The global castor oil market size is expected to flourish at a substantial CAGR of xx% and reach the volume of xx thousand tons by the end forecast period. Some of the major factors driving the castor oil market across the globe include:
- Castor oil is becoming a vital bio-based raw material that makes it ideal for several industrial applications. Thus, it is being increasingly used as a potential substitute of petroleum-based chemicals.
- Moreover, due to its unique chemical structure, castor oil acts as a key raw material that is used for the production of several end-use products for example polyurethane adhesives, biodiesel, refrigeration lubricants, machining oils, etc. This flexible property of castor oil has been majorly contributing towards the impelling growth of the castor oil market.
- Castor oil is a healthier as well as inexpensive alternative when compared to other vegetable oils. Thus, food grade castor oil has effectively gained a thrust in the food business in flavorings form, food additives, mold inhibitor and packaging.
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On the other hand, the factor that can restraint the markets’ growth is fluctuating price of castor beans because of their inconsistent supply. The supply is inconsistent owing to highly altering weather conditions of the region as well as a lengthy harvesting process of castor beans.
The Global castor oil market has been segmented by different end-use industries and forms. Further, end-use industries segment is further sub-divided to food & beverage, personal care, lubricant, pharmaceuticals and others. Personal care segment of the market uses castor oil as a source of moisturizer as it consists of high fatty acid content. Food & beverage segment of the market uses castor oil for flavoring, packaging as well as in viscosity additives. In pharmaceutical industry hydrogenated property of the product is extensively used because of its lubricating property. In fuel industry, castor oil is majorly used as the fuel additive because it is biofuel obtainable in terms of per capita yield in the global market.
Similarly, form segment is bifurcated to refined oil & hydrogenated oil. In addition, refined oil is pale yellow colored and pure that can directly be used as feedstock. The hydrogenated one is mostly used in lubricant as well as cosmetic industries which has got hard texture plus waxy appearance.
Geographical segmentation of the global castor oil market is led by Asia-Pacific region and the region is anticipated to dominate the market over the forecast period. Furthermore, India accounts for the highest producer of castor oil globally, trailed by China & Brazil. Furthermore, higher demand from the United States, Europe as well as China has led to rising prices of castor and also increased the demand for the product. The major countries producing castor include China, India, Brazil, Ethiopia, Paraguay, Russia, Philippines and Thailand.
Key companies operating in the global castor oil market include Hokoku Corporation, Taj Agro Products, Liaoyang Huaxing Chemical Co. Ltd., Adani Group, Jayant Agro Organics, ITOH Oil Chemicals Co. Ltd., Gokul Overseas, NK Proteins, RPK Agrotech, Kanak Castor Products Pvt. Ltd., TongliaoTongHua Castor Chemical Co. Ltd., Bom Brazil, Thai Castor Oil Industries Co. Ltd. and Enovel.
What to expect from the upcoming report on ‘Global Castor Oil market’:
– Analyzes about future prospects as well as Global Castor Oil market trendsmarket over the forecast period (2018–2025)
– Information regarding technological progressions as well as innovations taking place in developing as well as developed economies.
– Supportive initiatives by government likely to influence the market dynamics.
– Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
– In-depth analysis of different market segmentations including regional segmentations, Form and end-users.
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
Who should buy this report?
– Report is especially designed for Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers, researchers, strategy managers and academic institutions looking for insights into the market to determine future strategies.
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