San Francisco, California (PRWEB) November 26, 2014
The shift in trend towards reducing reliance on petrochemicals is expected to remain a key driving factor for the global castor oil market. Global demand for castor oil is expected to witness significant growth on account of environmental friendly characteristics and coast when compared to petrochemicals. U.S Food & Drug Administration (FDA) categorized Castor oil for “generally recognized as safe and effective" (GRASE) product which is expected to fuel its demand in personal care and pharmaceutical industry. Vegetable oils offer biodegradability and provide good lubricity which has been a major factor attractive industry participant’s preference over petrochemical based products.
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Companies have been involved in finding novel application of castor oil and its derivatives by the means of cutting edge technologies. This is expected to provide future opportunities to market participants. Castor oil and derivatives are used in numerous applications including organic fertilizers, surfactants, food packaging, dyeing aids, electronics & telecommunications, perfumery products and adhesives. Lower temperature sustainability and oxidative nature attributed with castor oil is expected to remain key concerns for market participants. Castor oil is expected to replace jet fuel derived from petroleum. Castor oil is also expected to be a potential feedstock for biodiesel production.
Major demand is expected to come from matured markets of North America and Europe over the forecast period. Countries such as U.S. and UK are expected to witness higher growth rates owing to increasing government intervention in reducing carbon footprints. India is the largest producer of castor oil and caters demand from China, Europe, U.S. and Japan. India was followed by China and Brazil in terms of overall production. Some of the major industry participants include Adani Group, Jayant Agro Organics, Adya Oil & Chemicals, Taj Agro Products Zouping County Tianxing Chemical Industry Co., Ltd. Other major players include Xingtai Lantian Fine Chemical Co., Ltd., A.Azevedo ,and Enovel.
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