Press release
Castor Oil Market Size, In-Depth Analysis, Top Companies, Growth Factors and Forecast 2023-2028
Report Highlights:
How big is the castor oil market?
Market Size in 2022 - 780.9 Kilo Tons
Market Forecast in 2028 - 870.7 Kilo Tons
Growth rate (2023 to 2028) - CAGR of 1.93%
Base Year of the Analysis - 2022
Forecast Period - 2023-2028
Castor Oil Market Trends:
The growing utilization of the oil as a raw material to produce various products, including biodiesel, machining oils, polyurethane adhesives, refrigeration lubricants, etc., is primarily driving the castor oil market. In addition to this, the escalating usage of food-grade castor oil in the F&B industry in the form of food additives, flavorings, mold inhibitors, packaging, etc., is acting as another significant growth-inducing factor. Apart from this, the elevating product employment in the production of cosmetics, moisturizers, hair oils, soaps, and shampoos is further stimulating the market growth. In line with this, the expanding need for the oil to clean dentures and help reduce the risks of developing denture stomatitis is also positively influencing the global market. Moreover, the rising incorporation of castor oil derivatives to manufacture plastics and resins that are utilized in paints, inks, coatings, and other polymer applications is expected to bolster the castor oil market over the forecasted period.
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What is Castor oil?
Castor oil represents a multi-purpose vegetable oil derived from castor beans which are mainly found in the tropical areas of Africa and Asia. It is available in two categories, which include yellow castor oil and black castor oil, and has a translucent texture and a mild odor. These castor oil products have moisturizing, antimicrobial, and anti-inflammatory properties and prove highly beneficial for skin and hair nourishment. They promote wound healing, act as a natural hair growth treatment, prevent constipation problems, etc. Castor oil variants are even incorporated in the manufacturing of decorative paints, lubricants, and surface coating. Consequently, they find extensive applications across numerous sectors, such as pharmaceuticals, personal care & cosmetics, paints, automobile, etc.
Who are the key players operating in the industry?
The report covers the major market players including:
• Adani Wilmar
• Jayant Agro
• Gokul Overseas
• Kandla Agro & Chemicals
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by End-Use:
• Pharmaceuticals
• Lubricants
• Paints
• Soaps
• Others
Breakup by Region:
• China
• Europe
• India
• United States
• Brazil
• Others
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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