The global castor oil and derivatives market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for bio-based chemical products owing to fluctuating prices of petrochemicals is expected to drive revenue growth of the market over the forecast period.
The global castor oil and derivatives market report has been segmented on the basis of product, application, and region.
On the basis of product type, the global castor oil and derivatives market has been segmented into sebacic acid, hydrogenated castor oil (HCO), dehydrated castor oil (DCO), ricinoleic acid, and others (undecylenic acid, hydroxy stearate acid, ethoxylated castor oil, and urethane grade). The hydrogenated castor oil segment is expected to witness steady growth over the forecast period. Growing demand for cosmetics, lubricants, greases, and coatings is projected to support segment growth.
On the basis of application, the global castor oil and derivatives market has been segmented into cosmetics & pharmaceuticals, lubricants, surface coatings, plastic & resins, biodiesel, and others (cosmetics and perfumeries, paints, inks and additives, and textile chemicals). Lubricants segment is expected to witness higher growth rate over the forecast period. Growing awareness regarding the maintenance and fuel efficiency of automobiles is expected to drive segment growth over the forecast period.
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On the basis of region, the global castor oil and derivatives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a rapid pace over the forecast period. Growing demand for biodiesel coupled with rising acceptance of bio-based cosmetic products is expected to augment North America castor oil and derivatives market.
Key players operating in the global castor oil and derivatives market include Thai Castor Oil Industries Co. Ltd., Jayant Agro Organics, Itoh Oil Chemicals Co., Ltd., Hokoku Corporation, RPK Agrotech Exports Private Limited, Adani Wilmar Limited, N.K.Proteins Pvt Limited, Ambuja Solvex Pvt. Ltd., Gokul Overseas Ltd., and Inner Mongolia Weiyu Biotech Co., Ltd.