It is used as an excipient in pharmaceutical drugs. 12-hydroxystearic acid is commonly used as an emulsifier and thickening agent in ointments, creams, and gels. Undecylenic acid inhibits the growth of fungus and bacteria and used in antifungal and antibacterial ointments. The rising prevalence of diseases and increasing healthcare expenditure are propelling the demand for pharmaceutical products made from castor oil derivatives.
SWOT Analysis
Strength: Castor oil derivatives are used extensively across different industries like pharmaceuticals, lubricants, and cosmetics which provides wide scope of application.
Weakness: Castor oil cultivation is dependent on climatic conditions and due to this supply shortage issue arises affecting its derivatives market.
Opportunity: Increasing demand for bio-based and natural ingredients in cosmetics and personal care products presents growth opportunities for castor oil derivatives.
Threats: Presence of alternative materials and volatility in raw material prices are threats to the market.
Key Takeaways
The Global Castor Oil Derivatives Market Size is expected to witness high growth due to wide end use applications. 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 2.6% over the forecast period 2023 to 2030.
North America dominates the global market due to extensive research on castor oil derivatives in pharmaceutical applications. Europe and Asia Pacific also have significant market share due to growing personal care and cosmetic industries in the regions.
Key players operating in the castor oil derivatives are Mason Corporation, Ace Chemical Company, City Chemicals LLC, TIB Chemicals AG, Pfaltz & Bauer Inc., GFS Chemicals, Showa America, S V Plastochem Private Limited, Westman Chemicals Pvt, William Blythe, Haihang Industry Co.,Ltd, and Strem Chemicals. The key players are focusing on new product launches and expansion of their production facilities globally to meet the growing demand for castor oil derivatives.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
