Castrol oil is type of vegetable oil; derives from ricinoleic acid that contain of a hydroxyl fatty acid. The oil is also has high specific gravity, thickness and hydroxyl value. Castor oil is used either in its refined hydrogenated form or crude form. The key derivatives of castor oil used in the industries such as hydrogenated castor oil (HCO), Dehydrated castor oil (DCO) and Sebacic acid etc. Castor oil is majorly used by manufacture of a number of chemicals, which are used in the manufacture of surfactants, surface coatings, specialty soaps, cosmetics & personal care products, plasticisers, greases, pharmaceuticals, perfumes & lubricants and specialty rubber etc as a raw material.
Increasing concern for environmental sustainability has lead to rising demand for the sustainable and biodegradable products; there is a shift of industries dependence from petrochemicals to bio based. These changes play major role in the growth of the demand for global castor oil and derivatives market. In addition, increasing environmental hazards results in favourable regulatory policy for governing environmental hazards connected to petrochemicals and conventional sources is also anticipated as driver for global oil & derivatives market during the forecast period.
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On the basis of product type and application the global castor oil derivatives market can be devided. By product type, the global castor oil derivatives market is categorized into Undecylenic Acid, Sebacic Acid, Dehydrated Castor Oil (DCO), Castor Wax or Hydrogenated castor oil (HCO) and other product types. It is expected that Sebacic Acid will have largest market share during the forecast period. The key driver for growing this market is increasing use of sebacic acid worldwide. On the basis of application, global castor oil derivatives market is devided into Lubricants, Cosmetics & Pharmaceuticals, Biodiesel, Plastics & Resins and Other Application. Among all these segment Cosmetics & Pharmaceuticals is the segment projected to be the largest segment over the forecast period. Major reasons of driving the market are expanding of healthcare industry and the development of the personal care industry in the developing nations of Asia-Pacific and South America.
It is antiquated that Asia Pacific will dominate the castor oil derivatives market in the time period 2018-26. Under this region, India is projected for the major production hub of castor oil derivatives globally. India is followed by other developing nations such as Brazil and China. Rising demand castor oil derivatives in develop countries such as US, and some European nations leading in increasing the price of Castor oil that ultimately result in increasing the supply or market of castor oil. The major contributing countries of castor oil are India, Russia, Paraguay, Philippines, Brazil, China, Ethiopia, and Thailand.
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Some prominent market players of global castor oil and derivatives market are Liaoyang Huaxing Chemical Co., ITOH Oil Chemicals Co. Ltd., Jayant Agro Organics, Bom Brazil, Hokoku Corporation, Ltd., Kanak Castor Products Pvt. Ltd., Thai Castor Oil Industries Co. Ltd., Gokul Overseas, and others.
The global Cator Oil and Derivatives market has been segmented as follows:
Global Castor Oil and Derivatives Market, by Product Type
• Undecylenic Acid
• Sebacic Acid
• Dehydrated Castor Oil (DCO)
• Castor Wax or Hydrogenated castor oil (HCO)
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Global Castor Oil and Derivatives Market, by Application
• Cosmetics & Pharmaceuticals
• Plastics & Resins
• Other Application
Global Castor Oil and Derivatives Market, by Geography
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific