Ricinoleic Acid Market Size, Share & Trends Analysis Report By Product, By Application, By Region, And Segment Forecasts, 2023 To 2030

Ricinoleic acid is an unsaturated omega-9 fatty acid made up of castor plants. It is widely used in different end-use applications such as personal care & cosmetics, printing inks, lubricants, textile finishing, surfactants, leather, and pharmaceuticals among others. It is commonly used in personal care & cosmetic products such as lotions, oil, and soaps among others owing to its excellent antibacterial properties. However, excessive usage of ricinoleic acid may lead to skin irritation, further, hampering the overall market growth.

The wide usage of the product in the personal care and cosmetics industry is attributable to its ability to recover acne and rough skin and helps in moisturizing and smoothening skin. It is also used as a reactant for the synthesis of derivatives of castor oil such as undecylenic acid, sebacic acid, methyl ricinolates, and hydroxystearic acid among others. Although, the rising price of castor seeds on the account of extreme climatic conditions may act as a barrier to the industry growth

Ricinoleic acid is made from natural sources such as vegetable oil and castor seeds. The rising concern regarding the negative effects of synthetic chemicals along with the increasing prices of crude oil is expected to positively impact the industry growth over the forecast period. The Asia Pacific region constituting China and India as key countries is expected to dominate the global market. This is attributable to the increasing adoption of the product in the personal care & cosmetics market. Furthermore, the growing product demand from the lubricants industry is anticipated to fuel the industry growth in the coming years.

The industry is fragmented with various players present across regions and companies establishing several organic and inorganic growth strategies such as merger & acquisition, capacity expansions, and promotional activities in order to compete amongst each other. Continuous innovation and R&D activities are conducted by producers with the aim to enhance the quality and production of feedstock. The major players include Tokyo Chemical Industry Co., Ltd., Parchem Fine and Specialty Chemicals Jacob Stern and Sons Inc., Cayman Chemical Co., and Itoh Oil