May 14, 2019

Research Analysis on Castor Oil Market

Castor oil Market Size and Growth Rate:

Castor Oil Market was valued at USD xx million in 2017 and projected to reach USD xx million by 2021 growing at a CAGR of xx% during the forecast period 2017 to 2021.

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Castor oil Market Overview:

Generation of hydrogenated castor oil has played a very crucial role in the cosmetic and chemical industry. The determination of castor oil is not only to improve the taste, keeping qualities, and odor, but also to raise the melting point of the oil.

Castor oil Market Growth Drivers and Restraints:

Demand for castor oil being a clean-burning, and renewable fuel, the demand for biodiesel is growing across the globe as a better replacement for petroleum or diesel. A bulk of governments are encouraging the use of biodiesel as a substitute for conventional, air-polluting fuels such as diesel and petroleum oil. Owing to its ease of use, environmental benefits, increasing power generation applications, and government subsidies on biodiesel, the consumption, and requirements of biodiesels have grown substantially across the globe. Bio oil is created by converting animal fats or castor oil into fatty acid methyl esters or FAME. Due to a wide range of benefits and applications of biodiesel, its production and distribution have increased extensively, which will augment the demand for castor oil in the near future.

Geographical Analysis of Castor oil Market:

Geographically, Asia Pacific castor oil and derivatives market led the global industry and held over 55% of the demand in 2015. Advancements in the key industries such as lubricants, pharmaceuticals, and personal care are expected to benefit the demand in the region over the forecast period.

The requirement of primary raw material, which is castor oil seed, in large quantities has also donated to the development of the market. Rising renewable oil sources demand is estimated to additionally enrich the growth of the market. The Asia Pacific region is further projected to observe the maximum growth in the future.

Change in the trend towards acceptance of bio-based cosmetics is projected to provide significant gains to the Europe market. North America is anticipated to witness reasonable growth in the next few years. Growing biodiesel demand in several countries, for instance, Canada, Germany, France, and the U.S. are estimated to have an immediate positive impact on the overall demand for castor oil and derivatives market in Europe and North America.

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Key Players of Castor oil Market:

Some of the key players in castor oil and derivatives market include ITOH Oil Chemicals Co. Ltd., Hokoku Corporation, Adani Group, Gokul Overseas, Jayant Agro-Organics, Taj Agro Products, Liaoyang Huaxing Chemical Co., Ltd., Kanak Castor Products Pvt.RPK Agrotech, Thai Castor Oil Industries Co. Ltd., NK Proteins, TongliaoTongHua Castor Chemical Co. Ltd., Ltd., Bom Brazil, and Enovel.

Castor oil Market Segmentation:

By Product:

·        Food Grade

·        Pharmaceutical/Cosmetic Grade

·        Industry Grade

By End Users / Applications:

·        Food Industry

·        Pharmaceuticals and Cosmetics Industry

·        Industrial

By Region:

·        North America

·        South America

·        Europe

·        Asia Pacific

·        Middle East and Africa

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