Castor Oil Derivative Market 2022
Persistence Market Research has published a new market study on the global for the period of 2018–2026, which offers valuable insights for the next eight years. Based on key findings reported in the study, the market is anticipated to witness lucrative demand from increasing end-use applications such as lubricants and pharmaceuticals, as well as paints, inks, and adhesives, followed by food and personal care. These applications are projected to drive the growth of the global castor oil & derivative market over the coming years.
At a CAGR of 4.5%, the castor oil & derivative market is expected to reach close to US$ 1.6 Bn in 2026, from a value of around US$ 1.1 Bn in 2018. The incremental $ opportunity created by the market from 2018 to 2026 is pegged at over US$ 460 Mn.
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Key Takeaways from Study
- The global castor oil & derivative market is estimated to expand 1.4X during the forecast period, owing to growth of the lubricant, pharmaceutical, paint, ink and additive, and personal care sectors.
- From a geographical perspective, China, followed by Europe, is expected to dominate the global market over the forecast period. On the basis of incremental $ opportunity, China is expected to account for US$ 191 Mn during the forecast period.
- By application, the pharmaceutical segment is expected to dominate the market with a value of US$ 249 Mn in 2018. The lubricant segment is projected to account for 19.2% of the market value share during the forecast period.
- The biopolymer segment is projected to grow at a weak rate as compared to food and paper segments during the second half of the forecast period.
- Among all derivative grade segments, the grade II derivative segment is projected to dominate the global castor oil & derivative market during the forecast period. In terms of volume, the grade I derivative segment is expected to hold approximately one-third of the market share in 2018, and remain dominant throughout the forecast period. Incremental $ opportunity created by the grade I derivative segment is pegged to be two-third that of the grade I derivative segment.
Regional Scenario
Asia Pacific dominates the global castor oil & derivative market in terms of demand as well as supply. China and India together account for nearly half of the global annual consumption of castor oil & derivative products, and the scenario is projected to continue through the forecast period.
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Within the region, however, the roles of individual countries differ. India is a major consumer as well as producer of castor oil & derivatives, and exports a substantial volume on a yearly basis to China, Japan, and Europe. The market in China is highly dependent on imports. Europe is another large demand center for castor oil & derivatives, with the region accounting for the second-highest share in demand after Asia.
Market Dynamics
Fluctuating prices of oil and fossil fuel reserves and growing concerns about global warming are driving demand for renewable sources of fuel. The feedstock used for biodiesel comprises edible oil. Due to growing concerns regarding deforestation and GHG emissions, there is need for alternative feedstock. The renewability and continuous availability of castor oil will deliver sustainable demand for the product over the coming years. Castor seeds contain high oil content (50%), and deliver relatively high crop yield, which can produce up to 140 gallons of castor oil per acre. These factors are expected to create new opportunities for biodiesel, without the risk of shifting food crops.
The global healthcare landscape is changing rapidly, and people are spending more on health-related needs. Several factors such as changing food habits and changes in lifestyles are contributing to this. Demand for pharmaceuticals across the world is increasing, owing to rising health consciousness among the population, which, in turn, is leading to high consumption of solvents & other chemicals used in pharmaceutical and healthcare industries.
Further, the globally ageing population is also leading to an increase in demand for pharmaceuticals. As per a report of the UN Department of Economic and Social Affairs Data published in 2015, globally, the population aged above sixty years is projected to grow by more than 5% from 901 million to 1.4 billion from 2015 to 2030. To support the pharma/ healthcare needs of this population, consumption of pharmaceutical solvents is also anticipated to increase over the coming years.
Competitive Landscape
The castor oil & derivative market is characterized by a moderate degree of fragmentation, with substantial number of small and medium producers, apart from a few large ones. The Castor Oil Industries Ltd, Ambuja Solvex Pvt Ltd, Arvalli Castor Derivatives Pvt. Ltd, Royal Castor Products Limited, Jayant Agro Organics, Gokul Overseas, Adani Group, Hokoku Corporation, NK Industries Limited, Alberdingk Boley, Outa Earth Processors Ltd, Kanak Castor Products Pvt., Ltd, and Xingtai Lantain Fine Chemical Co., Ltd. are some of the key participants covered in this study.
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Want to Know More?
Persistence Market Research has published a research report on the global castor oil & derivative market that contains opportunity assessment for 2018–2026. The report provides in-depth analysis of the market through different segments, namely, classification, derivative grade, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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