New York, NY, July 30, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Castor Oil Market by Product Type (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil, and Others) and by Application (Biopolymer, Personal Care, Food, Lubricants, Paper, Plastics & Rubber, Pharmaceuticals, Paints, Ink, and Additives, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global castor oil market accounted for USD 1,340 million in 2018 and is expected to reach USD 1,792 million by 2026, at a CAGR of around 3.7 % between 2019 and 2026.
Castor oil is extracted from castor seeds, which contain around 30 to 50% oil. These seeds are separated from the plant, which is native of India and some parts of Africa and South America. Castor oil and its derivatives are used as bio-based raw material and have various applications in various industries, such as biopolymer, personal care, food, lubricants, paper, plastics and rubber, pharmaceuticals, paints, ink, and additives. This vast application list of castor oil is propelling the global castor oil market. Moreover, castor oil can be also used as biodiesel. The growing health consciousness of the global population is another major factor driving the global castor oil market. However, occasional low product availability creates a demand and supply gap due to the dependence of availability of castor seeds on the annual weather conditions.
Browse through 71 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Castor Oil Market: By Product Type, Size, Industry Share, Trends, Analysis and Forecast, 2018–2026”.
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This may restrict the market, as it leads to price fluctuations. Additionally, the industrial applications of castor oil will always contribute to its demand. Castor oil’s nutritional qualities add value to personal care products. The rising awareness about the nutritious benefits of castor oil coupled with its easy availability on different e-commerce websites has also been aiding this market. The growing population of working youth along with their improving living standards has worked as a catalyst for the castor oil market.
The product type segment of the castor oil market includes dehydrated castor oil, hydrogenated castor oil, cold pressed castor oil, Jamaican black castor oil, and others. By application, the market comprises food, paints, ink, and additives, biopolymer, plastics and rubber, personal care, lubricants, paper, pharmaceuticals, and others. The various applications of castor oil are due to its viscosity, density, thermal conductivity, and higher pour point of castor than other standard lubricants.
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The Asia Pacific castor oil market is one of the leading regions globally, due to large-scale castor crop cultivation, especially in India. It also requires labor-intensive harvesting process, which is easily available in the region. Castor plant is a native to Asia and is widely grown due to the region’s tropical weather, which is preferable for this plant’s growth. India is the largest producer of castor seeds followed by China apart from being the major global suppliers of castor oil. The annual exports of castor oil from India are around three lakh tons and tops the list of major castor oil-exporting countries. India exports castor oil to the US, Europe, China, and Japan. In India, the major castor producing states are Gujarat, Andhra Pradesh, and Rajasthan, accounting for more than 90% of the total domestic production. Multiple applications in various industries have augmented the castor oil market, particularly in personal care products and pharmaceuticals.
North America witnessed substantial growth in the castor oil market in 2018, due to its benefits in pharmaceuticals, coatings, and biofuels, supportive government regulations for using castor oil market. The growing awareness regarding natural food additives is driving the demand for natural flavoring in the food and beverages, which is fuelling the castor oil market in the region.
Browse the full “Castor Oil Market by Product Type (Cold Pressed Castor Oil, Hydrogenated Castor Oil, Jamaican Black Castor Oil, Dehydrated Castor Oil, and Others) and by Application (Biopolymer, Personal Care, Food, Lubricants, Paper, Plastics & Rubber, Pharmaceuticals, Paints, Ink, and Additives, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/castor-oil-market
The European castor oil market is expected to show moderate growth in the future. Being a renewable and biodegradable fuel, the demand for castor oil biodiesel is increasing in the European countries. Castor oil biodiesel is produced by converting castor oil into fatty acid methyl esters or FAME, which has various other applications. Most European governments are encouraging the use of biodiesel as a substitute for petrol and diesel which cause air pollution. European countries lead the global automobile industry and are always looking for a substitute for petrol and diesel. The benefits of using this biodiesel have augmented the regional castor oil production and distribution, which is driving the castor oil market in Europe.
Latin American castor oil market is expected to witness substantial growth over the estimated time period. Brazil is the largest producers of castor oil and does not export the majority of the castor oil due to high domestic consumption. Brazilian government promotes castor as a biodiesel feedstock to benefit its regional farmers.
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Some key players operating in the global castor oil market are Taj Agro Products, NK Proteins, Adani Group, BomBrasil, RPK Agrotech, Castor Oil Industries, Ambuja Solvex, Jayant Agro Organics, Gokul Overseas, and Hokoku Corporation.
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This report segments the global castor oil market into:
Global Castor Oil Market: Product Type Analysis
- Cold Pressed Castor Oil
- Hydrogenated Castor Oil
- Jamaican Black Castor Oil
- Dehydrated Castor Oil
- Others
Global Castor Oil Market: Application Analysis
- Biopolymer
- Personal Care
- Food
- Lubricants
- Paper
- Plastics and Rubber
- Pharmaceuticals
- Paints, Ink, and Additives
- Others
Global Castor Oil Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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