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Castor oil and its derivatives are well known for its medicinal benefits. Castor oil is obtained from castor seeds (Ricinus communis). It is a trigyceride and comprises fatty acids, 90% of which is ricinoleic acid. It appears as a pale yellow liquid with a thick and sticky sensation. It has anti-oxidant and anti-inflammatory properties which makes it useful for therapeutic applications. Castor oil has a consistent viscosity and thus it doesn’t freeze at lower temperatures. This property makes it an ideal substitute for synthetic lubricants in commercial manufacturing processes. Castor oil and its derivatives have several applications such as food additive and flavorants, mold inhibitor, and cosmetic ingredient. Castor oil is also synthesized to produce bio-diesel.

There are several derivatives of castor oil such as castor wax, castor meal, sulfonated castor oil, and dehydrated castor oil that has wide application in various industrial processes. Burgeoning use of castor oil and its derivatives in production of bio-diesel is driving the global castor oil and its derivatives market. Lubricant is one of the major application segments of castor oil and its derivatives. Castor oil is obtained from natural sources and thus there is a trend towards bio-based lubricants over synthetic. Hence, castor oil and its derivatives is expected to find large application in lubricant industry. Increasing demand for castor oil in the manufacture of polyamide 11 (Nylon 11) is another key application of castor oil and its derivatives. As the demand for high quality engineered plastics and durable protective coatings are increasing, the consumption of castor oil and its derivative is expected to rise significantly in the next few years.   

However, castor oil and its derivatives have been reported for several allergic reactions and contact dermatitis in case of prolonged exposure. The seeds and leaves of the plant contain the alkaloid ricinine and the toxic protein ricin. Internal ingestion of castor oil and its derivatives may result in diarrhea, vomiting, nausea, cramping or abdominal pain. Thus, such factors are restraining growth of castor oil and its derivatives market globally. Growing demand for sustainable and biodegradable products is leading to industry shift towards reducing reliance on petrochemical derivatives. Thus, castor oil and its derivatives are anticipated to find promising potential in various application industries such as resins and polymer, coatings, etc.  Moreover, castor oil has natural emollient properties and hence it is largely used in cosmetic products. Significant development and research in the castor oil and derivatives market is expected to provide opportunity for growth in the near future. Castor oil and its derivatives are largely accepted in organic farming over synthetic chemicals in many regions. Thus, it has substantial role as a bio-based pesticide in organic farming.

The global castor oil and its derivatives market is anticipated to grow at a substantial rate in the foreseeable future. India is expected to drive the demand for castor oil and its derivatives in the South Asian region. India is the largest producer of castor seeds producing about 65% of global production. More than 80% of castor oil is processed in the producing countries. Germany, France and Italy have processing plants and France is the largest importer of castor oil in the European Union. Demand for natural flavoring in food and beverage is expected to raise demand for castor oil and its derivatives in developed countries such as the U.S, and hence North America is expected to increase its capacity for castor oil production in the next few years

The castor oil and its derivatives market has several players which are involved in the supply, distribution and marketing of castor oil and its derivatives. Some of them include Itoh Oil Chemicals Co., Ltd, Thai Castor Oil Industries Co. Ltd., Jayant Agro-Organics Limited, Rpk Agrotech Exports Private Limited, and Kanak Castor Products Pvt. Ltd.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Castor Oil Derivatives Market

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