India, the market leader in production and supply of castor seed and castor oil may soon capture a major share in castor derivatives market with companies like Adani Wilmar and Royal Castor Products engaging in second- and third-generation castor seed and castor oil derivatives production and exports.
According to industry experts, high technology cost has been the major reason for India in not capturing a large share of the global derivatives market. In the derivatives segment, there is a huge potential for India and focusing more on marketing also could help India shine in castor derivatives market.
Recent market study has shown that revenue from castor oil and derivatives market could increase in the near future. Sebacic acid and dehydrated castor oil are among the major revenue generators in the global castor oil market. Large-scale adoption of sebacic acid in plasticizers, lubricants, cosmetics is catalysing its growth in the global market.
In the end user application areas, cosmetics, pharmaceuticals, surface coatings, plastics and resin industry are the largest consumers of castor oil whereas the surface coatings industry is the fastest growing end-user for the castor oil.
Asia Pacific is the largest consumer of castor oil and is expected to retain the higher growth rate during the next few years due to strong growth in surface coatings, pharmaceuticals, and cosmetics industry.
The global castor oil and derivatives market is expected to reach USD 2.30 billion by 2024. The market is estimated to witness a high growth owing to increase in demand for biodegradable products and increasing trend to reduce dependence on petrochemicals are expected to foster the market growth.
Asia Pacific dominated the overall market. Growth in end-use markets such as personal care, lubricants, and pharmaceuticals is presumed to fuel the regional demand over the next eight years.
Castor oil and derivatives market has been growing at a good pace over the past few years on account of growing demand for bio-degradable products.
Recent market study has shown that increasing application scope of castor oil and derivatives in major end-use industries including pharmaceuticals, cosmetics & personal care, plastics & resins is expected to drive the castor oil market in future.
Shift in focus towards castor oil and derivatives due to stringent regulation from government boards such as EPA and PNGRB is also likely to create opportunity for market players.
India’s castor oil exports are likely to increase and hit 570,000 tonnes this year due to an increasing demand from America, China and European Union. The rising demand could affect the availability in Indian market due to the shortage of output.
Castor seed for delivery is currently trading at the rate of Rs. 3690/quintal. In the spot market the seed is selling at the rate of Rs. 3565/quintal in Gujarat.
Global Castor Conference – 2014 is scheduled to be held on Saturday, 22nd February 2014 at Hotel Courtyard by Marriott, Ahmedabad, Gujarat,India. The Solvent Extractors Association of India ( SEA) is organizing this conference. The event is supported by International Castor Oil Association (ICOA), U.S.A.
This 12th International Conference will provide an unique opportunity for open discussions & exchange of views about the issues pertaining to Castor business, to find solutions to the problems faced by the manufacturers, importers & exporters, technologists, players from the commodity exchanges, brokers & dealers of
castor business all over the world.
The event will also feature a presentation on the findings of Castor Crop Survey-2013 conducted in key Castor growing States viz. Gujarat, Rajasthan & A. P. by the world renowned market survey agency, M/s AC Nielsen.
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