Global Ricinoleic Acid Market 2018-2022 | Growing Demand from Major End-users to Boost Demand | Technavio
Technavio analysts forecast the global ricinoleic acid market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global ricinoleic acid market for the period 2018-2022. (Graphic: Business Wire)
The increasing shift toward bio-based chemicals is one of the major trends being witnessed in the global ricinoleic acid market 2018-2022. The increasing concern over the toxic effects of synthetic chemicals and rising crude oil prices are expected to surge the demand for ricinoleic acid which is a castor oil derivative obtained from castor seeds. Additionally, factors such as the rising need for a sustainable, safe, and eco-friendly economy has contributed to an increase in the investments in R&D initiatives regarding the use of renewable feedstocks. Ricinoleic acid-based biopolymers are manufactured from pure ricinoleic acid half esters with maleic and succinic anhydrides and exhibit the desired physicochemical and mechanical properties and are therefore used as drug carriers.
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According to Technavio’s analysts, one of the key factors contributing to the growth of the global ricinoleic acid market is the growing demand from major end-users:
Global ricinoleic acid market: Growing demand from major end-users
Ricinoleic acid is derived from castor oil which is obtained from castor seeds and one of the most important commercial feedstocks used to manufacture various industrial chemicals such as cosmetics, surfactants, lubricants and greases, personal care products, detergents, surface coatings, and other oleochemicals. Ricinoleic acid characteristics include high viscosity, excellent thermal conductivity, high pour point, and density. One of the major contributing factors to its high demand among the end-users is the superior properties of ricinoleic acid.
According to a senior analyst at Technavio for research on specialty chemicals, “Ricinoleic acid is an excellent reactant for the synthesis of castor oil derivatives such as Sebacic acid, undecylenic acid, methyl ricinolates, and hydroxystearic acid. It is also extensively used in the pharmaceutical industry for manufacturing contraceptive jellies. It is also used in soaps; amine compounds; esters in cutting oils; and industrial lubricants and emulsifiers. Ricinoleic acid is a major constituent in pigments, dyes, greases, germicides, textile processing agents and more.”
Global ricinoleic acid market: Segmentation analysis
The global ricinoleic acid market research report provides market segmentation by end-user (lubricants and grease, cosmetics and personal care, and surfactants), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The lubricants and grease segment held the largest market share in 2017, accounting for nearly 37% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 55%. This region is expected to dominate the market through 2022, with an increase in its market share by over 1%.
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Five Forces Analysis
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- Vendors covered
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