Global Castor Wax Market Overview:
Over the years the demand for castor wax market has seen upward trend. The understanding of the masses about the vast & ever-increasing use of castor wax market is still growing which can help to increase its demand in coming years. The present scenario of green chemistry and eco-friendliness around the world would benefit the market of castor wax from growing further.
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The government policies coupled with corporate aspirations for lowering the carbon footprint is expected to help boost the demand of vegetable wax, which is caster wax market. Strict regulatory measures against the growing use of inorganic or synthetic waxes in cosmetics and food coverings by the food & drugs regulatory authorities around the world has poised to open new doors for growing castor wax market.
All these favoring changes in part of policies are mingled with the momentum in particular end use industries such as cosmetics & personal care, pharmaceuticals, paints & coatings, and automotive to push the demand up. Moreover, the price of caster seed is showing a declining trend owing to increasing production by India, China, Jamaica and other tropical countries.
There are some certain challenges in the global castor wax market. It includes the heavy dependence on India for castor oil supplies may increase its monopoly in the market. The most important threat posed by crude oil prices which, if go down, would cause a problem for vegetable-based waxes led by castor wax. Even if the awareness regarding the possible new uses of castor wax is increasing, it still remains significantly low.
Insufficient intelligence and expertise on the part of end use industries is responsible for the slower pace with demand growth. Apart from this, inadequate research and development efforts limiting the growth of demand in different potential sectors. Nevertheless, the growing opportunities for castor wax are still there in various utilities where synthetic waxes are not an option such as, health, thin food coating, pharmaceuticals, etc.
Key players in the global castor wax market are Jayant Agro-Organics limited (India), Gokul Refoils and Solvent limited (India), Adya oils and chemicals limited (India), Liaoyang Huaxing chemicals group corp. (India), Hokoku Corporation (China), BOM Brasil Oleo De Mamona (Brazil), Enovel (Brazil), Frank B. Ross Co. Inc. (US).
The study was conducted using objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to SWOT analysis of key vendors.
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The global castor wax market has been broadly segmented on the basis of applications, end use industries, and region. Based on applications the market is segmented into personal care, healthcare, lubricants, grease, polishing agent, and others. Wherein lubricants and grease dominated the market till 2016, particularly in Asia Pacific. In future, during the forecast period, personal care and healthcare are expected to drive the market forward. Additionally, characteristic features of castor wax such as emulsifier, plasticizer, dispersing agent make them the most preferred ingredient in cosmetics & personal care industry and paints industry as well. The understanding of masses regarding the vast and ever-increasing uses of castor wax is growing swiftly which help boost its demand during forecast period. Strict regulations by developed countries against the use of synthetic waxes in various application such as personal care and food coating would see the rise in the global market of castor wax.
On the basis of end use industries global castor waxes market has been divided into cosmetics and personal care industry, paints and coatings industry, pharmaceutical industry, automotive industry, textile industry, paper industry, leather industry, and others. Among them castor wax is majorly used in petroleum industries for manufacturing bio-lubricants and grease, till 2016. Cosmetics and personal care industry is anticipated to lead demand of castor wax during the forecast period and even after that. Growing demand for natural remedies and ayurvedic medicines around the world is expected to boost the market of castor wax in pharmaceutical industry. Research and development initiatives undertaken by industries in diverse sector is expected to push the demand of castor wax. Significant number of industries are shifting from the use of petrochemicals to oleo chemicals. In addition to the government policies, the growing corporate sentiment in favor of green chemistry is anticipated to take the demand for castor wax further.
Asia Pacific is leading the global castor oil market. It accounts for more than 50% of its global market share as of 2016. Throughout the forecast period the region is expected to remain dominant. The largest installed capacity of castor wax production and leading cultivator of castor seed in India and China are the propellants of regional market. Apart from that, growing applications of castor wax in cosmetics and personal care, pharmaceuticals, and food industries in the region would be the drivers of growth in the region. The present demand of castor wax in making bio-lubricants and grease, in the region, is also anticipated to grow further during the forecast period. Western Europe is the second largest market for castor wax, followed by Asia Pacific. The regional growth of the market is driven by demand from end use industries namely cosmetics and pharmaceuticals. UK and Germany are expected to lead the regional market owing to increasing industrial and household applications. Latin America stands third in the global castor wax market with Brazil accounting for more than 70% of regional market share. North America comes third in terms of market size of castor wax in the world. Wherein, USA is the leader followed by Canada. Lastly, other regional markets such as Middle East, Africa, and Eastern Europe are expected join the hands with present leading regional markets to take the global castor wax market ahead during forecast period and even after that.
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