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.
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.
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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.
Regional Analysis
Asia Pacific is leading the global Castor
Wax 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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