Castor Oil Market - Hike in Demand for Biofuels to Drive Growth
Posted by PRIYANKA KULKARNI on December 16th, 2019
Transparency Market Research (TMR) has profiled some of the most prominent players of global castor oil market in its latest market report. According to this report, the market is dominated by organizations such as Adani Wilmer Ltd., The Chemical Company, Girnar Industries, sunny Isle, Cockney Finestyle LLC, Tongliao Tonghua Castor Chemical Co. Ltd., and BDI Enterprises, LLC. Some of the market players are focusing on imports in order to ensure the availability of raw materials in every season to carter the need of castor oil in the market. Also to gain hold over the supply chain castor oil manufacturers are getting involved into long-term collaborations and agreements with castor seed producers. This benefits into a well-organized supply, steady cost per unit for a long duration, reduced loss, and competitive pricing to stay ahead of the competition in the market.
TMR report estimates that global castor oil market shall surpass the mark of US$ 1,101.1 million during the forecast period. This staggering benchmark shall be the reflection of 3.0% CAGR growth during the forecast tenure.
The leading segment in the global castor oil market is cosmetic and pharmaceuticals and is estimated to be accounted for over 25% of total market volume, states TMR report. The growth is the result of growing demand for bio-ingredient based for cosmetics across the globe. TMR report also states that the segment shall show progress as 4.5% of growth in terms of CAGR during the forecast duration.
As per TMR’s study, the dominant region for castor oil market during forecast period shall be Asia Pacific. The reason that brings this region on the top is involvement of India in this market. India is the largest producer of castor seeds making it lead supplier. The country produces 92% of total castor seed production globally. Countries like China and Brazil follow India in terms of castor seed production. Attributed to above-mentioned reasons, the Asia Pacific region tends to dominate global castor oil market during the forecast of 2018 to 2026.
Biofuels to Drive Global Castor Oil Market’s Growth
Biofuels are the next pollution agents for vehicles. Being, clean-burning and biodegradable fuel, there is a hike in demand for biofuels in the market. As a result of these increased demands, the global castor oil market tends to experience major push in the forecast period. Another factor that drives growth for the market is the extensive application of castor oil in various industries across the globe. It is used in products like, bio-plastics, polymers, plasticizers, and specially rubbers. Also, the by products produced during the production of castor oil have great values in the market. These by-products also push the global castor oil market to grow during the forecast period.
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Growing Demand of Clean Fuel to Overcome The Challenge of Stringent Regulation
Demand for clean, efficient and cost-effective fuels have risen exponentially recently. Owing to hike, castor oil market players can leverage tremendous opportunities. Power generation industries can enjoy the benefits of castor oil because of its ease of use and other major environmental benefits. Although, stringent regulation and cost of development of biodiesel may drift the global castor oil market slightly away from its growth. However, the constant research and development by major players to leverage the maximum potential of castor oil, shall keep global castor oil market progressive towards its growth.
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About the AuthorPRIYANKA KULKARNI
Joined: May 23rd, 2019
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