Port of Duqm has received the first containers from French shipping giant CMA CGM via the Oman Express Service operated by Oman Shipping Company through its subsidiary Oman Container Line.
The containers, which were loaded with project equipment for Sebacic Oman SAOC, soon to become the world’s largest Sebacic Acid plant in Duqm, originated from China and were transshipped via another regional port.
Port of Duqm received the containers at its early container terminal, from where they will be delivered to Sebacic Oman’s site.
Arkema has planned to invest 300 million euros for expansion of its bio sourced nylon 11 production in Asia. By establishing this plant, the company would increase the global production of bio sourced nylon 11 by 50%.
The new plant, which will produce both the amino 11 monomer and its polymer, is expected to come on stream in late 2021. The products to be produced would find applications in electronics, 3D printing and automotive industries.
The global castor oil and derivatives market is expected to experience a hike in growth during the forecast period 2016-2024. Drivers such as growing demand from the end-use industries such as cosmetics, lubricants, and pharmaceuticals and the growing demand for the products that are biodegradable and sustainable, owing to the reduced petrochemicals dependence could be responsible for the growth of this industry.
The region that dominated the castor oil derivatives market is Asia Pacific. The dominance in the global castor oil derivatives market is going to be continued in the coming years. The emerging nation, India accounted for the major production of castor oil derivatives globally. India is followed by other developing nations such as Brazil and China.
Global castor oil derivatives market is expected to register a double digit CAGR during the period 2015-2025. Growing concerns pertaining to biofuels specially biopolymers and biodiesel is driving the castor oil industry across the globe.
Growth of major end use industries such as lubricants, cosmetics and pharmaceuticals and increasing demand for sustainable products is expected to fuel the demand for castor oil derivatives.
Asia-Pacific is expected to continue its dominance on the global castor oil derivatives market.
Global undecylenic market was worth over US$ 310 million in 2015 and is expected to reach more than US$ 520 million in 2023, growing at a CAGR of 5.8%.
Increasing pharmaceutical applications coupled with growing consumer awareness for biobased products is expected to drive the undecylenic acid market.
In the castor oil market, India dominated the castor oil production and accounts for over 60% of the total volume with over 900 kilo tons of capacity. China and Brazil account close to 20% & 10% respectively of the total production volume.
Among the various castor oil derivatives, sebacic acid and dehydrated castor oil are one of the major revenue generators in the global castor oil market. Large scale adoption of sebacic acid in plasticizers, cosmetics, lubricants is catalysing its growth in the castor derivatives market.
Asia Pacific is the largest consumer of castor oil and is expected to retain the higher growth rate during the next few years due to strong growth in surface coatings, pharmaceuticals, and cosmetics industry.
Over the past few years, there has been an increase in demand for sebacic acid particularly for applications such as textiles, cosmetics, households and others. Increasing demand for textiles has escalated the growth of sebacic acid.
China is the leading producer of sebacic acid and exports around 100,000 metric tons. Owing to this, Asia-Pacific is estimated to be the largest market for Sebacic acid followed by Europe and North America.
Castor oil is one of the most multipurpose plant oils. After plant oils, castor oil is considered to be the most required oil. However, growing concerns pertaining to biofuels specially biodiesel and biopolymer across the globe is pushing castor oil to play a much larger role in the world economy.
Growth of major end-use industries (lubricants, cosmetics and pharmaceuticals) and increasing demand for sustainable products & biodegradable is anticipated to fuel the demand for castor oil derivatives market. Also regulatory support and rising prices of alternative renewable chemicals is expected to drive the global castor oil derivatives market.
However factors such as manufacturing cost is causing restraints for the castor oil derivatives market.
Mitsui Chemicals & SKC Polyurethanes Co. Ltd. (MCNS) a 50:50 joint venture of Japan’s Mitsui Chemicals and South Korea’s SKC will establish a polyurethane system house, MCNS Polyurethanes India Pvt Ltd, in Andhra Pradesh with an initial investment of $ 7.3 million (about Rs 49 crore).
The facility to be located at Nellore district will manufacture polyurethane system products and have a capacity of 13,000 tonnes per annum.
India, the market leader in production and supply of castor seed and castor oil may soon capture a major share in castor derivatives market with companies like Adani Wilmar and Royal Castor Products engaging in second- and third-generation castor seed and castor oil derivatives production and exports.
According to industry experts, high technology cost has been the major reason for India in not capturing a large share of the global derivatives market. In the derivatives segment, there is a huge potential for India and focusing more on marketing also could help India shine in castor derivatives market.