North America Castor Oil Market Report 2019, Industry Trends, Share, Size, Demand and Future

NEW YORK - May 4, 2020 - PRLog -- According to the latest report by IMARC Group, the North America castor oil market to reach a volume of 68,600 Tons by 2024, registering a CAGR of 2.6% during 2019-2024.

Castor oil is a pale viscous fatty oil, which is extracted from the seeds of Ricinus Communis plant. It has anti-inflammatory and antioxidant properties, owing to which it is widely utilized in the food and beverage (F&B) industry as a food additive and mold inhibitor. Other than this, it is also employed in the manufacturing of brake fluid, caulks, adhesives, dyes, lubricants, oils, paints, pigments, inks, surfactants, soaps, polishes, flypapers, textiles, washing powders and waxes.

The implementation of stringent environmental regulations by governments in the North American countries has led to a rise in the adoption of castor oil-based biodiesel that has low cloud and pour points, which make it suitable for use in cold temperatures. Moreover, castor oil is rich in ricinoleic acid, which makes it useful in the manufacturing of lotions and makeup removers. Additionally, castor oil is utilized as a bio-based polyol in the polyurethane industry and the production of chemicals, such as sebacic acid and undecylenic acid, which is creating a positive outlook for the market in the North American region.

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Insights on Market Segmentation:

Breakup by End-Use

1. Pharmaceuticals

2. Lubricants

3. Paints

4. Soaps

5. Others

Breakup by Country

1. United States

2. Canada

Browse full report: https://www.imarcgroup.com/north-america-castor-oil-market

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