What Fueled The Previous Growth In The Castor Oil And Derivatives Market?
The castor oil and derivatives market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the market size of castor oil and its derivatives in the past few years. The market value is projected to surge from $1.38 billion in 2024 to $1.46 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.8%. The previous period's growth was influenced by the rising industrial usage of castor oil, its pharmaceutical and cosmetic purposes, growing demand in the textile sector, the internationalization of agriculture, and the introduction of specialty chemicals.
What Can Be Expected from the Castor Oil And Derivatives Market?
The Castor Oil And Derivatives market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the castor oil and derivatives market is projected to experience robust growth, expanding to $1.84 billion by 2029 with a compound annual growth rate (CAGR) of 5.9%.
This growth during the forecast period is spurred by factors such as the expansion in the cosmetic and personal care sector, rising demand for bio-based plastics, the use of castor oil in farming, an increase in pharmaceutical applications, and the emphasis on renewable resources. Moreover, key trends in the forecast period are demand for bio-based items, technological advancements in extraction, biodiesel production, research and innovation in castor cultivation, and its demand in the textile sector.
What Are the Critical Driver Fuelling The Castor Oil And Derivatives Market's Growth?
The anticipated upsurge in the appetite for cosmetic products will likely fuel the expansion of the castor oil and its derivatives market. Cosmetic products encompass everything designed to preserve, improve or change the look of the skin, hair, nails or teeth. This typically includes items used for beautification and grooming. Castor oil and its derivatives are primarily incorporated in the production of cosmetic items like lotions, makeup, and cleansers, owing to their moisturizing benefits. Therefore, the growing need for cosmetics propels the castor oil and derivatives market upwards. To illustrate, the CTPA's 2022 Annual Report, produced by The UK-based Cosmetic, Toiletry, and Perfumery Association, demonstrates that in 2022, the sales figure for fragrance in the UK will reach 71,544,000, an increase from 70,766,000 in the previous year. Furthermore, the sales for color cosmetics will touch 118,172,000 units in 2022, rising from 112,257,000 units the previous year. Consequently, the burgeoning demand for cosmetic products is accelerating the trajectory of the castor oil and derivatives market.
How Is The Castor Oil And Derivatives Market segmented?
The castor oil and derivatives market covered in this report is segmented –
1) By Product: 12-HAS, Dehydrated Castor Oil, Hydrogenated Castor Oil, Ricinoleic Acid, Sebacic Acid, Undecylenic Acid
2) By Grade: Pale Pressed Grade, First Special Grade (FSG), Commercial Grade, First Pressed Degummed Grade Castor Oil, British Pharma Grade (BPG), Other Grades
3) By Application: Lubricants, Cosmetics And Pharmaceuticals, Biodiesel, Plastics And Resins, Other Applications
4) By End-Use Industry: Healthcare, Cosmetics And Personal Care, Food Industry, Aerospace And Defense, Automotive, Electrical And Electronics, Other End-Use Industries
Subsegments:
1) By 12-HAS (12-Hydroxy Stearic Acid): Industrial Applications, Personal Care Products, Adhesives And Sealants
2) By Dehydrated Castor Oil: Coatings, Plastics, Textiles
3) By Hydrogenated Castor Oil: Lubricants, Cosmetics, Pharmaceuticals
4) By Ricinoleic Acid: Surfactants, Personal Care Products, Industrial Applications
5) By Sebacic Acid: Nylon Production, Plasticizers, Lubricants
6) By Undecylenic Acid: Antifungal Products, Personal Care Products, Food Additives
Pre-Book The Castor Oil And Derivatives Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Castor Oil And Derivatives Market?
Product innovation is becoming an increasingly popular trend within the castor oil and derivatives industry. Many of the major corporations in this market are aiming to maintain their market foothold by focusing on creating inventive products. For example, in July 2024, the Germany-based chemical company BASF Corporation formed a partnership with Pragat, a supplier of castor beans based in India. This collaboration is driven by a goal to establish certified traceability for bio-based footwear solutions, specifically targeting sustainable castor oil through the SuCCESS code. As eco-friendly footwear becomes more sought-after, this venture places BASF in an optimal position to cater to consumer needs whilst also diminishing the use of fossil resources and increasing sustainability. EVO represents an entirely renewable resource that doesn't infringe on fertile land intended for food production, or require extensive amounts of water.
Who Are the Key Players In The Castor Oil And Derivatives Market?
Major companies operating in the castor oil and derivatives market include:
• Rpk Agrotech Exports Pvt Ltd.
• Adani Wilmar Limited
• Hokoku Corporation
• Taj Agro Products Limited
• Girnar Industries
• Kanak Castor Products Pvt. Ltd.
• N.K. Proteins Pvt. Limited
• Jayant Agro Organics Limited
• Gokul Agri International Ltd.
• ITOH Oil Chemicals Co. Ltd.
• Ambuja Intermediates Pvt. Ltd.
• Krishna Antioxidants Pvt. Ltd.
• Thai Castor Oil Industries Co. Ltd.
• Arvalli Castor Derivatives Private Limited
• Xingtai Lantian Fine Chemical Co. Ltd.
• Kokura Gosei Kogyo Ltd.
• Arkema S.A.
• Alberdingk Boley GmbH
• Vrundavan Agro International
• Tongliao Meihua United Biotech Co. Ltd.
• Bom Brazil
• Hangzhou Dayangchem Co. Ltd.
• YNK Castor Products
• Liaoning Xinhe Chemical Co. Ltd.
• Hengshui Shanzhi Health Minerals Co. Ltd.
• Gwalior Chemical Industries Ltd.
• Tonghua Castor Chemical Co. Ltd.
• Swan Isopropyls Ltd.
• Biotor Industries Ltd.
• Sapthagiri Agro Oil Mill
• Tongliao Tys Chemical Co. Ltd.
• Lasons India Pvt. Ltd.
• La International
What Is The Most Dominant Region In The Castor Oil And Derivatives Market?
Asia-Pacific was the largest region in the castor oil and derivatives market in 2024. The regions covered in the castor oil and derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
