Castor oil is a pale yellow vegetable oil that is extracted from castor seeds. Castor oil is mainly used in preservative, medicine, lubrication etc.
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 pharmaceuticals and cosmetics industry. China and India have witnessed a major chunk of the production and consumption of castor oil in the Asia Pacific region.
The castor oil market in Europe is growing on the back of rising demand of bio based cosmetic production, whereas the demand for castor oil in North America is driven by the strong consumption of biodiesel.
The worldwide market for Castor Oil is expected to grow at a CAGR of roughly 4.1% over the next five years, will reach 1500 million US$ in 2023, from 1180 million US$ in 2017.
Attributing to the increasing demand in applications such as textiles, cosmetics, households and others; Sebacic Acid is gaining a huge traction over the past few years. Rising demand of textiles worldwide is escorting market growth to the ascended heights.
According to the report, Sebacic acid market is expected grow enormously by 2027, registering a phenomenal CAGR during the anticipated period (2017 – 2027). Augmented demand for bio ingredient based cosmetics coupled with rising personal care industry have created potential in the Sebacic Acid market globally.
Global castor oil & derivatives market is expected to grow at noteworthy CAGR over the forecast period to reach at notable revenue of USD 2.0 Billion by the end of 2021. The market is expected to expand on the back of a number of factors such as easy availability of castor seeds and growing demand for bio-degradable products. Furthermore, growing demand for castor oil for bio-diesel production is predicted to escalate the growth of global castor oil market in upcoming years. Additionally, India & Brazil are the major producers of castor oil.
The cosmetics and pharmaceutical industry segments by end user are likely to grow at 5.0% during the forecast period. Growing use of castor oil in preparation of soap and hair oil is a key factor which is estimated to spur the growth of these segments in upcoming years. Additionally, incredible health benefits of castor oil are major factors which are increasing the demand for castor oil and its derivatives in pharmaceutical industries.
Global Sebacic Acid Market is expected to witness prolific growth over the forecast period driven by increasing demand from end-use industries such as household, automotive, and aerospace.
Rising awareness regarding personal care & hygiene among consumers in regions such as Asia Pacific and Latin America is slated to positively impact market growth over the forecast period. The product finds wide application scope as a monomer for production of textiles, lubricants, candles, hydraulic fluids, and cosmetics.
The Jamaican Castor Oil Industry is working with Jampro to tap into the growing market for Jamaican black castor oil and commercial grade castor oil which has a prospective value for US$ 100 milion or more.
Recently, the two entities organised a workshop focused on mechanised processes for castor oil, meant to position processors to reliably supply foreign markets.
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.
With increasing demand for castor oil and its related products, Jamaican stakeholders are planning to venture into this exciting industry which is expected to grow to over US$ 2 billion in the next seven years.
According to Jamaica Castor Industry Association (JCIA) while the association has only been formally registered since January 2017 it has been working since last year to sensitise stakeholders in the castor industry and recruit members.
Jamaica has also recently started a project “Grow Castor Bean”. The goal of the project is to provide a consistent supply of castor oil to markets locally and internationally.
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.
The global castor oil and derivatives market is expected to reach USD 2.30 billion by 2024. 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.