At a 5.0% of CAGR| Global Castor Oil & Derivatives Market
Projected to Lead USD 2.0 Billion by 2021
The castor oil & derivatives market has been segmented by end-users into
lubricants, biodiesel, cosmetics, pharmaceuticals, resin and others, out of
which, the cosmetics and pharmaceutical industries are anticipated to
witness a compound annual growth rate of 5.0% over the period 2015-2021.
The wide scale applications of castor oil in the production of soaps, polishes,
paints, coatings, dyes, perfumes and inks among others is projected to
benefit the expansion of the castor oil & derivatives market over the forecast
The global market of castor oil & derivatives is anticipated to reach a market
valuation of around USD 2.0 Billion by the end of 2021 by flourishing at a
rapid pace over the forecast period. The availability of the main raw material
i.e. the castor oil seed along with the demand for bio based products are the
main factors that are driving the growth of the castor oil & derivatives market
and are further anticipated to propel the growth of the market with notable
revenue in upcoming years.
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In terms of geography, Asia-Pacific dominated the overall castor oil &
derivatives market by holding the market share of around 58.0% in the year
2015 and is further anticipated to retain its dominant position by flourishing
at a compound annual growth rate of 5.0% over the period 2015-2021. This
can be attributed to the rise in healthcare spending and continuous
expansion of personal care sector in countries such as India & China.
Further, the rapid increase in bio-diesel production in some of the major
countries such as U.S., Germany, U.K., etc. is anticipated to supplement the
growth of the castor oil & derivatives market in North America & Europe.
Wide Scale Applications to Boom the Growth of the Market
The growth of the castor oil & derivatives market is driven by the worldwide