Global Castor Oil And Derivatives Market Analysis, Market Growth, Trends and Segment Forecasts To 2020
Castor oil and derivatives market has been growing at a good pace over the past few years on account of growing demand for bio-degradable products. Increasing environmental concerns is the key factor expected to boost the market over the foreseeable period.
Castor oil and derivatives market has been growing at a good pace over the past few years on account of growing demand for bio-degradable products. Increasing environmental concerns is the key factor expected to boost the market over the foreseeable period.
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expected to fuel the market growth over the forecast period. However, increasing prices of raw<br />
materials including castor seeds coupled with low prices of other renewable chemicals is anticipated to<br />
impact the market negatively over the forecast period.<br />
Product Insights<br />
Sebabic acid is the major product segment of castor oil & derivatives followed by caster wax <strong>and</strong><br />
dehydrated castor oil. Sebabic acid has found large number of applications in major industries, which is<br />
expected to drive the market over the forecast period. <strong>Castor</strong> oil & derivatives market is expected to<br />
witness strong growth over the next six years owing to increasing application scope of caster wax in<br />
cosmetics <strong>and</strong> personal care products.<br />
Application Insights<br />
Cosmetics <strong>and</strong> health care industry was the largest application segment for castor oil & derivatives<br />
market over the last decade, <strong>and</strong> the trend is expected to continue over the forecast period. Increasing<br />
R&D activities in health care to broaden the application of bio-based products in this segment is the key<br />
factor expected to drive castor oil & derivatives market over the next six years. Surface coating is<br />
anticipated to witness strong growth over the forecast period owing to increasing dem<strong>and</strong> from<br />
construction sector across the globe.<br />
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Regional Insights<br />
Asia pacific was the largest market for castor oil <strong>and</strong> its derivatives over the last decade in terms of<br />
production <strong>and</strong> exports. India is the largest producer of castor oil followed by China. Increasing dem<strong>and</strong><br />
from end use industries including personal care, pharmaceuticals <strong>and</strong> lubricants is anticipated to surge<br />
the market growth over the next six years in this region.<br />
North America was the largest consumers of castor oil <strong>and</strong> its derivatives owing to increasing dem<strong>and</strong><br />
for bio degradable products in cosmetics <strong>and</strong> pharmaceuticals. Europe castor oil market is expected to<br />
witness significant growth over the foreseeable period owing to increasing bio diesel dem<strong>and</strong> coupled<br />
with stringent regulations from EPA to reduce the usage of traditional petrochemicals.<br />
Competitive Insights<br />
Increasing R&D activities by key market players is expected to enhance application scope <strong>and</strong> end-use<br />
specific product development for plastics & rubber, paints, lubricants, food, <strong>and</strong> textile industries over<br />
the forecast period. Some key players in castor oil & derivatives market include Thai <strong>Castor</strong> <strong>Oil</strong> Industries
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