Allied Market Research published a report, titled, “Industrial Oils Market By Source (Soybean, Corn, Sunflower, Cottonseed, Rapeseed, Palm, Others), By Type (Grade I (Light), Grade II (Medium), Grade III (Heavy)), By End Use (Biofuel, Paints and Coatings, Cosmetics and Personal Care, Pharmaceuticals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global industrial oils industry was estimated at $62.4 billion in 2021, and is anticipated to hit $85.9 billion by 2031, registering a CAGR of 3.3% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscape.
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Drivers, restraints, and opportunities-
Rise in population and the presence of high income in middle-class families in developing countries such as China and India have led to surge in infrastructure activities, thus giving way to increased demand for paints and coatings products. This factor has driven the growth of the global industrial oils market. On the other hand, surge in demand for electric vehicles and increased investment in the innovations for various alternative power source for biodiesel impede the growth to some extent. However, increase in awareness among people regarding personal care and health-related issues has paved the way for lucrative opportunities in the industry.
- Shutdown of industrial manufacturing led to decline in demand for industrial oils in most countries across the world. A steep decline in the utilization of power in the industrial facilities during the outbreak had a negative impact on the development of the market.
- However, a gradual surge in infrastructure activities after the pandemic helped the market recoup soon.
The palm segment to dominate by 2030-
By source, the palm segment contributed to more than one-third of the global industrial oils market share in 2021, and is expected to lead the trail by 2031. This is because it is used in the production of biofuel which is further used as a sustainable alternative to crude oil in many applications such as engine oil. The others segment, however, is expected to exhibit the fastest CAGR of 4.8% from 2022 to 2031. This is attributed to the presence of various advantages of utilization of coconut oil such as maintaining good cholesterol levels in the body and reducing the risk of heart diseases.
The grade I segment to maintain the lion’s share-
Based on type, the grade I segment generated nearly half of the global industrial oils market revenue in 2022, and is expected to lead the trail by 2031. Gradual change in individual preference over personal care and cosmetic products and increase in spending capacity of individuals have driven the personal care and cosmetic industry, thus propelling the segment growth. The grade III segment, on the other hand, would manifest the fastest CAGR of 3.7% from 2022 to 2031. Rapid urbanization and the presence of gradual shift from rural to urban areas among the developed and developing countries have driven the market growth.
The biofuel segment garnered the major share in 2021-
By end use, the biofuel segment garnered nearly two-fifths of the global industrial oils market share in 2021, and is expected to retain its dominance by 2031. This is because biodiesel has a significant impact on the emission levels in comparison to petroleum-based diesel when it is utilized. The others segment, simultaneously, would exhibit the fastest CAGR of 4.0% from 2022 to 2031. Increase in the e-commerce services in the food and beverage industries has increased the demand for food processing facilities. Huge amounts of industrial oils are used in the manufacturing of snacks and other food products, thus fueling the segment growth.
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Asia-Pacific to rule the roost-
Based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global industrial oils market. The same region would also garner the fastest CAGR of 3.7% by 2031. The presence of investment plans from several government bodies to develop smart cities in order to improve the lifestyle of people has boosted the growth of the construction sector, which in turn has driven the industrial oils market across the region.
Key players in the industry-
- Exxon Mobil Corporation
- Chevron USA Inc.
- Castrol Limited
- China Petroleum & Chemical Corporation (Sinopec)
- Kratan Corporation
- Soya Mills SA
- Gemtek Products
- AAK Kamani
- Buhler Group
- LLC PK “XimProm”
- Bunge Limited
- Fujian Qian Trading Co. Ltd.
- Archer Daniels Midland
- Royal Dutch Shell Plc
- Wilmar International
- Malplast Industries Limited
- Matole Ltd.
The report analyzes these key players in the global industrial oils market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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