Newark, NJ, Feb. 19, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global castor oil market is expected to grow from USD 1.29 Billion in 2017 to USD 1.72 Billion by 2025 at a CAGR of 3.7% during the forecast period 2018-2025.
Castor oil is a vegetable pressed oil resulting from castor seeds which produce in Ricinus communis, a blossoming species of the spurge family, Euphorbiaceae. Castor oil is gained by pressing the castor oil plant seed. Castor is a natural plant of India and eastern Africa where castor oil is shaped in huge amounts. Castor oil has many application. It is used in industries for the manufacture of paints, soap, make-ups, varnishes, adhesives, lubricants etc. Castor oil is also used for the production of castor oil derivatives which again are valued chemicals used for industrial application. Other than this, it is usually known for its hair and skin benefits. Therefore there is an increase in the demand of castor oil.
Growing disposable revenue and positive policies of government with helpful socio- economic trends and growth of pharmaceutical and healthcare sectors across the globe are two factors affecting the demand for the castor oil in the forecasting period.
The development is accredited to the rising consumption of the product in biodiesel feedstock. The product is manufactured by the homogeneous alkaline Trans esterification process to form biodiesel additives.
Growing global consumption of castor oil and by-products by end-use industries for the manufacturing of bio based plastics, lubricants, coatings, skincare, hair care, and medicinal products is expected to trigger the market growth over the forecast period. The use of castor oil and derivatives in traditional medicines owing to its ability to treat skin disorders, stools, headaches, and stirring problems is increasing. Rising customer inclination toward using biodiesel, plastics, and resins is expected to drive the market for castor oil and derivatives over the forecast period.
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Key players operating in the global Castor Oil market include Hokoku Corporation, ITOH Oil Chemicals Co. Ltd., Taj Agro Products, Adani Group, Jayant Agro Organics, Liaoyang Huaxing Chemical Co., Ltd., Gokul Overseas, Thai Castor Oil Industries Co. Ltd., NK Proteins, RPK Agrotech, TongliaoTongHua Castor Chemical Co. Ltd., Kanak Castor Products Pvt. Ltd., Bom Brazil, and Enovel and among others. To improve their market situation in the global castor oil market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In Japan's Itoh Oil Chemicals (ITOH) is alternative up a 4.8% stake in Mumbai-based Jayant Agro Organics (JAOL), a leader in castor oil and castor derivatives. India produces nearly 70% of the world consumption of castor oil.
The hydrogenated castor oil segment is controlling the market and valued around USD 446.11 Million in 2017
The product segment is confidential into cold pressed castor oil, hydrogenated castor oil, Jamaican black castor oil, dehydrated castor oil and others. The hydrogenated castor oil section is leading the market and valued around USD 446.11 Million in 2017. Manufacture of hydrogenated castor oil has played a very important role in the cosmetic and chemical industry. The hydrogenation of castor oil not only helps to recover the keeping qualities, taste and odor of the castor oil but also helps to increase the melting point of the oil.
The chemical industry is controlling the market with the maximum share of 25.90% in 2017
The end use segment comprises chemical industry, pharmaceutical, cosmetic and personal care, food and beverage, hypermarket/supermarket, convenience stores, traditional grocery stores, discount stores, specialty stores and online retail. The chemical industry is ruling the market with the highest share of 25.90% in 2017. The main use of castor oil is found in the industrial application where it is used for the manufacture of paints, soap, cosmetics, varnishes, adhesives, lubricants etc. Castor oil is also used for the production of castor oil by-products which again are valued chemicals used for industrial application.
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Regional Segment Analysis of the Castor Oil Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region conquered the global castor oil market with USD 614.22 Million in 2017 where as the Asia Pacific region is rising fast in the market. There is a high demand for the castor oil by-products from the US, and European nations owing to which the values for Castor has augmented thus growing the growth of the castor oil derivatives market. The major countries that are complicated in the production of castor are Russia, India, Brazil, China, Paraguay, Philippines, Ethiopia, and Thailand.
- The Asia Pacific region is controlling the market it has high concentration of consumer of castor oil in the world. Also, the supply chain organisation and adaptability in castor oil applications in this region disturbs the demand for the castor oil. The supremacy in the global castor oil by-products market is going to be continued in the coming years. The developing nation, India accounted for the major manufacture of castor oil derivatives globally. India is followed by other emerging nations such as Brazil and China.
- North America is expected to observer reasonable growth in the next few years. Rising request of biodiesel in several countries may have optimistic impact on the overall demand for castor oil market.
About the report:
The global castor oil market is analysed on the basis of value (USD Billion), Volume (Tons). Export (Kilo tons) and Import (Kilo Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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