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The ricinoleic acid market size is estimated to grow at a CAGR of 4.59% between 2023 and 2028. The market size is forecast to increase by USD 103.27 million. The growth of the market depends on several factors such as the growing demand from major end-users, the easy extraction and production processes of ricinoleic acid, and the growing emphasis on sustainable and eco-friendly products.
This ricinoleic acid market report extensively covers market segmentation by end-user (lubricants and grease, cosmetics and personal care, surfactants, and others), type (industrial-grade and optimal grade), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Easy extraction and production processes of ricinoleic acid is the key factor driving the growth of the market. Ricinoleic acid, also known as 12-hydroxy-9-cis-octadecenoic acid, is an unsaturated fatty acid received from adult castor plants and castor seeds. Ricinoleic acid is industrially made from castor oil through the process of hydrolysis and can even be manufactured by saponification or the fractional distillation of hydrolyzed castor oil.
In addition, the easy extraction and production process for ricinoleic acid makes the market less capital-intensive and offers tremendous potential for the manufacturers to grow. Thus, the limited challenges in terms of production complexity, capital investments, technologies, the absence of substitutes, and low handling costs are expected to help the market players broaden their profit margins and drive the growth of the market during the forecast period as well.
The growing shift toward bio-based chemicals is the primary trend shaping market growth. Factors such as the growing concern over the toxic effects of synthetic chemicals and increasing crude oil prices are expected to propel the demand for ricinoleic acid. Furthermore, the growing need for a sustainable, safe, and eco-friendly economy has contributed to an increase in investments in (R&D) initiatives regarding the use of renewable feedstocks.
Moreover, constant innovation and R&D activities improve the production and quality of feedstocks used to manufacture ricinoleic acid. Thus, the increasing shift toward bio-based chemicals and eco-friendly products for environmental sustainability is another significant parameter that can increase the demand for ricinoleic acid during the forecast period.
Side effects of castor oil is a challenge that affects the growth of the market. The intake of castor oil in large doses can result in allergies, skin irritation, diarrhea, skin rashes, vomiting, and nausea. Castor oil overdose can occur due to a high amount of castor oil content in the end-products. Castor oil overdose can result in nausea, a medical condition that can lead to serious dehydration and electrolytic imbalance.
Moreover, another prominent side effect of castor oil is uneven heartbeats or arrhythmia. European Chemical Agency (ECHA) has identified ricinoleic acid as a substance that causes eye irritation, lung disorders, respiratory problems, and skin irritation. Thus, the consumption of products obtained from castor oil in high doses can cause severe health effects, which will hinder the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ricinoleic Acid Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The lubricants and grease segment is estimated to witness significant growth during the forecast period. Ricinoleic acid is broadly used to manufacture lubricants and grease due to its high density and viscosity. A lubricant is a substance that helps to lower the friction between moving surfaces that are in regular contact. Grease is also a type of widely-used industrial lubricant across different industries.
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The lubricants and grease segment was the largest segment and was valued at USD 133.46 million in 2018. The increasing use of lubricants and grease from end-users to prevent corrosion and friction and to reduce the heat generated due to the constant surface contact is likely to drive the growth of the lubricants and grease end-user segment. Thus, such factors are anticipated to fuel the growth of the grease and lubricants segment, which will drive the growth of the global ricinoleic acid market during the forecast period.
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APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Ricinoleic acid is used in the pharmaceutical industry for its laxative properties. As healthcare awareness and pharmaceutical manufacturing increase in APAC, the demand for ricinoleic acid in pharmaceutical applications may grow.
Moreover, the increased production of castor oil and ricinoleic acid (one of its derivatives), especially in India, is one of the major factors for the incremental growth of the ricinoleic acid market in this region. Additionally, other countries in APAC, such as China, Japan, and Thailand, are also contributing to the increasing production of ricinoleic acid. Furthermore, the growing consumer preference for bio-based products can significantly propel the growth of the ricinoleic acid market in the region. Therefore, such factors are expected to boost the global ricinoleic acid market in APAC region during the forecast period.
The outbreak of COVID-19 negatively affected the growth of the ricinoleic acid market in the APAC region in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of manufacturing facilities. In addition, ricinoleic acid derivatives are used in agrochemicals as adjuvants and emulsifiers. As agriculture remains a significant sector in many APAC countries, the demand for agrochemicals will drive the growth of the ricinoleic acid market in the APAC region during the forecast period.
The ricinoleic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Ricinoleic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.59% |
Market growth 2024-2028 |
USD 103.27 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.45 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 58% |
Key countries |
China, India, France, UK, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme synthetic chemicals, Adani Wilmar Ltd., Akshay Chemicals, Arvalli Castor Derivatives Pvt. Ltd, Aura Refoils Pvt. Ltd, Biomol GmbH, Cayman Chemical, Girnar Industries, Gokul Agro Resources, ITOH OIL CHEMICALS CO. LTD., Jacob Stern and Sons Inc., Jayant Agro Organics Ltd., KAVYA PHARMA, Krishna Antioxidants Pvt. Ltd., Merck KGaA, N.K. Industries Ltd., Royal Castor Products Ltd., Tokyo Chemical Industry Co. Ltd., and Univar Solutions Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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