Global Castor Oil and its Derivatives Market 2018-2022| Use of Castor Oil as a Source of Biodiesel to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Dec 4, 2018--The global castor oil and its derivatives market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by .
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Technavio has released a new market research report on the global castor oil and its derivatives market for the period 2018-2022. (Photo: Business Wire)
A key factor driving the growth of the market is the increasing demand for castor oil and its derivatives in major end-use industries. Castor oil derived from castor seeds is one of the major commercial feedstock for manufacturing a variety of industrial chemicals, which is used in pharmaceuticals, cosmetics, personal care, surfactants, lubricants, surface coatings, biodiesel, food and beverages, plastics and resins, and greases. Castor oil shows high viscosity, excellent thermal conductivity, high pour point, and density. This resulted in castor oil and its derivatives being used in textile, soaps, cosmetics, nylon fibers, bullet-proof glass, and bone prosthesis.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the use of castor oil as a source of biodiesel as one of the key emerging trends in the global castor oil and its derivatives market:
Global castor oil and its derivatives market: Use of castor oil as a source of biodiesel
The increasing demand for petroleum products has led to a rise in petrol and diesel prices and shifted the focus to biofuel production. Biofuels are used as alternatives to conventional fuels for running automobiles, heavy machinery, generators, and other equipment due to the depletion of natural resources. Castor oil displays high productivity and yield and is a superior non-edible crop for producing biodiesel.
“Biodiesel can be obtained by transesterification of castor oil by using ethanol or methanol as the transesterification agent. Castor oil has a viscosity of more than 100 times that of no 2 diesel fuel, among all vegetable oils. The sulfur level in no 2 diesel fuel does not exceed 15 ppm. Castor oil exhibits high viscosity and low volatility. It does not burn completely and forms deposits on the fuel injector of diesel engines,” says a senior analyst at Technavio for research on specialty chemicals.
Global castor oil and its derivatives market: Segmentation analysis
This market research report segments the global castor oil and its derivatives market by product (sebacic acid, undecylenic acid, castor wax, and others) and geographical regions (the Americas, APAC, and EMEA).
The sebacic acid segment held the largest market share in 2017, accounting for over 36% of the market. This product segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 58%. This region is expected to dominate the market through 2022, with over 1% increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 12/04/2018 09:40 AM/DISC: 12/04/2018 09:40 AM