Castor Oil Market Is Expected To Reach 1.1 Million Tons By 2024

A vegetable oil, castor oil is obtained from the seeds of the castor oil plant, which is one of the oldest plants. The plant grows well in sandy loams which are deep, moderately fertile, well drained with slightly acidic conditions. Castor oil is known to have been domesticated in Eastern Africa and was introduced to China from India, centuries ago. It has high concentrations of a special fatty acid called ricinoleic acid (over 80%) and oleic acid. It has a very pale yellow colour along with a distinct taste and odour. Castor oil is long been acknowledged for its therapeutic and medicinal properties. As it is an anti-inflammatory and anti-oxidant oil, it can strengthen the immune system, treat hair loss, arthritis and rheumatism, constipation, gastrointestinal problems and can strengthen the lymphatic system.

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Castor oil finds myriad applications in a number of industries. It is also required in the making of equipment which are used for national security as well as in the production of polymers for electronics and telecommunications. It is also used in the manufacturing of electrical liquids, adhesives, dyes, paints, pigments, machining oils, soaps, cosmetics, textiles, waxes and washing powders, etc. According to a new report by Expert Market Research, the global castor oil market reached a volume of 0.9 Million Tons in 2018 and is further expected to reach 1.1 Million Tons by 2024. Despite a decline in the castor oil production levels globally in the years 2012 and 2013, the market has recovered since 2014 onwards on account of increase in the production levels of castor seed. This can be accredited to a number of factors. As a result of a falling reliance on petrochemicals, there has been a rise in the demand for sustainable and biodegradable products. Moreover, the growth in end-use markets is further fuelling the demand for castor oil across the world.

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Expert Market Research has analysed the global castor oil market according to end-uses, major regions and top players:

Market breakup by End-use:

• Paints
• Soaps
• Lubricants
• Others

Market breakup by Region:

• India
• China
• United States
• Europe
• Others

Top Players:

• Adani Wilmar
• Jayant Agro
• Gokul Overseas
• Kandla Agro & Chemicals
• Others

Key findings from the report:

• The major end-use industries of castor oil are paints, soaps, lubricants and others. The paint industry dominated the market with a majority of the market share, in 2018.
• Country-wise, India was the largest global producer of castor oil in 2018. It was followed by China, the United States, Europe and others.
• Some of the Indian top players operating in the market include Adani Wilmar, Jayant Agro, Gokul Overseas, Kandla Agro & Chemicals and others.

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