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.
Global undecylenic acid market size was estimated at over 170 kilo tons in 2015 and is likely to exceed 240 kilo tons by 2023, growing at a CAGR of over 4.2%. This market is was worth over USD 310 million in 2015 and is likely to be valued more than USD 520 million by 2023, growing at a CAGR of over 5.8%.
FDA approval for medical applications is likely to favor undecylenic acid market growth over the forecast period. It is also used against candida infection and also relives irritation, itching and burning sensations on skin.
EAI, the parent company of CastorOil.in, had been studying the bioplastics industry for the past few years and in the recent past we had the opportunity to look at the sector, in India and worldwide at close quarters.
Based on these, we have put together an exclusive team to provide strategic and market consulting for the global bioplastics industry.
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.
Recent market study has shown that increasing application scope of castor oil and derivatives in major end-use industries including pharmaceuticals, cosmetics & personal care, plastics & resins is expected to drive the castor oil market in future.
Shift in focus towards castor oil and derivatives due to stringent regulation from government boards such as EPA and PNGRB is also likely to create opportunity for market players.