South Korea Castor Oil & Derivatives Market Size, Share, and COVID-19 Impact Analysis, By Product (Sebacic Acid, 12-HAS), By Application (Cosmetic & Pharmaceuticals, Plastic & Resins, Lubricants, Biodiesel, and Others), and South Korea Castor Oil & Derivatives Market Insights, Industry Trend, Forecasts to 2035.

South Korea Castor Oil & Derivatives Market Insights Forecasts to 2035

• The South Korea Castor Oil & Derivatives Market Size Was Estimated at USD 31.7 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.16% from 2025 to 2035
• The South Korea Castor Oil & Derivatives Market Size is Expected to Reach USD 61.2 Million by 2035

According to a research report published by Spherical Insights & Consulting, The South Korea Castor Oil & Derivatives Market Size is Anticipated to reach USD 61.2 Million By 2035, Growing at a CAGR of 6.16% from 2025 to 2035. Increased use of the product as a source of biodiesel is expected to fuel demand. Liquid biofuels are utilized in passenger cars such as trucks, ships, and airplanes as well as in other combustion engines that run on gasoline, diesel, and kerosene. The liquid biofuel known as biodiesel is made from vegetable or animal fats and can be mixed with diesel oil or utilized in diesel engines. Because castor oil has a unique chemical composition and is inedible, it is utilized as a bio-based raw material to produce biodiesel.

Market Overview

The production and trade of castor oil, a vegetable oil made from the castor plant, as well as its different chemical derivatives, are included in the castor oil and derivatives market. Growing consumer preference for natural, renewable, and eco-friendly products over petroleum-based ones is helping the industry. There are numerous applications for castor oil and its derivatives, such as lubricants, oleo-chemicals, medicines, cosmetics, medical devices, and bioenergy. The usage of castor oil in medicinal ointments and creams, the growing pharmaceutical industry, and the rising demand for medications containing edible oil all support market expansion. Drugs, skincare products, and haircare items are just a few of the many pharmacological and cosmetic uses for castor oil derivatives. There are a lot of chances in these industries due to the rising demand for sustainable and natural products. The demand for castor oil and its derivatives is rising across several industries, including biofuels, medicines, and cosmetics, as a result of the move towards sustainability and the use of bio-based chemicals. The market for castor oil and derivatives is expanding due to this rising demand, and forecasts for the upcoming years show that this rise will continue.

Report Coverage

This research report categorizes the market for South Korea castor oil & derivatives market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea castor oil & derivatives market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each South Korea castor oil & derivatives market sub-segment.

Driving Factors

The hydrating and moisturizing qualities, of castor oil and its derivatives, are utilized in a variety of cosmetic items, such as lotions, cosmetics, and cleansers. Demand for bio-based products made from castor oil is rising as businesses and customers look for more environmentally friendly and sustainable options. The variety of initiatives, governments are also encouraging the usage of bio-based products, which is driving the market. Technological developments in extraction and processing are raising the caliber of castor oil and its derivatives, increasing its adaptability and appeal to a range of sectors. To keep up with the increasing demand, major manufacturers are increasing their manufacturing capabilities, which is bolstering market expansion.

Restraining Factors

The main raw material, castor seeds, is susceptible to price and availability swings because of things like weather events that affect production, such as floods and droughts. Other oil-based goods or synthetic substitutes could compete with the market, especially in specialized applications. Higher production costs may result from the intricate processing and refining required to extract and transform castor oil into derivatives.

Market Segmentation

The South Korea castor oil & derivatives market share is classified into product and application.

• The sebacic acid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea castor oil & derivatives market is segmented by product into sebacic acid, 12-HAS. Among these, the sebacic acid segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. It is extensively used in the production of polyamides because of its performance advantages, which include low melting temperatures, flexibility, hydrophobicity, and durability. Sebacic acid is used as a corrosion inhibitor, buffering agent in personal care products, lubricant additive, and ester ingredient. The variety of uses for sebacic acid is contributing to the market's expansion.

• The plastic & resins segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea castor oil & derivatives market is segmented by application into cosmetic & pharmaceuticals, plastic & resins, lubricants, biodiesel, and others.  Among these, the plastic & resins segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growing use of biodegradable plastics is thought to be the cause of the need. Compared to crude oil, the product is used extensively as a raw ingredient in the production of plastics. In the textile business, it is also utilized as an alternative to recovered plastics.

 Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea castor oil & derivatives market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Shi MEC Systech Co. Ltd.
• Samhwa Paints Ind Co. Ltd.
• Dongnam Chemical Co. Ltd.
• Daewoong Pharmaceutical Co.
• Kangnam Chemical Co. Ltd.
• Ohsung Chemical Ind Co. Ltd.
• Kimex Inc.
• Korea Houghton Corporation
• Isu Chemical Company
• Hanwha Total Energies Petrochemical
• Chong Kun Dang
• Vic K Co. Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea castor oil & derivatives market based on the below-mentioned segments

South Korea Castor Oil & Derivatives Market, by Product

• Sebacic Acid
• 12-HAS

South Korea Castor Oil & Derivatives Market, By Application

• Cosmetic & Pharmaceuticals
• Plastic & Resins
• Lubricants
• Biodiesel
• Others