Castor oil is extracted from castor bean which is considered as the important commercial value primarily for the manufacturing of soaps, lubricants, coatings and others. It is used commercially as a highly renewable resource for the chemical industry. Further, it is a vegetable oil obtained by pressing the seeds of the castor oil plant that is mainly cultivated in Africa, South America, and India. Castor is known as one of the oldest cultivated crops; however, it contributes to only 0.15% of the vegetable oil produced in the world. The oil produced from this yield is considered to be of importance to the global specialty chemical industry since it is the only commercial source of a hydroxylated fatty acidThis growth is primarily driven by Growing demand for renewable and sustainable source, Growing petrochemical prices and The growth of major end-use industries.
Globally, a noticeable market trend is evident Rising demand for castor oil in aromatherapy and essential oil. Major Vendors, such as Ambuja Solvex Pvt Ltd (India), Arvalli Castor Derivatives Pvt. Ltd (India), Adani Group (India), Hokoku Corporation (Japan), NK Industries Limited (India), Alberdingk Boley (Germany), Kanak Castor Products Pvt., Ltd (India), Jayant Agro Organics (India), Xingtai Lantian (China) and RPK Agrotech (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Growing demand for renewable and sustainable source
- Growing petrochemical prices
- The growth of major end-use industries
- Rising demand for castor oil in aromatherapy and essential oil
- Volatile raw material prices
- Seasonality factors
Rising technological advancement in the extraction of the castor oil process
Rising government stringent rules and regulations related to the environment
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