Page 192 - CW E-Magazine (21-11-2023)

Special Report

80,791 aging value-added processing is crucial
to shifting the focus from exports to
63,014 domestic value addition. However, ex-
perts at Techsci Research believe there
is potential for India to enhance its
49,543 44,628 48,605 57,011 40,082 39,702 39,783 46,961 38,147 value-addition in the castor oil sector
by addressing these challenges:
34,042
Investment in infrastructure: The

government and private sector in-
vest in state-of-the-art processing
facilities, refi ning plants, and tech-
nology to facilitate value-addition.
Research and innovation: Research
institutions work on developing
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC new applications and products us-
Fig. 3: Exports of castor oil from India, 2022 [Tonnes] ing castor oil, thereby increasing its
Source: Solvent Extractors’ Association of India. market value.
tion of ricinoleic acid have improved The infrastructure for refi ning, process- Quality control: Ensuring that cas-
signifi cantly in recent years, making ing, and manufacturing downstream tor oil meets international quality
it a valuable asset for the chemical in- products is often limited or outdated. and safety standards is essential to
dustry. Undecylenic acid is an emerging access high-value markets for re-
specialty chemical with antifungal and Economic considerations fi ned and specialty castor oil pro-
antimicrobial properties. It has found Exporting raw or minimally pro- ducts.
applications in the production of cos- cessed castor oil is more economically Promotion of entrepreneurship: En-

metics, pharmaceuticals, and medical attractive due to lower production costs. couraging and supporting entrepre-
ointments, showcasing the versatility This is often because of factors like low- neurs and startups in the castor oil
of castor oil-based chemicals. er labour costs and simpler processing sector can lead to the development
techniques involved in producing crude of new value-added products and
Value addition to castor oil castor oil, compared to refi ning and processes.
India, the world’s leading producers manufacturing higher-value products. Policy support: Government policies
of castor oil, exports large quantities of can also incentivize domestic value
this oil, rather than focusing on value- Market demand addition, provide subsidies, and pro-
addition within the country. Several There is substantial demand for Indian mote research and development.
factors contribute to this situation. castor oil in international markets. Export-
ing the oil in its raw or minimally processed CONCLUSION
Historical export focus form caters to this demand and generates The castor oil-based chemicals
India has a long history of castor oil foreign exchange earnings for the country. industry in India is on an upward trajec-
production and export. The country has tory, with a growing portfolio of speci-
established itself as a major player in Regulatory and quality standards alty chemicals derived from this renewa-
the global castor oil market, primarily Meeting stringent international qual- ble resource. The nation’s technological
exporting raw or minimally processed ity and regulatory standards for value- capabilities have enabled it to compete
oil. This export-oriented approach has added products is challenging and expen- on the global stage, and Indian compa-
persisted over time. sive. This tends to deter Indian producers nies are well-positioned to contribute to
from investing in value addition. the development of sustainable and en-
Lack of domestic processing capacity vironmentally friendly chemical solu-
India lacks adequate processing and Lack of awareness and promotion tions. Despite the challenges, the future
refi ning capacity for castor oil within There is limited awareness among of castor oil-based chemicals in India
its borders. To add value to castor oil, Indian producers and policymakers re- looks promising, and continued invest-
requires signifi cant investments in in- garding the potential of castor oil for ments in research and innovation will
frastructure, technology, and expertise. value-addition. Promoting and encour- be key to its success.

192 Chemical Weekly November 21, 2023

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