The industrial oils market is estimated to account for a value of USD 60.2 billion in 2019 and is projected to grow at a CAGR of 5.0% from 2019, to reach a value of 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 of the Asia Pacific region is growing with countries such as China and India, which are the hub of industrial oils, due to the expanding chemical, biodiesel, and cosmetics industries.
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.
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.
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 witnesses 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.
Leading companies are 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).