Castor Oil Manufacturing Business. Production of Castor Oil and Its Derivatives. Emerging Business Investment Opportunities.
Castor oil is a colorless to very pale yellow liquid with a distinct taste and odor. Castor oil is a multi-purpose vegetable oil that people have used for thousands of years. It’s made by extracting oil from the seeds of the Ricinus communis plant. These seeds, which are known as castor beans, contain a toxic enzyme called ricin. Castor oil and its derivatives are used in the manufacturing of soaps, lubricants, hydraulic and brake fluids, paints, dyes, coatings, inks, cold resistant plastics, waxes and polishes, nylon, pharmaceuticals and perfumes.
Castor oil is one of the most multipurpose plant oils, obtained by pressing the seed of the castor oil plant (Ricinus communis). It is well known source of a monounsaturated, ricin oleic and 18-carbon fatty acid. Owing to its unique chemical structure and rich properties, castor oil and its derivatives find uses in many industries such as cosmetics, food, lubricants, paints, agriculture, electronics & telecommunications, pharmaceuticals, perfumeries, plastics and rubber, inks & adhesives and textile chemicals. After plant oils, castor oil is considered to be the most required oil. However, growing concerns pertaining to biofuels specially biodiesel and biopolymer across the globe is pushing castor oil to play a much larger role in the world economy.
The global castor oil and its derivatives market is expected to post a CAGR of over 5% during the period 2018-2022 The global castor oil derivatives market is expected to grow owing to the factors such as growing demand from the end-use industries such as cosmetics, lubricants, and pharmaceuticals and the growing demand for the products that are biodegradable and sustainable, owing to the reduced petrochemicals dependence.
Castor oil and derivatives market volume 2014 – 2024 (KiloTons)
The growth of the market is the 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, biodiesel, food and beverages, plastics and resins, and greases. Castor oil shows high viscosity, excellent thermal conductivity, high pour point, and density. This resulted in castor oil and its derivatives being used in textile, soaps, cosmetics, nylon fibers, bullet-proof glass, and bone prosthesis.
India is the largest producer of castor seed and oil. It contributes about 8 lakh tons of castor seed with an approximate of 65% share and 3 lakh tons of castor oil with an approximate of 51 % share in the world total production. India nearly consumes ¼th of its total production and exports the rest but it still is the second largest consumer in the world. The major sources of demand of castor oil are the various industries like soap, lubricant and paint industries and the demand of the oil is spread all across of country. This crop is grown over 6.25 lakh hectares of the country.
India exports castor oil in two forms namely First Special grade and Castor Oil Commercial. This figure of exports from India is on a rising trend and much of the world’s requirements are fulfilled by India only. The countries that imports castor oil from India are:-
- European Union
Thai Castor Oil Industries Co. Ltd., Jayant Agro Organics, Hokoku Corporation, ITOH Oil Chemicals Co. Ltd., Gokul Overseas, Bom Brazil, Liaoyang Huaxing Chemical Co., Ltd., Kanak Castor Products Pvt. Ltd., and others. ArkemaGokul Agro Resources, Hokoku, Jayant Agro-Organics ,NK Industries, Thai Castor Oil Industries ITOH Oil Chemicals Co. Ltd., Taj Agro Products, NK Proteins, Adani Group, Bom Brasil, Tongliao TongHua Castor, Chemical Co. Ltd., RPK Agrotech