Castor Oil Market: Introduction
Castor oil is a vegetable pressed oil derived from castor seeds which grow in Ricinus communis, a flowering species of the spurge family, Euphorbiaceae. Castor is a native plant of India and eastern Africa where castor oil is produced in large quantities. Castor oil is used in a wide variety of applications. The major use of castor oil is found in the industrial application where it is used for the production of paints, soap, cosmetics, varnishes, adhesives, lubricants etc.
Castor oil is also used for the production of castor oil derivatives which again are valuable chemicals used for industrial application. The Asia Pacific region is estimated to contribute around 46.7% value share as it is the major consumer of castor oil in the world. Owing to the supply chain system and versatility in castor oil applications in the region, the demand for the castor oil is expected to grow significantly.
Castor Oil Market Outlook
Production of hydrogenated castor oil has played a very crucial role in the cosmetic and chemical industry. The purpose of hydrogenation of castor oil is not only to improve the keeping qualities, taste and odor of the castor oil but also to raise the melting point of the oil. On the other hand, the use of Jamaican black castor oil has witnessed an upsurge in sales, owing to its unadulterated method of processing and its antifungal and antibacterial properties. Key players of castor oil market are anticipating strong performance in the Latin America castor oil market. Several manufacturers of castor oil are entering new markets through the acquisition of major regional players of castor oil, in order to enhance their product offerings and manufacturing facilities for castor oil. Moreover, companies are currently focusing on opening new innovation centers for castor oil in order to expand and boost their regional presence accordingly. Innovation and advancement to create a superior product from castor oil have been a vital strategy implementation by major companies. Companies in the castor oil market are investing significantly in research & development to gain competitive advantage and create novel applications.
High Availability of Castor Seeds for Production of Castor Oil
Gujarat is a small geographic region in India, where the global production of global castor oil is concentered. Factors such as subtropical climate conditions and labour-intensive cultivation methods are favouring the cultivation of castor seed and castor oil, which either way becomes a challenge for castor processors in the U.S. and Latin America. Approximately 73% of the castor oil produced in India is concentrated in Gujarat itself. According to data published by the Government of Gujarat, castor seed production in India increased by almost 10% to reach 1.5 million tonnes for the year 2016-17, which clearly signifies the fact that, the availability of castor seeds is in copious, resulting in large production of castor oil, which is anticipated to boost the overall growth of the castor oil market, globally.
Rise in the Requirements for Biodiesel to Boost the Demand for Castor Oil
Being a clean-burning, biodegradable, and renewable fuel, the demand for biodiesel is increasing across the globe as a better replacement for petroleum or diesel. A majority of governments are encouraging the use of biodiesel as a substitute for conventional, air-polluting fuels such as petroleum and diesel. 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. Biodiesel is produced by converting animal fats or castor oil into fatty acid methyl esters or FAME. FAME is referred to as biodiesel when it is used as a source of fuel in various applications. Due to a wide range of benefits and applications of biodiesel, its production and distribution has increased extensively, which will augment the demand for castor oil in the near future.
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Wide Industry Application of Castor Oil
Castor oil is used in a number of industry applications, and is also considered to be one of the most promising non-edible oils in the world. Castor oil is used as a raw material for the production of a wide variety of products. Castor oil is majorly used in the chemical industry for the formulations of bio plastics, surfactants, polymers, plasticizers, and specialty rubbers. The application of castor oil is not only limited to the above-mentioned products, but also used for making hydraulics and brake fluids, and developing low-point lubricants for cold weather conditions. Moreover, the by products produced during the production of castor oil are also used as fertilizers in a smaller scale for substantial plant growth, and it is anticipated that, with time, the use of these by products will increase to a larger level. All such wide applications in the chemical, cosmetic, and personal care industries are increasing the demand for castor oil, which is expected to drive revenue growth of the global castor oil market over the forecast period.