Castor Wax Market 2023: Top Key Players Jayant Agro-Organics limited (India), Gokul Refoils and solvent limited (India), Adya oils and chemicals limited (India), Liaoyang Huaxing Chemical group corp. (China), Hokoku Corporation (China)

Global Castor Wax Market Information by Applications (Personal Care, Healthcare, Lubricants, Grease, Wood Polishing, Automotive polishing, and others), by End-Use Industries (Cosmetics & Personal Care Industry, Paints & Coatings Industry, Pharmaceuticals, Automotive Industry, Textile Industry, Leather Industry, Paper Industry, and others), and by Region- Forecast till 2023

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Market Scenario:
Waxes are an organic compounds that are hydrophobic and malleable solids at ambient temperature. It includes higher alkanes and lipids. Castor wax (CAS No.: 8001-78-3) is a vegetable wax produced through the hydrogenation of pure castor oil in the presence of a metal catalyst. Caster wax is also known as hydrogenated castor oil. It is a white colored, odorless, hard and brittle substance. They are available in the form flakes for various industrial purposes. Its melting point is around 80 -850C. Applications of castor wax range from personal care to industrial molds making.

In cosmetics, they are used as a thickening agents in lotions and creams. Their characteristic features like emulsifier, plasticizer, dispersing agent, make them the most preferred ingredient in cosmetics & the personal care industry and paints industry as well. They can be found as a major constituents in lip balms, body lotions and soaps, hair cream and gels, eye liners and in various makeup kits. Industrial applications include polished coatings, lubricants, grease, and heat sealing adhesives.

Some other applications of castor wax include paints & coatings, stick products, deodorants, wax paper, coating paper, wood polishing, automotive polishing, waterproofing of leather & fabrics. Owing to the availability of various sectors where castor wax finds its applications, it is compatible with most of the animal, vegetable and mineral waxes, along with the synthetic resins.

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.

Regional Analysis:

Asia Pacific is both the leading producer & consumer of castor wax in the world. The region accounted for largest market share of more than 50% of global market share as of 2016. It is anticipated that throughout the forecast period the region would dominate the demand for castor wax. The large installed capacity for castor oil and wax production in India and China would propel the growth in regional and global market. In addition to that, huge production of caster seed and oil would help meet the global demand of raw material for castor wax production. Increasing demand of castor wax for manufacturing grease and lubricants on a large scale in the region is driving the overall demand forward at present.

Followed by Asia Pacific, Western Europe is the second largest market for castor wax. UK is driver of growth in the region owing to the increase in demand from end use industries namely cosmetics and personal care, pharmaceuticals, etc. Latin America stands third in the global market. Brazil accounts for more than 75% of markets share in the region. North America comes forth in terms of global market share of castor wax, wherein US is holding largest share in the regional market. Other regions namely Middle East, Africa, and Eastern Europe are expected to see the rise in their market size with ongoing global trends such as green chemistry, climate change & sustainability movement.

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.

Key Players:

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 Chemical group corp. (China), Hokoku Corporation (China), BOM Brasil Oleo De Mamona Ltda. (Brazil), Enovel (Brazil), and Frank B. Ross Co. Inc. (US)

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Intended Audience:

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

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