Press release
Sustainability in the Industrial Oils Market: A New Era of Green Lubricants
Industrial oils are produced using hydrotreated or hydrocracked base oils, which offer a separate quality benefit over other comparable goods produced through the use of standard base oils. The presence of developing countries in Asia-Pacific such as China and India, which are the hub for industrial oils production owing to the rapid expansion of chemical, biodiesel, and cosmetic industries boost the demand for industrial oils which are used as raw materials in various production facilities.
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The basic sources of industrial oils are soybean, corn, sunflower, cottonseed, rapeseed, palm, groundnut, linseed, and grape seed.
Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
Asia-Pacific is made up of many developing and under-developed countries, and it is the most populated region across the globe. It is home to a significant number of megacities and with ever-increasing population. China and India are the major revenue contributors in the region.
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".
Industrial oils are used in machines that manufacture or process food related commodities, pharmaceutical products, cosmetics, corrosion protection products, and power transmission Increased use of industrial oils 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 developing countries such as in China and India, has resulted in increased demand for food and beverages.
The presence of huge population in the above-mentioned developing countries have positive impact on the demand for industrial oils.
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The expansion of industries such as dairy products, animal feed, beverages, meat processing, sugar, bakery products, processed fruits and vegetables across the globe have positive impact on the demand for food grade industrial oils.
The growing global population, there has been an increase in the demand for efficient power source.
Industrial oils are used in machines related to power transmission and increase in investment of the government & private players in the development of renewable energy has led to the demand for power transmission related products, which have positive impact on the industrial oils market.
The increase in the awareness among the individuals regarding the environment and decline in the fossil fuel resources led to the innovation & development of alternatives such as biodiesel have led to increase in the demand for industrial oils market. The presence of these advantages is expected to drive the industrial oils market growth during the forecast period.
On the basis of source, the market is segmented into soybean, corn, sunflower, cottonseed, rapeseed, palm, and others. Soybean segment accounted for the largest industrial oils market share in 2021.
On the basis of type, the market is classified into grade 1 (light), grade 2 (medium), and grade 3 (heavy). Grade I segment accounted for the largest share in 2021.
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On the basis of end use, it is classified into biofuel, paints and coatings, cosmetics and personal care, pharmaceuticals and others. Biofuel segment is projected to grow at a CAGR of 2.9% by 2031.
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