The industrial oils market size was valued at $62.4 billion in 2021, and the industrial oils industry is estimated to reach $85.9 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031. Industrial oils are produced using hydrotreated or hydrocracked base oils, which offer a separate quality benefit over other comparable goods produced through the use of standard base oils. The presence of developing countries in Asia-Pacific such as China and India, which are the hub for industrial oils production owing to the rapid expansion of chemical, biodiesel, and cosmetic industries boost the demand for industrial oils which are used as raw materials in various production facilities. The basic sources of industrial oils are soybean, corn, sunflower, cottonseed, rapeseed, palm, groundnut, linseed, and grape seed.
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Industrial oils are used in machines that manufacture or
process food-related commodities, pharmaceutical products, cosmetics, corrosion
protection products, and power transmission Increased use of industrial oils in
the food and beverage industry is one of the major drivers for the industrial
oil market. The rise in middle-class income, particularly in developing
countries such as China and India, has resulted in increased demand for food
and beverages. The presence of a huge population in the above-mentioned
developing countries has a positive impact on the demand for industrial oils.
Furthermore, the expansion of industries such as dairy products, animal feed,
beverages, meat processing, sugar, bakery products, processed fruits, and
vegetables across the globe has a positive impact on the demand for food-grade
industrial oils.
With the growing global population, there has been an
increase in the demand for an efficient power source. Industrial oils are used
in machines related to power transmission and the increase in investment of the
government & private players in the development of renewable energy has led
to the demand for power transmission-related products, which has a positive
impact on the industrial oils market. Furthermore, the increase in awareness
among individuals regarding the environment and decline in the fossil fuel
resources led to the innovation & development of alternatives such as
biodiesel have led to an increase in the demand for the industrial oils market.
The presence of these advantages is expected to drive the industrial oils
market growth during the forecast period.
The industrial oils market forecast is segmented on the
basis of source, type, end-user, and region. On the basis of source, the market
is segmented into soybean, corn, sunflower, cottonseed, rapeseed, palm, and
others. On the basis of type, the market is classified into grade 1 (light),
grade 2 (medium), and grade 3 (heavy). On the basis of end-use, it is
classified into biofuel, paints and coatings, cosmetics and personal care,
pharmaceuticals, and others. Region-wise, the market is studied across North
America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for
the largest share of the market, followed by Europe and North America.
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The major companies profiled in this report include Cargill,
Archer Daniels Midland, Kratan Corporation, Exxon Mobil Corporation, Chevron
USA Inc., Royal Dutch Shell Plc, Castrol Limited, China Petroleum &
Chemical Corporation (Sinopec), Wilmar International, Soya Mills SA, Gemtek
Products, AAK Kamani, Buhler Group, Bunge Limited, Fujian Qian Trading Co.
Ltd., Malplast Industries Limited, Matole Ltd, and LLC PK "XimProm".
The growth in concern over food safety is a major factor that boosts the growth
of the industrial oils market. The rise in consumer awareness in regard to food
quality and the outbreak of foodborne diseases have put pressure on food
industry players to implement sanitary practices in their manufacturing
facilities.
Key findings of the study
- As per industrial oils market analysis, Asia-Pacific holds
a dominant position in 2021 and would continue to maintain the lead during the
forecast period.
- By source, the soybean segment accounted for the largest industrial oils
market share in 2021.
- By type, the grade I segment accounted for the largest share in 2021.
- By end use, the biofuel segment is projected to grow at a CAGR of 2.9% by
2031.
Impact of Covid-19 on the Industrial Oils Market
COVID-19 has severely impacted the global economy with
devastating effects on global trade, which has simultaneously affected
households, businesses, financial institutions, industrial establishments, and
infrastructure companies. The shutdown of industrial manufacturing has led to
declining in the demand for industrial oils in most countries across the world.
The decrease in the utilization of power in industrial facilities across the
globe during the outbreak has had a negative impact on the development of the
market. However, the surge in the demand for personal care and pharmaceutical
products during the pandemic outbreak due to increased awareness among the
people has shown positive industrial oils market trends during the forecast
period.
The gradual surge in infrastructure activities after the
pandemic is expected to have a positive impact on the industrial oils market,
as paints & coatings are used in the construction sector. The increase in
the demand for biodiesel as an alternative fuel for diesel engines due to its
various advantages such as renewability, purity, and low exhaust pollution has
created a positive impact on the industrial oils market opportunities.
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