- Industrial oils are derived from vegetable sources such as soybean, palm, rapeseed, sunflower, and corn, and are widely used in applications including biofuel production, paints, coatings, cosmetics, and lubricants. Their chemical properties make them suitable for improving product performance, energy efficiency, and sustainability across various industries
- The escalating demand for industrial oils is primarily driven by global efforts to reduce dependency on fossil fuels, growing biofuel consumption, increasing adoption of plant-based ingredients in personal care and pharmaceuticals, and rising industrial demand for sustainable lubricants and chemical intermediates
- North America dominated the industrial oils market with a share of 18% in 2024, due to strong demand for biofuels, lubricants, and plant-based raw materials across manufacturing, automotive, and chemical industries
- Asia-Pacific is expected to be the fastest growing region in the industrial oils market during the forecast period due to rapid industrialization, rising production of biofuels, and increasing demand for sustainable industrial materials
- Grade II (Medium) segment dominated the market with a market share of 42.2% in 2024, due to its balanced viscosity and broad applicability across diverse end-use industries. Medium-grade industrial oils are widely used in paints, coatings, and biofuels, offering optimal performance, processing ease, and cost efficiency. Their versatility enables manufacturers to meet varying formulation needs without compromising product stability or efficiency
