(Entertainment-NewsWire.com, December 09, 2017 ) The global castor oil & derivatives market is segmented into product type such as undecylenic acid, castor wax or hydrogenated castor oil, sebacic acid, dehydrated castor oil and others. Among these segments, sebacic acid segment is expected to witness significant growth over the forecast period. The growth of sebacic acid segment can be attributed to wide scale industrial applications of sebacic acid and use of sebacic acid as an intermediate for aromatics, antiseptics, and painting materials. Global castor oil & derivatives market is expected to grow at noteworthy CAGR over the forecast period to reach at notable revenue of USD 2.0 Billion by the end of 2021. The market is expected to expand on the back of a number of factors such as easy availability of castor seeds and growing demand for bio-degradable products. Furthermore, growing demand for castor oil for bio-diesel production is predicted to escalate the growth of global castor oil market in upcoming years. Additionally, India & Brazil are the major producers of castor oil.
The cosmetics and pharmaceutical industry segments by end user are likely to grow at 5.0% during the forecast period. Growing use of castor oil in preparation of soap and hair oil is a key factor which is estimated to spur the growth of these segments in upcoming years. Additionally, incredible health benefits of castor oil are major factors which are increasing the demand for castor oil and its derivatives in pharmaceutical industries.
Health Benefits of Castor Oils
Castor oil offers a number of health benefits such as increased immunity, treat constipation, revive joint pains and prevent moles and cysts. Further, health advantages of castor oil are likely to be the major factors which are driving the growth of global castor oil & derivatives market. Furthermore, growing use of castor oil for skincare is also enhancing the growth of global castor oil & derivatives market.
Wide Scale Applications of Castor Oil & Derivatives
Castor oil & derivatives are used in various industries including agriculture, electronics & telecommunications, food industry, textile chemicals and pharmaceutical industries. Some of the major applications of Castor oil are specialty soaps, surface coating, cosmetics & personal care products, perfumes and others.
Although, increasing prices of raw materials such as castor seeds along with availability of low price alternative renewable chemicals are some of the factors that are likely to inhibit the growth of the castor oil & derivatives market in the near future.
The report titled “Castor Oil & Derivatives Market Global market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global castor oil & derivatives market in terms of market segmentation by product type, by end-users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global castor oil & derivatives market which includes company profiling of ITOH Oil Chemicals Co. Ltd., Taj Agro Products, NK Proteins, Adani Group, Bom Brazil, Tongliao TongHua Castor Chemical Co. Ltd., RPK Agrotech, Arvalli Castor Derivatives Pvt Ltd. and Jayant Agro-Organics Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global castor oil & derivatives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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