The ricinoleic acid market share will post an incremental growth of USD 90.64 million, progressing at a CAGR of 4.52% during the forecast period. The growing demand from major end-users will offer immense growth opportunities to market vendors. The ricinoleic acid market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Ricinoleic Acid Market by End-user and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The ricinoleic acid market is segmented by the following:
The growth of the ricinoleic acid market size in the lubricants and grease segment will be significant during the forecast period. The increased production of castor oil and ricinoleic acid, especially in India will increase the ricinoleic acid market growth in APAC. 58% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the ricinoleic acid market in APAC.
The growing demand from major end-users will directly influence the sales of the ricinoleic acid market. In addition, the growing shift toward bio-based chemicals is one of the major ricinoleic acid market trends that will positively impact market growth. However, the high price of castor seeds will hamper the ricinoleic acid market growth.
The market is fragmented due to the presence of several players. Some of the major ricinoleic acid market vendors are Acme synthetic chemicals, Adani Wilmar Ltd., AKSHAY CHEMICALS, Arvalli Castor Derivatives Pvt. Ltd, Aura Refoils Pvt. Ltd, Biomol GmbH, Cayman Chemical Co., Girnar Industries, Gokul Agro Resources, Guangzhou Reullei Pharmaceutical Technology Co. Ltd., 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., Parchem Fine and Specialty Chemicals, Royal Castor Products Ltd., and Tokyo Chemical Industry Co. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the ricinoleic acid market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the ricinoleic acid market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the ricinoleic acid market.
Ricinoleic acid industry growth across APAC, Europe, North America, South America, and Middle East and Africa.