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| Global Castor Oil Derivatives Market Size |
Castor oil derivatives are versatile products extracted from castor beans and
find extensive applications in various industries such as pharmaceuticals,
cosmetics, lubricants, paints & coatings, plastics, and textiles. Castor
oil derivatives products have excellent moisturizing properties that keep the
skin hydrated and enhance skin texture. Additionally, being a non-drying oil
with high lubricity, castor oil derivatives are used in the formulation of
lubricants, greases, hydraulic fluids, and hot melt adhesives.
The global Castor Oil Derivatives Market is estimated to be valued at US$ 3000
million in 2023 and is expected to exhibit a CAGR of 2.6% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the pharmaceutical industry is driving the growth of
the castor oil derivatives market. Castor oil derivatives such as hydroxylated
castor oil, ethoxylated castor oil, hydrogenated castor oil, and sebacic acid
find numerous applications in pharmaceutical formulations. Hydrogenated castor
oil and ethoxylated castor oil are used as wetting, dispersing and emulsifying
agents in ointments and creams. Similarly, sebacic acid has applications as an
excipient in tablets and capsule formulations. The rising healthcare spending
across emerging nations is fueling the consumption of pharmaceutical products,
which in turn supports the growth of the castor oil derivatives market.
Segment
Analysis
The global castor oil derivatives market is dominated by oleochemicals which
accounts for over 50% of the market share. Castor oil is widely used in the
production of several oleochemical derivatives like hydroxystearates,
surfactants and polymers. It has wide applicability in pharmaceuticals and
cosmetics as an excellent emulsifier. The market for castor oil derivatives is
witnessing high demand from pharmaceuticals, lubricants, plastics, cosmetics
and others.
Key Takeaways
Global
Castor Oil Derivatives Market Size is expected to witness high growth over the
forecast period 2023 to 2030.
Regional
analysis: Asia Pacific region currently dominating with over 35% share owing to
wide availability of castor seeds and strong demand from end use industries
like pharmaceuticals and personal care in countries like India, China.
Key players
operating in the castor oil derivatives market are Liaoning Aokai Biotechnology
Co. Ltd., ITOH Oil Chemicals Co. Ltd., Gokul Overseas, Bom Brazil, HKM Castors
and Thai Castor Oil Industries Co. Ltd. The market is mostly consolidated with
top 5 players accounting for over 50% share.
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