According to IMARC Group’s latest report, titled “Castor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global castor oil market size reached 767.4 Kilo Tons in 2021. Looking forward, IMARC Group expects the market to reach 859.1 Kilo Tons by 2027, exhibiting at a CAGR of 2% during 2022-2027.
Castor oil represents a multi-purpose vegetable oil derived from castor beans which are mainly found in the tropical areas of Africa and Asia. It is available in two categories, which include yellow castor oil and black castor oil, and has a translucent texture and a mild odor. These castor oil products have moisturizing, antimicrobial, and anti-inflammatory properties and prove highly beneficial for skin and hair nourishment. They promote wound healing, act as a natural hair growth treatment, prevent constipation problems, etc. Castor oil variants are even incorporated in the manufacturing of decorative paints, lubricants, and surface coating. Consequently, they find extensive applications across numerous sectors, such as pharmaceuticals, personal care & cosmetics, paints, automobile, etc.
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Castor Oil Market Trends:
The growing utilization of the oil as a raw material to produce various products, including biodiesel, machining oils, polyurethane adhesives, refrigeration lubricants, etc., is primarily driving the castor oil market. In addition to this, the escalating usage of food-grade castor oil in the F&B industry in the form of food additives, flavorings, mold inhibitors, packaging, etc., is acting as another significant growth-inducing factor. Apart from this, the elevating product employment in the production of cosmetics, moisturizers, hair oils, soaps, and shampoos is further stimulating the castor oil market growth. In line with this, the expanding need for the oil to clean dentures and help reduce the risks of developing denture stomatitis is also positively influencing the global market. Moreover, the rising incorporation of castor oil derivatives to manufacture plastics and resins that are utilized in paints, inks, coatings, and other polymer applications is expected to bolster the castor oil market over the forecasted period.
Castor Oil Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the castor oil market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Adani Wilmar
- Jayant Agro
- Gokul Overseas
- Kandla Agro & Chemicals
Key Market Segmentation:
The report has segmented the global castor oil market on the basis of end-use and region.
Breakup by End-Use:
- Pharmaceuticals
- Lubricants
- Paints
- Soaps
- Others
Breakup by Region:
- China
- Europe
- India
- United States
- Brazil
- Others
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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