Market Dynamics:
Rising applications of castor oil derivatives across various end-use industries such as personal care & cosmetics, pharmaceuticals, lubricants, and plastics is a major factor driving the market growth. Castor oil derivatives find wide usage as emollients, viscosity increasing agents, and lubricants in personal care products such as soaps, creams, lotions, and lipsticks. Growing personal care & cosmetics industry around the world owing to increasing consumer health awareness is fueling the demand for castor oil derivatives. According to statistics, the global personal care market size was valued at around US$ 480 billion in 2019 and is further projected to reach over US$ 740 billion by 2027, registering a CAGR of around 6% during 2020-2027. Furthermore, increasing applications of nylon-11 fibers and hydraulic & brake fluids made of castor oil derivatives especially in the automotive industry is also contributing to the market growth.

Key Takeaways

The Global Castor Oil Derivatives Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand from personal care and cosmetics industry. Castor oil derivatives find wide application in personal care products owing to their moisturizing and anti-inflammatory properties.

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