Castor Oil Derivative Market to Flourish with an Impressive CAGR Duri 3rd July

Castor Oil Derivative Market to Flourish with an Impressive CAGR
During 2015 to 2021
Castor oil is a vegetable oil derived from the seeds of castor plants. Castor oil is one of the most
versatile plant oils available and contains a high amount of ricinoleic acid (over 80%) and oleic
acid. Castor oil is pale yellow in color and is majorly used in the production of soaps, lubricants,
hydraulic and brake fluids, paints, dyes, coatings, inks, cold resistant plastics, waxes and polishes,
nylon, pharmaceuticals, and perfumes.
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Based on the end-user application areas, the global castor oil market can be segmented into:
lubricants, surface coatings, biodiesel, cosmetics and pharmaceuticals, plastics and resins, and
others. Cosmetics and pharmaceuticals followed by surface coatings, and plastics and resin
industry are the largest consumers of castor oil whereas the surface coatings industry is the fastest
growing end-user for the castor oil. Castor oil has a low significance in the biodiesel industry as the
production cost of castor oil is higher as compared to other biofuels.
Asia Pacific is the largest consumer of castor oil and is expected to retain the higher growth rate
during the next few years due to strong growth in surface coatings, pharmaceuticals, and
cosmetics industry. Increasing demand for renewable fuel sources is making the Asia Pacific
castor oil market seem more lucrative. China and India have witnessed a major chunk of the
production and consumption of castor oil in the Asia Pacific region. Easy availability of key raw
material (castor oil seed) in abundance is leading to a surge in the production of castor oil in China
and India. India is the largest producer and exporter of castor oil, accounting for over 60% share in
2013. The castor oil market in Europe is growing on the back of rising demand of bio based
cosmetic production, whereas the demand for castor oil in North America is driven by the strong
consumption of biodiesel.
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Based on the type, castor oil and its derivative market can be broadly categorized as
Hydrogenated Castor Oil (HCO), 12-Hydroxy Stearic Acid (12 HAS), Methyl 12 HSA (Hydroxy
Stearate Acid), COLM (Urethane Grade), Ethoxylated Castor Oil, Dehydrated castor oil, Castor