Castor Oil And Derivatives Global Market Report 2023
Major players in the castor oil and derivatives market are Rpk Agrotech Exports Pvt Ltd., Adani Wilmar Limited, Hokoku Corporation, Taj Agro Products Limited, Girnar Industries, Kanak Castor Products Pvt.
New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Castor Oil And Derivatives Global Market Report 2023" - https://www.reportlinker.com/p06464244/?utm_source=GNW
Ltd.,, N.K. Proteins Pvt. Limited, Jayant Agro Organics Limited, Gokul Agri International Ltd., ITOH Oil Chemicals Co. Ltd., Ambuja Intermediates Pvt. Ltd., Krishna Antioxidants Pvt. Ltd., Thai Castor Oil Industries Co. Ltd., Arvalli Castor Derivatives Private Limited, Xingtai Lantian Fine Chemical Co. Ltd., Kokura Gosei Kogyo Ltd., Arkema S.A., Alberdingk Boley GmbH, and Kanak Castor Products Pvt. Ltd.
The global castor oil and derivatives market is expected to grow from $1.24 billion in 2022 to $1.32 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The castor oil and derivatives market is expected to reach $1.66 billion in 2027 at a CAGR of 5.86%.
The castor oil and derivatives market consists of the sale of blown castor oil and ethoxylated castor oil.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Castor oil and derivatives refer to multifunctional chemicals that are primarily used in the production of surfactants, beauty and personal care products, medications, perfumes, greases, and other products. These are mainly used as a raw material to manufacture a number of chemicals.
Asia-Pacific was the largest region in the castor oil and derivatives market in 2022. The regions covered in the castor oil and derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products used in castor oil and derivatives are 12-HAS, dehydrated castor oil, hydrogenated castor oil, ricinoleic acid, sebacic acid, and undecylenic acid.Ricinoleic acid refers to an unsaturated fatty acid obtained from castor oil and constitutes 90 percent of the total triglyceride content in it.
Several grades included are pale pressed grade, first special grade (FSG), commercial grade, first pressed degummed grade castor oil, british pharma grade (BPG), and others. These are used in several applications such as lubricants, cosmetics and pharmaceuticals, biodiesel, plastics and resins, and others, and are used by various end-user industries such as healthcare, cosmetics and personal care, the food industry, aerospace and defense, automotive, electrical and electronics, and others.
Rising demand for cosmetics products is expected to propel the growth of the castor oil and its derivatives market going forward.Cosmetics refers to any product intended to maintain, enhance, or modify the appearance of the skin, hair, nails, or teeth.
It includes beauty preparations and grooming aids.Castor oil and derivatives are primarily used in manufacturing cosmetics products such as lotions, makeup, and cleansers due to its hydration properties.
Hence the demand for cosmetics boosts the market for castor oil and its derivatives. For instance, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. At that time, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, rising demand for cosmetics products is driving the growth of the castor oil and derivatives market.
Product innovations are a key trend gaining popularity in the castor oil and derivatives market.Major companies operating in the castor oil and derivatives market are focusing on developing innovative products to sustain their position in the market.
For instance, in March 2021, Hennes & Mauritz AB (H&M Group), a Sweden-based clothing company, launched the Innovation Stories platform, which comprises a series of themed collections dedicated to promoting more sustainable materials, technologies, and production processes.Under this platform a new vegan collection made of cactus leather and castor oil yarn is launched.
Castor oil serves as a partial or sole source of the specifically created monomers that are employed in the polymerization.The first collection is launched under the collective is Science Story, which has introduced new materials such as EVO by Fulgar, a bio-based yarn derived from castor oil.
EVO is a completely renewable resource that does not deplete fertile land for food production or call for large amounts of water.
A rising healthcare expenditure is expected to propel the growth of the castor oil and derivatives market going forward.Healthcare expenditure refers to a cost that includes expenses for the provision of health services, family planning, nutrition, and emergency health help.
In the healthcare industry, castor oil is used as a natural treatment for arthritis pain, inflammation, and joint pain.It is also used to stimulate digestion, relieving temporary constipation.
For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, rising healthcare expenditure is driving the growth of the castor oil and derivatives market.
The countries covered in the castor oil and derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The castor oil and derivatives market research report is one of a series of new reports that provides castor oil and derivatives market statistics, including castor oil and derivatives industry global market size, regional shares, competitors with a castor oil and derivativesmarket share, detailed castor oil and derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the castor oil and derivatives industry. This castor oil and derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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