Market Overview:
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. In addition to this, the growing sentiments in favor of the use of oleo
chemicals is poised to boost the market of castor wax. Asia Pacific is
anticipated to remain the largest producer and emerge as lading consumer of
castor wax in the coming years.
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Competitive
Analysis:
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.
Market
Segmentation:
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.
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Regional
Analysis
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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