PUBLISHER: Allied Market Research | PRODUCT CODE: 1140372
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140372
The global industrial oils market size was valued at $62.4 billion in 2021, and projected to reach $85.9 billion by 2031, with a CAGR of 3.3% from 2022 to 2031.
Industrial oils are used in industries related to pharmaceuticals and food related products, tobacco, and cosmetics. Rapid surge in industrialization in the developing countries, boosts the growth of the industrial oils market. Industrial manufacturing has a great demand for automation in their processes which is also expected to drive the growth of the industrial oils market during the forecast period. In addition, industrial oils provide lubrication to the various parts of the equipment used in the production and process of food products or other products.
The food & beverage industries have seen a major growth and demand for industrial oils in countries like China and India. Countries like Germany and the U.S. utilize industrial oils to larger extent when it comes to food processing. Industrial oils are used as lubricants as they help in reducing the friction between two parts that are closely connected to one another.
Industrial oils have great importance in the manufacturing and automobile industries. It also provides thermal stability by reducing the temperature of the surface on which it is applied. It is also used in the production of shampoos, soaps, and other products. The use of vegetable oil in the production of various food products is projected to boost the growth of the market. The industrial oils market is expected to grow in the Asia-Pacific region due to the large patch of land available for agriculture which fosters the growth in the production of biodiesel. Increased use of industrial oils in food & beverages industry and the cosmetic industry is anticipated to drive the growth of the market. However, the surge in demand for electric vehicles across the globe is expected to hamper the growth of the industrial oils market as most of the industrial oils are used as raw materials for the production of bio fuels.
The industrial oils market is segmented on the basis of source, type, end use and region. On the basis of source, the market is classified into soybean, corn, sunflower, cottonseed, rapeseed, palm, and others. On the basis of type, the market is categorized into grade 1 (light), grade 2 (medium) and grade 3 (heavy). On the basis of end use, it is divided 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.
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". Increase in the investment of the top players in the construction of new manufacturing facilities drives the demand for industrial oils which are used as lubricants in these industries. Furthermore, the presence of junk food culture in the U.S. drives the demand for food & beverage industries which have positive impact on the development of the market.
Impact of COVID-19 on Industrial Oils Market
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The shutdown of industrial manufacturing has led to decline in the demand for industrial oils in most of the countries across the world. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market. However, surge in the demand for personal care and pharmaceutical products during the pandemic outbreak due to increased awareness among the people have shown positive trend in the market growth.
The gradual surge in the infrastructure activities after the pandemic is expected to have positive impact on the industrial oils market, as paints & coatings are used in the construction sector. 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 have created positive impact on the market.
Key Benefits For Stakeholders
Key Market Segments
By Source
By Type
By End Use
By Region