Castor Wax Market Insights
Castor wax find its applications in divers’ sectors namely from household to the industrial applications it has found its way into various industries. There is still much more to explore about its ever-increasing applications over synthetic waxes. Among other applications of castor wax, their use as a lubricant, grease, polishing agent, heat sealing adhesives is leading the market at present, particularly in Asia Pacific. It is anticipated that in the coming years castor wax will see sharp rise in demand in cosmetics and personal care industry. Followed by personal care, healthcare and food & beverages would help push the growth of the market further. This trend is likely to continue for the entire forecast period.
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- Jayant Agro-Organics limited
- Gokul Refoils and Solvent limited
- Adya oils and chemicals limited
- Liaoyang Huaxing chemicals group corp.
- Hokoku Corporation
- BOM Brasil Oleo De Mamona
- Frank B. Ross Co. Inc.
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.
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.
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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.
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.