As a result of its lubricating qualities, castor oil is used either in crude or refined hydrogenated form in a number of industries such as food, cosmetic and electronic & telecommunications. Some of its applications are in the manufacturing of products such as adhesives, brake fluids, paints, pigments, electrical liquids, dielectrics, etc.
A latest report by IMARC Group titled, “Castor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global castor oil market has reached a volume of around 1,800 Thousand Tons in 2016, growing at a CAGR of 4% during 2009-2016. Castor oil is extracted from the seeds of the castor plant. It originated in the tropical belt of India and Africa and is mostly cultivated in arid and semi-arid regions. In the past five years, the market has witnessed a reduction in the production levels of castor seeds as a result of decline in the sowing area. However, due to delayed monsoon in India after 2013, farmers were driven towards growing castor crops as these require less water during plantation. Consequently, the production of castor oil has accelerated from the year 2013 onwards. According to the report, the market for castor oil is expected to grow at a CAGR of 4.5% during 2017-2022, reaching a volume of more than 2,200 Thousand Tons by 2022.
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The report offers a detailed segmentation of the castor oil market based on its applications. It serves as an important component in innumerable industries such as pharmaceuticals, food, cosmetic and the electronics & telecommunications industry. In the food and cosmetic industry, it is used as an additive for flavouring and in manufacturing lipsticks, respectively. In the electronics and telecommunication industry, castor oil is used in the production of polymers as well as the manufacturing of equipment which are used for national security. Furthermore, it is also used in the manufacturing of a number of products which include adhesives, brake fluids, caulks, dyes, machining oils, paints, pigments, electrical liquids, dielectrics, lubricating greases, polyurethane refrigeration lubricants, rubber sealants, textiles, washing powders, waxes, etc.
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The report has segmented the market on a regional basis. The regions covered in the report include India, Brazil and China. Currently, India represents the largest producer of castor oil at the global level. India is followed by China and Brazil. In terms of consumption, China is the largest consumer of castor oil, followed by Europe, India and the United States. The report has also provided a thorough analysis of the competitive landscape along with the details of the major players operating in the market. Some of the players given in the report are Adani Wilmer, Gokul Overseas, Kandla Agro & Chemicals and Jayant Agro. Amongst these, the majority of the market share is held by Adani Wilmer.
The report provides a detailed roadmap for setting up a castor oil manufacturing plant. The study, done by one of the world’s leading research and advisory firms, covers all the prerequisites of the castor oil market and provides an in-depth analysis of the market, industry performance, processing & manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the castor oil market in any manner.
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