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| Castor Oil Derivatives Market |
The castor oil derivatives are widely used in the production of bio-based polymers which finds applications in various end-use industries like food packaging, textiles, automotive and construction. Castor oil derivatives act as an efficient feedstock for production of bio-based polyamides, polyurethanes and epoxy resins. These bio-based polymers provide improved durability, thermal stability and mechanical strength.
The global
castor oil derivatives market is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 2.6% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing demand for bio-based polymers from packaging and automotive
industries is the major factor propelling the growth of castor oil derivatives
market. Bio-based polymers are increasingly being used as a sustainable
replacement for petroleum-based polymers in various applications. For instance,
bio-based polyamides are used in luggage, electronic devices casing and
automotive interior parts as a substitute for conventional polycarbonate,
polypropylene and nylon. They provide excellent mechanical properties,
durability and eco-friendly nature. Moreover, bio-epoxy produced from castor
oil derivatives finds usage in coatings for food and beverage packaging. The
growth of packaging industry worldwide is further augmenting the demand for
castor oil based bio-epoxy resins and polyurethanes, thereby fueling the market
growth over the forecast period.
Segment Analysis
The global castor oil derivatives market is dominated by sebacic acid. Sebacic
acid accounts for over 30% of the global market. It is widely used in the
production of nylon, lubricants, cosmetics, and polyamides owing to the
beneficial properties of castor oil derivatives. The increasing demand from
end-use industries such as plastics, lubricants, cosmetics, and pharmaceuticals
is fueling the growth of the sebacic acid segment.
Key Takeaways
The global Castor
Oil Derivatives Market Growth is
expected to witness high growth over the forecast period of 2024 to 2031. The
global castor oil derivatives market is estimated to be valued at US$ 1.49 Bn
in 2024 and is expected to exhibit a CAGR of 2.6% over the forecast period 2024
to 2031.
Regional
analysis: Asia Pacific holds the largest share in the castor oil derivatives
market. India and China are the major producers and consumers of castor oil
derivatives owing to the large availability of raw materials and rapidly
expanding end-use industries. The demand is expected to grow at a faster rate
from these developing economies.
Key players: Key players operating in the castor oil derivatives market are
Mason Corporation, Ace Chemical Company, City Chemicals LLC, TIB Chemicals AG,
Pfaltz & Bauer Inc., GFS Chemicals, Showa America, S V Plastochem Private
Limited, Westman Chemicals Pvt, William Blythe, Haihang Industry Co.,Ltd, and
Strem Chemicals. The major players are focusing on launching
application-specific products to cater to the diversifying needs of end-use
industries. Strategic partnerships with local players to strengthen
distribution is another area of focus.
For more insights, read- https://www.newswirestats.com/castor-oil-derivatives-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/unlocking-security-the-rise-of-the-biometric-card-market
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