ID: MRFR/CnM/2693-HCR | 140 Pages | Published By Anshula Mandaokar on March 2023
The global Castor Wax Market is anticipated to register significant growth during the forecast period of 2030. Further, the global market is estimated to generate a CAGR of 5.55% between the forecast period of 2022 and 2030. The waxes are known to be organic compounds, which are malleable solids and hydrophobic at ambient temperature. These waxes are a combination of lipids and higher alkanes. Castor wax (CAS No.: 8001-78-3) is basically known as vegetable wax that is produced through the pure castor oil’s hydrogenation in the presence of a metal catalyst. This wax is also called the hydrogenated castor oil in different parts of the world, which is basically the combination of hard, odorless, brittle and white-colored substances. The castor wax is available in different forms of flakes, which are used for different industrial purposes. Many researchers have stated that the castor wax can be melted at the point nearly 80 -850C.
The castor wax is applicable for various ranges like industrial molds making and personal care. These waxes are widely used in the cosmetics industry, which are used as thickening agents in creams and lotions. It is widely preferable in the paints industry as well as in the cosmetics & the personal care industry because of its major characteristic features such as dispersing agent, plasticizer, and emulsifier. The castor wax is basically found as a major constituent in soaps, body lotions, gels, hair creams, lip balms, eyeliners and other makeup kits. Moreover, castor wax is applicable for various industrial usages like a lubricant, heat-sealing adhesives, grease, and polished coating. There are some other applications of castor was that include stick products, wax paper, wood polishing, waterproofing of leather & fabrics, paints & coatings, deodorants, coating paper, and automotive polishing. Further, it has been found that the castor wax is compatible with synthetic resins as well as with most vegetable, animal and mineral waxes due to the availability of the wide application in different sectors.
According to the Castor Wax Market Forecastreport, the current market growth is based on the large contribution of the intended audiences, including traders and distributors of castor wax, castor wax manufacturers, international forums, research & development institutes, and castor oil suppliers.
The arrival of the covid-19 pandemic has brought major crises among various industries. At this time, many advantages and disadvantages have been witnessed in terms of the market and finance growth. The Castor Wax Market Size has been affected due to the disruption in the supply chain and manufacturing chain.
Though a major economic plunge has been evident in the market, the market players have adopted some new development skills, business approaches, and strategies to enhance the market growth.
Chief Factors Existing In the Market
Cumulative Evaluation Of The Market
In the recent past few years, castor wax demand has been witnessed an upward trend.
Moreover, the awareness is increasing among the people about the use of castor wax, which is expanding the demand for the castor wax as well as the demand for the Castor Wax Market in the further coming years.
According to the Castor Wax Market Trends report, the current market has been segmented based on the end-users industries and applications.
Global Castor Wax Market, by Region 2016 (%)
Geographically, the global Castor Wax Market has been segregated into various locations such as Europe, Asia Pacific, North America, Latin America, and others.
Among all, the Asia Pacific is considered to be the dominating producer and consumer of castor wax across the globe. This region is projected to hold more than 50% of the largest market share in 2016. Further, this regional market is anticipated to maintain growth and dominate the worldwide Castor Wax Market in the forecast period. This region is expanding due to the large installed capacity of production for castor oil and wax across China and India. Moreover, the overall demand for castor wax is growing with the rising demand for castor wax for manufacturing lubricants and grease on a large scale, which is fueling the Asia pacific regional market.
Apart from this, the Western Europe regional market for castor wax is known as the second leading market in generating the largest market share. In this region, countries like the UK are contributing effectively due to the rising demand for castor wax among the end-use industries like pharmaceuticals, cosmetics and personal care, and others.
Competitive Intensity within the Industry
As per the Castor Wax Market Outlook report, significant competition is occurring among the key players to show their existence in the global market. These key players include:
The market players of Castor Wax Market are adopting new ideas and strategies to propel the global Castor Wax industry. They are doing mergers and acquisitions, new product launches, and partnerships to enhance the current performance of the global market. Additionally, these players are investing in the activities like research and development, which is helping the worldwide market to grow.
Recent Market Developments
According to the Castor Wax Market Analysis, this report has included a market overview, market segmentation, market overview, regional classifications, competitive analysis, recent development and covid-19 analysis.
The current market is showing significant growth by generating Castor Wax Market Value with the support of the major market players of the industry.
Key Industrial Segments
By end-use industry:
|Market Size||2030: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, CompetitiveLandscape, Growth Factors, and Trends|
|Segments Covered||applications and end use industries|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 (China), BOM Brasil Oleo De Mamona Ltda. (Brazil), Enovel (Brazil), and Frank B. Ross Co. Inc. (US)|
|Key Market Opportunities||Owing to the availability of various sectors where castor wax finds its applications|
|Key Market Drivers||The present scenario of green chemistry and eco-friendliness around the world|
Castor Wax Market is predicted to grow at Substantial CAGR 5.55% forecast period of 2020-2030
The forecast period for Castor Wax Market research report is 2020-2027.
Castor Wax Market is dominated by APAC region.
Green chemistry and eco-friendliness around the world
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 (China), BOM Brasil Oleo De Mamona Ltda. (Brazil), Enovel (Brazil), and Frank B. Ross Co. Inc. (US)