The global castoroil and derivatives market is expected to reach USD 2.30 billion
by 2024, according to a new report by Grand View Research, Inc. Rise in
petrochemical prices coupled with growing end-use commercial activity and
demand for the sustainable and renewable source is expected to compel the
market growth over the next eight years.
The market is estimated to witness a high
growth owing to increase in demand for biodegradable products and increasing
trend to reduce dependence on petrochemicals are expected to foster the market
growth.
Asia Pacific dominated the overall market.
Growth in end-use markets such as personal care, lubricants, and
pharmaceuticals is presumed to fuel the regional demand over the next eight
years.
Easy availability of castor seed is
presumed to contribute to the regional industry development. Rising demand for
renewable sources is estimated to fuel the market consumption. Thus, Asia
Pacific is projected to witness rapid growth over the forecast period.
Advancements
and innovation to develop better quality product have been important strategies
implemented by major companies. The market vendors have been heavily investing
in research & development to create novel applications and gain competitive
advantage.
Full
Research Report On castor oil and derivatives market Analysis:
Further key findings from the report suggest:
·
The global castor oil and derivatives
market demand was 718.5 kilo tons in 2015 and is expected to reach 1,085.2 kilo
tons by 2024, growing at a CAGR of 4.7% from 2016 to 2024
·
Undecylenic acid emerged as the leading
product segment and accounted for 26.5% of total market volume in 2015. Castor
wax product segment is projected to witness the highest growth of 5.5% from
2016 to 2024. It’s increasing penetration in coatings and cosmetics industries
is expected to drive this segment over the forecast period.
·
Cosmetics and pharmaceuticals were the
leading application segment and accounted for 30.0% of total demand in 2015.
Growing demand for environmental friendly products in cosmetics and
pharmaceuticals industry is expected to drive this segment over the forecast
period.
·
Asia Pacific had the highest regional
market penetration and accounted for over 57.5% of global demand in 2015. The
increase in demand for sustainable and renewable resources is presumed to fuel
the regional growth.
·
Key market participants include RPK
Agrotech, NK Proteins, Adani Group, Xingtai Lantian Fine Chemical Company,
Hokoku Corporation, Kanak Castor Products Pvt. Ltd., Enovel, Gokul Overseas,
Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Tongliao
Tong Hua Castor Chemical Co. Ltd., Liaoyang Huaxing Chemical Co., Ltd., Thai
Castor Oil Industries Co. Ltd., and Bom Brazil.
Browse
More Reports Of This Category By Grand View Research At: https://www.grandviewresearch.com/industry/renewable-chemicals
Grand View Research has segmented the global castor oil and derivatives
market on the basis of product, application, and region:
Castor Oil And Derivatives Product Outlook
(Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
·
Sebacic Acid
·
Ricinoleic Acid
·
Undecylenic Acid
·
Castor Wax
·
Dehydrated Castor Oil
·
Others
Castor Oil And Derivatives Application
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
·
Lubricants,
·
Surface Coatings
·
Biodiesel
·
Cosmetics & Pharmaceuticals
·
Plastics & Resins
·
Others
Castor Oil And Derivatives Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
France
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Middle East & Africa
·
Central & South America
o
Brazil
Access Full Press Release of this Report: www.grandviewresearch.com/press-release/global-castor-oil-derivatives-industry
About Grand
View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/
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