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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