Global Castor Oil and its Derivatives Market 2018-2022
About this market
The increasing demand for petroleum products had led to a hike in petrol and diesel prices and shifted the focus to biofuel production. Biofuels are used for running automobiles, heavy machinery, generators, and other equipment due to the depletion of natural resources. Castor oil is easily availed, renewable and cheap and it is a suitable raw material for producing biodiesel fuel. In addition, the increasing price of petroleum and environment concerns regarding vehicular emissions have increased its use. Therefore, the increasing consumption of biodiesel will propel the growth of global castor oil and its derivates market during the forecast period. Technavio’s market research analysts have predicted that the global castor oil and its derivatives market will register a CAGR of more than 5% by 2022.
Increasing demand for castor oil and its derivatives in major end- use industries
Castor oil derived from castor seeds is one of the major commercial feedstock for manufacturing a variety of industrial chemicals, which is used in pharmaceuticals, cosmetics, personal care, surfactants, lubricants, surface coatings and others. Additionally, castor oil is used as an antifreeze for fuels and lubricants that are used in aircraft and space rocket.
Fluctuations in castor oil prices caused by extreme dependence on climate
Price fluctuations and changing climatic conditions can lead to an imbalance in the supply chain of castor seeds. Fluctuations in raw materials prices, owning to the availability of inexpensive substitutes, as well as the widening supply- demand gap because of long storage and hoarding period pose a serious challenge in the market.
For the detailed list of factors that will drive and challenge the growth of the castor oil and its derivatives market during the 2018-2022, view our report.
The castor oil and its derivatives market are slightly fragmented since the market has a considerable number of companies. The increasing demand for increasing demand for petroleum products will intensify the market growth during our forecast period. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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