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The report “Industrial Oils Market by Source (Soybean, Rapeseed, Sunflower, Cottonseed, Corn, Palm), Type (Grade I, Grade II, Grade III), End Use (Biofuel, Paints and Coatings, Cosmetics and Personal Care Products, Pharmaceuticals), Region – Global Forecast to 2025″, published by MarketsandMarkets. The industrial oils market is evaluated at USD 60.2 billion in 2019 and is projected to grow at a CAGR of 5.0% from 2019 to 2025, to reach USD 80.7 billion by 2025. The biodiesel industry is projected to be a major revenue generator for industrial oils manufacturers in the coming years due to its reduced environmental impact. In addition, the industrial sector in the emerging countries in the Asia Pacific region is growing in countries such as China and India, which is a hub of industrial oils, due to the expanding chemical, biodiesel, and cosmetics industries. These factors are projected to create new opportunities for the growth of the global industrial oils market in the coming years.
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The sunflower segment is projected to be the fastest-growing in the industrial oils market during the forecast period.
Sunflower oil is gaining popularity among industrial oils manufacturers at a global level due to its vitamin content, which makes it an ideal oil for the cosmetics and personal care applications. The Asia Pacific region is projected to be a major revenue generator for the cosmetics & personal care industry in the coming years. The market in the region witnesses significant demand in countries such as China, Japan, Australia, India, and South Korea. Urbanization has led to an increase in sales of grooming products such as shampoos, conditioners, and skincare products, in which sunflower oil is added. In South America, the cosmetics industry in Brazil is projected to witness significant growth in the near future. Thus, with the expansion of the cosmetics & personal care industry in the emerging countries of various regions, the demand for sunflower oils is projected to increase in the coming years. The leading player, Cargill (US), offers sunflower oil, which is used in personal care products.
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78 – Tables
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The grade II (medium) segment is projected to account for the largest market share during the forecast period.
Industrial oils for biofuel and lubricant applications classify as grade II (medium) type industrial oils. The biofuels industry is projected to witness high growth prospects in the Asia Pacific region due to the increasing number of vehicles, growing population base, rising urbanization, and enhanced standards of living. In addition, governments in both countries, China and India have made investments to promote the development of biofuels. Thus, with the rising number of vehicles, consumers in the Asia Pacific region are projected to prefer sustainable options to reduce the impact of pollution, drive the demand for biofuels, and thus, the grade II (medium) type industrial oil.
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The Asia Pacific region is projected to account for the largest market size during the forecast period.
The Asia Pacific industrial oils market is projected to account for the largest share by 2025. These factors are projected to drive the industrial oils market in the region. The market in the region witnessed significant growth due to the expansion of the industrial sector. The paints & coatings industry is projected to create lucrative opportunities for industrial oils manufactures in the coming years, particularly in China. The region has witnessed a growth in the cosmetics & personal care industry with products such as shampoos, lotions, and other grooming products gaining popularity. The biofuels industry is also projected to provide high growth prospects for industrial oils manufacturers in the region. Industrial oils manufacturers are projected to use sources such as soybean, palm, and corn-based oils across various verticals including pharma, cosmetics & personal care, biofuels, and paints & coatings in the region. Wilmar International (Singapore) is one of the leading players in the region, which offers industrial oils. In addition, international players such as Louis Dreyfus Company (Netherlands) has its presence in the Chinese market through its processing plant in the country.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the industrial oils market. It includes profiles of leading companies such as Cargill (US), Bunge Limited (Netherlands), Wilmar International (Singapore), Louis Dreyfus Company B.V. (Netherlands), Archer Daniels Midland (ADM) (US), Buhler Group (Switzerland), CHS Inc. (US), Ag Processing Inc (US), A&A Fratelli Parodi Spa (Italy), Gemtek Products (US), AAK Kamani (India), and Soya Mills SA (Greece).