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Castor Oil Derivatives Market growth is driven by strong application trends in cosmetics and hydraulic fluids segment

Author : Ronak Bora | Published Date : 2019-04-03 

Global Market Insights, Inc. has launched a report on Castor Oil Derivatives Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Strong application potential in lubricants, plastics & resins, cosmetics & pharmaceuticals and surface coating industries may drive castor oil derivatives market size. Castor oil derivatives such as hydrogenated oil is mainly used in lubricant due to polarity, lubricity, surface resistant and water repellant properties. Shifting preferences towards biodegradable products to reduce dependence on petrochemicals may boost product demand. Volatile crude prices have promoted a strong shift towards conventional biofuel, thereby stimulating industry growth.

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Consumer inclination towards personal care due to changing lifestyle and rising economic standards has led to increase in cosmetic products demand thereby stimulating industry growth. Global cosmetic industry is poised to exceed USD 450 billion by 2024. Castor oil derivatives such as waxes and esters are widely used in lipsticks, perfumes, shampoos, polishes, hair tonics and deodorants due to conditioning, emollience, healing and moisturizing properties.

Favorable regulations by FDA regarding GRAS approval of castor oil promotes its use as laxative in OTC pharmaceutical preparations. Increased emphasis on using environment friendly and safe products along with growing investments in research to develop new products may have a positive influence on castor oil derivatives market size.

Increasing sebacic acid application scope in lubricants, plasticizers, cosmetics, hydraulic fluids and candle manufacturing catalyzes may fuel product demand. Rising sebacic acid demand in bio based polymer including polyamide manufacturing is likely to favor industry growth. It also finds application in light stabilizers and plasticizers along with anticorrosion & lubricants thereby promoting castor oil derivatives market size.

APAC driven by India, Japan and China market size may grow significantly owing to rapid growth in pharmaceutical, cosmetics and surface coating industries. India produces over 1.5 million tons of castor seeds and about 500,000 tons of castor oil in global market. paint industries account for 20% domestic consumption in India.

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North America led by Canada and the U.S. castor oil derivatives market may witness significant gains owing to positive indicator towards pharmaceuticals, biofuel and coatings industry along with supporting government regulations which is likely to promote regional growth. Rising natural flavoring demand in food and beverages due to increasing consumer awareness regarding natural food additives may drive regional growth.

Global castor oil derivatives market share is fairly consolidated. Some of the key players include NK Proteins, RPK Agrotech, Kanak Castor Products, Jayant Agro Organics, Taj Agro Products, Xingtai Lantian Fine Chemical Company, Liaoyang Huaxing Chemical and Bom Brazil.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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