Castor Wax Market by Leading Key Players: Hokoku Corp, BOM, Frank B. Ross & Others by 2023

Castor wax Market Overview to 2023

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.

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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).

Over the years the demand for castor wax has seen upward trend. The understanding of the masses about the vast & ever increasing use of castor wax 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. 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.

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.

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Intended Audience:

Castor wax manufacturers
Traders and distributors of Castor wax
Castor oil suppliers
Research & Development Institutes
International forums
Segmentation:

The global castor wax market is segmented on the basis of applications, end use industries, and regions. Based on the applications global market is segmented into personal care, healthcare, lubricant, grease, polishing agent, and other. In which personal care and lubricants swiftly acquiring the large market share. Market divided on the basis of end use industry includes cosmetics and personal care industry, paints and coatings industry, pharmaceuticals industry, automotive industry, textile industry, leather industry, paper industry, and others. Among them cosmetics and personal along with pharmaceuticals industries are estimated to lead the market during forecast period. At the end, geographically the global market has been segmented into Asia pacific, Europe, Latin America, North America, and others.

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