The global castor oil derivatives market size is expected to reach USD 1,429.7 million by 2027, exhibiting a CAGR of 4.3% during the forecast period. The growing demand for organic cosmetics products will create lucrative business opportunities for the market, Castor Oil Derivatives Market Size, Share COVID-19 Impact Analysis, By Product Type (Sebacic Acid, Ricinoleic Acid, Hydrogenated Castor Oil, 12-Hydroxy Stearic Acid, Dehydrated Castor Oil and Others), Application (Cosmetic Pharmaceuticals, Plastic Resins, Lubricants, Biodiesel, and Others) and Regional Forecast, 2020-2027.”
Source: https://www.fortunebusinessinsights.com/industry-reports/castor-oil-market-100537
The report on thecastor oil derivatives marketuncovers:
- Important facts and figures
- An all-inclusive study of the market
- Comprehensive data about prominent companies
- Latest industry trends and drivers
- Recent developments
- Study of COVID-19 impact
Market Driver:
Growing Application of Oil Derivatives to Incite Development
The shift from oils derived from cotton, coconut, soy, corn, rapeseed to castor oil derivatives owing to its natural and versatile physicochemical properties will foster healthy growth of the market. The growing application of castor oil derivatives in lubricants, oleo-chemicals, medical, cosmetics, pharmaceuticals, bioenergy, and others will consequently boost the growth of the market. Moreover, the increasing inclination towards green chemicals will simultaneously improve the prospects of the market during the forecast period.
