PEG-40 Hydrogenated Castor Oil Market - 2023-2030

Overview

Global PEG-40 Hydrogenated Castor Oil Market reached US$ 60.1 million in 2022 and is expected to reach US$ 112.9 million by 2030, growing with a CAGR of 8.2% during the forecast period 2023-2030.

The global peg-40 hydrogenated castor oil market has witnessed significant growth, the cosmetic industries are highly adopting these PEG-40 hydrogenated castor oil in various cosmetic and personal care products as an emulsifier, surfactant, and solubilizing agent, It also offers an excellent moisturizing properties, hence, such factors can help in driving the global PEG-40 Hydrogenated castor oil market.

Furthermore, increasing demand for PEG-40 Hydrogenated Castor Oil in diverse cosmetic products is prompting manufacturers to introduce innovative formulations incorporating this ingredient. For instance, in September 2023, Inolex released LexSolv Essential, it is a 100% natural solubilizer that creates clear formulations by solubilizing preservation ingredients, essential oils, and fragrances. It includes PEG-40 hydrogenated castor oil and polysorbate-20 and Easy-to-pour liquid.

The cosmetic and personal care products segment accounts for the largest share in the global PEG-40 hydrogenated castor oil market, similarly, the Asia-Pacific region holds the dominance in world share, as the production of castor beans is high in this region, hence, it can help in increasing the global PEG-40 hydrogenated castor oil market.

Dynamics

Rising Awareness About The Benefits Associated With Peg-40 Hydrogenated Castor Oil

Both consumers and manufacturing companies are widely adopting PEG-40 hydrogenated castor oil due to its role as a solubilizer and efficient emulsifier. It facilitates the blending of oil and water-based components in various formulations, including creams and lotions, while also contributing to the improved stability of these products.

Furthermore, the manufacturing companies of PEG-40 hydrogenated castor oils are producing a wide range of products by using this oil, for instance, Kao Corporation company uses PEG-40 Hydrogenated Castor Oil in various shower gels, anti-aging products with PEG-40 Hydrogenated Castor Oil which are Akypo Rox Co 400, Akypo Rox Co 400. Hence, such products can help in increasing the market growth.

Increase In Developments Of Innovative Personal Care Products

The demand for innovative personal care products often involves the creation of formulations with unique textures, stability, and sensory properties. which increases the demand for PEG-40 hydrogenated castor oil in various cosmetic products as they act as emulsifiers, surfactants, and solubilizing agents. Also, these oils can help in enhancing the texture of formulations, providing a smooth and desirable feel to products such as creams, lotions, and gels.

Furthermore, as the demand for these innovative products is increasing, manufacturing companies are launching products, for instance, in June 2022, Essence Cosmetics launched a Lash Princess range with eyeliners. It has a new vegan formula with Peg-40 hydrogenated castor oil and others. The Lash Princess Liners feature an easy-to-handle chubby design and cone-shaped felt tip for creating bold or natural looks. Hence, such products can help in gaining popularity for PEG-40 hydrogenated castor oil.

Some Potential Irritations

The potential irritations caused by PEG-40 hydrogenated castor oil can significantly affect the growth of the global PEG-40 hydrogenated castor oil market, the oil may cause skin irritation for some individuals, particularly those with sensitive skin. as the presence of some impurities such as 1,4-dioxane. which might limit its use in formulations. Hence, it can affect the global market growth.

Segment Analysis

The global peg-40 hydrogenated castor oil market is segmented based on type, distribution channel, application, and region.

Increase in Demand for Cosmetics and Personal Care Industry

The cosmetic and personal care applications segment holds the maximum share of the global PEG-40 hydrogenated castor oil market, as these oils are highly used in various cosmetic products as emulsifiers, solubilizers, and surfactants. They also help in enhancing the stability of the product, which can help in increasing the market growth.

Furthermore, numerous manufacturing companies are introducing creatively formulated products that incorporate PEG-40 hydrogenated castor oil as part of their strategy to broaden their market sizes. For instance, in February 2023, IT. Cosmetics LLC., launched a Bye Bye Makeup 3-in-1 Makeup Melting Balm, it is a vegan product that contains PEG-40 hydrogenated castor oil, PEG-20 glyceryl triisostearate, and others. It serves as a makeup remover, brightening cleanser, and hydrating face mask all in one. Hence, such products can help in boosting the market growth.

Geographical Penetration

High Castor Beans Production Rate in Asia-Pacific

Asia-Pacific has the largest share and significant growth in the global PEG-40 hydrogenated castor oil market, as consumers in this region are highly adopting hydrogenated castor oil in various applications of skincare, and medicinal products as they offer various potential benefits, which help in increasing the productivity rate in this region, hence, it can help in driving the market growth.

Furthermore, the cultivation of castor beans is high in this region, for instance, according to Professor Jayashankar Telangana State Agricultural University report, the Area under castor reported during 2021-22 was 1.484 lakh ha, with a production rate of 17.74 lakh tones. Hence, such high production rates can help in increasing the market growth.

Competitive Landscape

The major global players in the market include Croda International Plc, Matangi Industries, SpecialChem S.A, Kao Corporation, BASF Corporation, ATAMAN KiMYA, New Directions Aromatics Inc., Vantage Specialty Chemicals, Trulux, and PT Rolimex Kimia Nusamas.

COVID-19 Impact Analysis

The pandemic brought a disruption in the supply chain, many manufacturing companies were shut down due to government lockdown restrictions, also consumers' interest in synthetic-based cosmetic products was reduced which has impacted the growth of the PEG-40 hydrogenated castor oil market.

By Type

• Liquid
• Semi-Solid

By Distribution Channel

• Hypermarket/Supermarket
• Convenience Stores
• Specialty Stores
• Online Retail
• Others

By Application

• Pesticide
• Coating
• Textile
• Cosmetic & Personal Care
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2022, Biosynthetic Technologies, LLC acquired Innoleo, LLC, a privately-held distributor of quality castor derivatives for grease, lubricants, metal-working fluids, coatings, and personal care applications. Through this acquisition, Biosynthetic Technologies adds a comprehensive line of castor and other oleo derivatives to its existing Estolide technology portfolio.
• In March 2022, the National Commodity and Derivatives Exchange (NCDEX) launched trading in the futures contract on Refined Castor Oil The exchange already has a successful contract in Castor Seed and the launch of Refined Castor Oil will enhance the castor complex in the futures segment of NCDEX.
• In June 2023, Casterra Ag Ltd. an integrated castor cultivation solution company and a subsidiary of Evogene Ltd., had an agreement to sell seeds of its proprietary castor varieties to one of the world's leading oil and gas companies for cultivation in specific African territories. Casterra's high-yield, high-oil castor seed varieties are optimized for biofuel production to support the growing market of sustainable energy.

Why Purchase the Report?

• To visualize the global PEG-40 hydrogenated castor oil market segmentation based on type, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of PEG-40 hydrogenated castor oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global PEG-40 hydrogenated castor oil market report would provide approximately 62 tables, 55 figures, and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies