Castor Wax Market Demand, Trends and Growth Forecast till 2023

By MRFRresearch    24 / Jan / 2019    In Category Business

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Castor wax find its applications in divers’ sectors namely from household to the industrial applications it has found its way into various industries. There is still much more to explore about its ever-increasing applications over synthetic waxes. Among other applications of castor wax, their use as a lubricant, grease, polishing agent, heat sealing adhesives is leading the market at present, particularly in Asia Pacific. It is anticipated that in the coming years castor wax will see sharp rise in demand in cosmetics and personal care industry.

Key players in the global castor wax market are 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)   

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The global castor wax market is segmented based on applications, end use industries, and regions. Based on the applications global market is segmented into personal care, healthcare, lubricant, grease, polishing agent, and other. In which personal care and lubricants swiftly acquiring the large market share. Market divided since end use industry includes cosmetics and personal care industry, paints and coatings industry, pharmaceuticals industry, automotive industry, textile industry, leather industry, paper industry, and others. Among them cosmetics and personal along with pharmaceuticals industries are estimated to lead the market during forecast period. At the end, geographically the global market has been segmented into Asia pacific, Europe, Latin America, North America, and others.

Asia Pacific is both the leading producer & consumer of Castor Wax in the world. The region accounted for largest market share of more than 50% of global market share as of 2016. It is anticipated that throughout the forecast period the region would dominate the demand for castor wax. The large installed capacity for castor oil and wax production in India and China would propel the growth in regional and global market. In addition to that, huge production of caster seed and oil would help meet the global demand of raw material for castor wax production.

Over the years the demand for castor wax has seen upward trend. The understanding of the masses about the vast & ever-increasing use of castor wax is still growing which can help to increase its demand in coming years. The present scenario of green chemistry and eco-friendliness around the world would benefit the market of castor wax from growing further. The government policies coupled with corporate aspirations for lowering the carbon footprint is expected to help boost the demand of vegetable wax, which is caster wax. Strict regulatory measures against the growing use of inorganic or synthetic waxes in cosmetics and food coverings by the food & drugs regulatory authorities around the world has poised to open new doors for growing castor wax market.

Browse the market data and information spread across 140 pages with 35 data tables and 11 figures of the report Castor Wax Market Research Report – Global Forecast to 2023 in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/castor-wax-market-4010

August 7, 2017, Market Research Future published a Half-Cooked Research Report on Castor Wax Market.

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