The global ricinoleic acid market size is projected to expand at a notable pace owing to its multiple uses, cosmetics, pharmaceuticals, and leather production, shares Fortune Business Insights™, in its report, titled, “Ricinoleic Acid Market-2021-2028.”
Ricinoleic acid is obtained from the hydrolysis of castor oil. It is renowned in the world extensively for its wide range of usage in different commercial segments such as cosmetics, paints, synthetic resins, adhesives, brake fluids, lubricating greases, and pharmaceuticals, among others. The product is used as a raw material in the production of specialty soaps, surfactants, personal care products, surface coatings, pharmaceuticals, greases, specialty rubber, and plasticizers.
The properties that make castor oil and its derivatives ideal for industrial purposes are its high specific gravity, thickness, and hydroxyl value. All these properties cumulatively add up for its export from its highest producers, such as India, China, and Brazil. India has exported castor about 12 times more over the last decade, reports the Solvent Extractors Association of India (SEA). The mounting demand for ricinoleic acid is projected to influence the ricinoleic acid production positively, thus contributing to the market growth over the forecast period.
The market is segmented by type, application, and geography. The market is divided into the optimal grade and industrial grade by type. By application, it is segregated into, greases, cosmetics, personal care, metalworking, surfactants, and leather. The market has been categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa by geography.
Salient Features of the Report:
The report gives insights about drivers and restraints influencing the market’s size, share, and growth. It also identifies all the possible segments present along with the regional growth. It tracks growth, such as recent mergers, acquisitions, and new product launches. Lastly, it gives information about key players in the market and their top strategies to make informed business decisions.
Wide Usage of Ricinoleic Acid in Different Industries will Promote Market Growth
The increasing shift towards organic and bio-based products has surged the ricinoleic acid market share. It has antibacterial properties and is thus used extensively in lotions, oil, soaps, and dry cleaning soaps. It is also used extensively in lipsticks. It is used as a pigment in printing, textile finishing, and added to Turkey red oil. Moreover, the rising demand for safe, sustainable, and eco-friendly products has increased the investments in R&D initiatives regarding the use of renewable feedstocks. Ricinoleic acid- produces biopolymers manufactured from pure ricinoleic acid and its half esters maleic and succinic anhydrides. It exhibits the desired physicochemical and mechanical properties and is therefore used as drug carriers. The wide usage and demand in different industries will extensively promote its market growth in the forecast years.
Asia Pacific to Lead Backed by High Demand from Personal Care Industry
Asia Pacific is anticipated to hold a significant share in the market due to the rising demand for cosmetics and personal care products. China, India, and Korea are the leading countries in the region that will positively promote this market.
On the other hand, in North America, the market is surging due to the excessive use of ricinoleic acid in leather production. The Middle East & Africa would also contribute to the market as they use ricinoleic acid in metal works for lubrication.
Operations by Key Players Countries to Intensify Competition
Brazil is expected to take over the Indian monopoly of castor production in the upcoming years due to its efforts to plant high-yielding beans. Investment by the Brazilian government in R&D for producing better quality hybrid seeds and setting up the necessary agri-infrastructure, and imparting knowledge to improve the crop yield could boost castor seed production, thus benefiting the ricinoleic acid market growth.
March 2021 Serengeti Sport, a sunglass company, is now set to offer its customers an eco-friendly sunglasses frame made with Grilamid BTR, which is a transparent polyamide castor oil derivative that can be directly substituted for more common petroleum-based Grilamid TR90 nylon
List of Key Players Covered in the Ricinoleic Acid Industry Report:
Arvalli Castor Derivatives Pvt. Ltd.
Tokyo Chemical Industry co. Ltd.
Fisher Scientific Acme Hardesty Company.
JAYANT AGRO-ORGANICS LIMITED
Gokul Agro Resource
NK industries Parchem fine & specialty chemicals
Acme synthetic chemicals
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