Castor Wax Market Scope
Castor Wax and Oil is used in numerous applications ranging from pharmaceutical to cosmetic industries for manufacturing paints, soap, cosmetics, varnishes, adhesives, lubricants etc. This Wax and Oil are primarily used in the production of castor oil derivatives which again are valuable chemicals used for industrial application. Moreover, with growing productivity as well as others driving factors will generate significant demand across the global market. Asia Pacific is one of the major manufacturers of castor oil and castor oil derivatives.
Castor Wax has various players in the market making the market fragmented. The companies are focusing on research and development activities for new product launches and their appropriate applications. They are also planning strategic activities like mergers & acquisitions, partnerships to enhance their global presence. Research Analyst at AMA estimates that Asian Vendors will contribute to the maximum growth of Global Castor Wax market throughout the predicted period.
Koster Keunen, Inc. (United States), Natural Pigments (United States), 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 (Japan), BOM Brasil Oleo De Mamona Ltd (Brazil), Enovel (Brazil) and Frank B. Ross Co. Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Adani Wilmar Limited (India), Arvalli Castor Derivatives Pvt. Ltd. (India), Girnar Industries (India), N K Proteins Pvt. Ltd. (India) and Thai Castor Oil Industries Company Limited (Thialand).
Segmentation Overview
The study have segmented the market of Global Castor Wax market , by Application (Personal Care, Healthcare, Lubricants, Grease, Wood Polishing, Automotive Polishing and Others) and Region with country level break-up.
On the basis of geography, the market of Castor Wax has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2022. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Trend:
Growing Applications from the Healthcare Sector especially Skin Care, and Introduction to Castor Wax with Minimal Side Effects
Market Growth Drivers:
Can be used for the Treatment of Rheumatism and Effectively Reduces the Symptoms of Arthritis
Challenges:
Can Induce Birth in case of Pregnant Women and Excessive Adoption can also cause Diarrhea
Restraints:
Lack of Awareness about the Useful of Castor Oil Direct and Volatility in Castor Oil or Vax availability due to Fluctuations in Castor Productivity
Opportunities:
Robust Adoption of Castor Oil in Cosmetic Products and Provides Effective treatment for dandruff that is caused by Seborrhoeic Dermatitis
Market Leaders and their Expansionary Development Strategies
On June 27th, 2018, one of the world’s leading processors, refiners and marketers of natural waxes, ‘Koster Keunen Holland BV’ and Hammonia Oleochemicals GmbH, Hamburg have concluded a strategic partnership for the distribution of natural waxes throughout Germany. Start of the cooperation is the 1st August 2018. In this respect, Hammonia Oleo is significantly enhancing its product portfolio within the natural wax segment.
On September 26th, 2018, the castor oil processing company, ‘Jayant Agro-Organics Limited’ has yet again proved its dominance by bagging two awards including ‘The Highest Processors of Castor Seeds Oilcake’ and ‘The Second Highest Exporter of Castor Seeds Extraction’ in India.
"Hydrogenated castor oil may be safely used in the manufacture of articles or components of articles intended for use in contact with food subject to the provisions of this section. The quantity used shall not exceed the amount reasonably required to accomplish the intended technical effect. The additive is used as follows as a lubricant for vinyl chloride polymers used in the manufacture of articles or components of articles authorized for food-contact use, As a component of closures with sealing gaskets for food containers. As a component of paper and paperboard in contact with aqueous and fatty food with limitation provided."
Key Target Audience
Castor Wax Manufacturers, Castor Oil and Castor Products Distributors and Traders, Agricultural Industry Associations, Government Agencies, Importers and Traders, Upstream and Downstream Buyers and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.