Global Industrial Oil Market, By Source (Soybean, Palm, Rapeseed, Sunflower, Corn, Cottonseed, Others), Type (Grade I (Light), Grade II (Medium), Grade III (Heavy)), End-Use (Biofuel, Paints & Coating, Cosmetics & Personal Care, Pharmaceuticals, Others), – Industry Trends and Forecast to 2029
Market Analysis and Size
Growth in industrialization following COVID-19, and an increase in process automation in most industries and a gradual increase in the number of manufacturing units, are key factors expected to drive the global industrial oil industry during the forecast period.
Data Bridge Market Research analyses that the industrial oil market which was growing at a value of 90.30 billion in 2021 and is expected to reach the value of USD 140.70 billion by 2029, at a CAGR of 5.70% during the forecast period of 2022-2029.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Source (Soybean, Palm, Rapeseed, Sunflower, Corn, Cottonseed, Others), Type (Grade I (Light), Grade II (Medium), Grade III (Heavy)), End-Use (Biofuel, Paints & Coating, Cosmetics & Personal Care, Pharmaceuticals, Others),
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Market Players Covered
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Georgia-Pacific Chemicals LLC (U.S.), Kraton Corporation (U.S.), and Eagle Imports (U.S.).PAG KIMYA SAN. TIC. LTD. STI. (Turkey), GrantChem, Inc. (U.S.), LLC PK "XimProm" (Russia), AKAY TIC SAN KOLL STI - YUKSEL AKAYLAR (ITurkey), Fujian Qina Trading Co. Ltd. (China), IBRAHIM WALI MOHAMMAD & CO. (Pakistan), G.C. RUTTEMAN & Co. B.V. (Netherlands), MALPLAST INDUSTRIES LIMITED (Kenya), Akay Ticaret Ve Sanayi Koll.Sti. (Turkey), and Matole Ltd (Hungary)
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Opportunities
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Market Definition
Industrial oil are used in machines that manufacture or process foodstuffs, food-related commodities, pharmaceutical products, cosmetics, tobacco products, and animal feed for lubrication, power transmission, and corrosion protection.
Industrial Oil Market Dynamics
Drivers
- Increased use of industrial oil in the food and beverage industry
Increased use of industrial oil 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 China and India, has resulted in increased demand for convenience and processed food and beverages. Developing economies have grown significantly in recent years in terms of food manufacturing. The United States and Germany are technologically advanced in food processing. The expansion of industries such as dairy products, animal feed, beverages, meat processing, sugar, bakery products, processed fruits and vegetables, and so on has a positive impact on the demand for food grade industrial oil.
- Rapid industrialisation in the economy as well as rising use of personal care products
Rising biodiesel applications globally, increasing growth of various industries alongside rapid industrialisation in the economy, rising usage of product in soaps, shampoos, and other personal care products are some of the factors that will likely boost the growth of the industrial oils market during the forecast period. Adoption of vegetable oil in industrial applications will boost various opportunities, leading to the growth of the industrial oils market during the forecast period.
Opportunity
The growing concern about food safety is a major factor that will likely boost the growth of the food grade lubricants market. Foodborne disease outbreaks and rising consumer awareness are putting pressure on food industry players to implement sanitary practises in their facilities. Developing countries are enacting new and stricter food-quality regulations. All of these activities will provide an opportunity for food grade lubricant manufacturers to improve the food safety of their products.
Restraints
High raw material prices, combined with an increasing need for high capital investment, will limit the growth of the industrial oils market during the forecast period. Rising reliance on oil imports and new entrants will pose the most significant challenges to market growth.
This industrial oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Industrial Oil Market
Due to the COVID-19, several countries around the world imposed lockdowns and other restrictions to prevent the virus from spreading. This disrupted supply chain activities such as manufacturing, logistics, and trade. As a result, the market for food grade lubricants fell in 2020. The fluctuating price of raw materials used to make food grade lubricants and the COVID-19 pandemic have hampered the market's growth. Countries such as China and the United States, among others, are back on their feet and back to work.
Recent development
- FUCHS Lubritech GmbH strengthens its lubricant specialty business in October 2020 by signing an agreement to acquire Welponer SRL, Italy, and integrate it into its subsidiary FUCHS Lubrificanti S.P.A.
- FUCHS expanded the production capacity of its lubricant plant in Kaiserslautern, Germany, in March 2019. This expansion is part of FUCHS's global expansion strategy. It will serve as an important production and warehousing location for companies seeking to increase their market share in the lubricants industry.
- ExxonMobil Corporation opened a lubricant blending plant in Raigad, Maharashtra, India, in December 2019. With a capacity of over 500,000 barrels per year, this is Asia's largest facility.
Global Industrial Oil Market Scope
The industrial oil market is segmented on the basis of source, type and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Source
- Soybean
- Palm
- Rapeseed
- Sunflower
- Corn
- Cottonseed
- Others
Type
- Grade I (Light)
- Grade II (Medium)
- Grade III (Heavy)
End users
- Biofuel
- Paints & Coating
- Cosmetics & Personal Care
- Pharmaceuticals
- Others
Industrial Oil Market Regional Analysis/Insights
The industrial oil market is analysed and market size insights and trends are provided by country, source, type and end users as referenced above.
The countries covered in the industrial oil market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the industrial oils market due to rising demand for biodiesel feedstock in the region, while Asia-Pacific is expected to grow from 2022 to 2029 due to increased use of biodiesel due to its purity, renewability, and low pollution properties.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Industrial Oil Market Share Analysis
The industrial oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial oil market.
Some of the major players operating in the industrial oil market are:
- Georgia-Pacific Chemicals LLC (U.S.)
- Kraton Corporation (U.S.)
- Eagle Imports (U.S.)
- PAG KIMYA SAN. TIC. LTD. STI. (Turkey)
- GrantChem, Inc. (U.S.)
- LLC PK "XimProm" (Russia)
- AKAY TIC SAN KOLL STI - YUKSEL AKAYLAR (Turkey)
- Fujian Qina Trading Co. Ltd. (China)
- IBRAHIM WALI MOHAMMAD & CO. (Pakistan)
- G.C. RUTTEMAN & Co. B.V. (Netherlands)
- MALPLAST INDUSTRIES LIMITED (Kenya)
- Akay Ticaret Ve Sanayi Koll.Sti. (Turkey)
- Matole Ltd (Hungary)
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