The global Castor Oil market size is likely to attain over USD 1,536.0 million by the year 2028. Besides, it is likely to project a CAGR of nearly 2.7% during the forecast years 2021-2028. The growing usage of beaver oil for biodiesel generation is driving the worldwide castor oil market. The homogeneous alkaline transesterification technique for producing biodiesel additives is widely used. Furthermore, the convergence of several variables, including a rising emphasis on sustainability and significant development in the global automobile sector, adds to end-user preference for petrochemicals over biodiesels.
Castor oil has the potential to play a significantly greater part in the global economy due to its rich characteristics and many end-uses, as well as growing interest in the biopolymer and biofuels sectors. The increasing trend in substituting biofuels for fossil diesel, volatile crude oil prices, price increases from Europe, China, and the United States, as well as growth in key enduse industry sectors such as cosmetic products and lubricants, are expected to drive the global castor oil and derivatives market. On the other hand, competition from other vegetable oils in terms of cost and use, as well as a strong reliance on seasonality, may stymie market expansion.
The variety of chemical compounds derived from castor oil has demonstrated that castor is a significant and potentially valuable non-edible oilseed crop. The high utility value of castor oil in the industries of industry, agriculture, cosmetics, and pharmaceuticals is clear evidence that it is a viable bio-based starting material. Growing disposable income and good government policies with beneficial socioeconomic trends, as well as the expansion of pharmaceutical and healthcare industries globally, are two variables influencing demand for castor oil throughout the forecasted period. The increase can be attributed to the product's increasing use as a biodiesel feedstock. The homogeneous alkaline Trans esterification method is used to create biodiesel additives.
Furthermore because of its potential to cure skin ailments, faeces, headaches, and stirring issues, castor oil and derivatives are increasingly being used in traditional treatments. Rising customer preference for biodiesel, plastics, and resins is projected to boost the castor oil and derivatives market throughout the forecast period.
Key companies operating in the global castor oil market include Hokoku Corporation, Taj Agro Products, Liaoyang Huaxing Chemical Co. Ltd., Adani Group, Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Gokul Overseas, NK Proteins, RPK Agrotech, Kanak Castor Products Pvt. Ltd., TongliaoTongHua Castor Chemical Co. Ltd., Bom Brazil, Thai Castor Oil Industries Co. Ltd. and Enovel.
Segment Overview of Global Castor Oil Market
End-User Overview, 2019-2028 (USD Million)
- Food & beverage
- Personal care
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America