Global castor oil and derivatives market is expected to reach USD 1.81 billion by 2020, according to a new study by Grand View Research, Inc. Growth of key end-use industries including biodiesel, lubricants and cosmetics is expected to drive the global castor oil and derivatives market. Volatile crude oil prices have prompted a strong shift towards substitution of conventional fuel by bio fuels which is also expected to have a positive influence on the market growth. Threat from other vegetable oils in terms of price and application scope is expected to remain a key challenge for market participants. High dependency on seasonality for better crop yield is also expected to hinder the market growth.
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Sebacic acid emerged as the leading product segment and accounted for 27.7% of total market volume in 2013. Growth of global nylon industry is expected to remain a key driving factor for this segment. Other applications of sebacic acid include fragrances, antiseptics, painting materials, lubricants and greases. Castor wax is expected to witness the highest growth rate of CAGR of 5.8% from 2014 to 2020. Growth of personal care industry particularly in emerging markets of Asia Pacific and Latin America is expected to drive its demand over the next six years.
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Further key findings from the study suggest:
• Global castor oil and derivatives demand was 674 kilo tons in 2013 and is expected to reach 898 kilo tons by 2020, growing at a CAGR of 4.4% from 2014 to 2020.
• Cosmetics & pharmaceuticals was the largest application segment and accounted for over 25% of total market volume in 2013. Growing demand for bio ingredient based cosmetics is expected to remain a key...