Tokyo, June 30, 2022 (GLOBE NEWSWIRE) -- The global industrial oil market size was reached at USD 94.72 billion in 2021. Industrial oils are used as lubricants in the maintenance of the production machinery and equipment. Base oils are used in the production of industrial oils. Industrial oils help in lowering the temperature of the surface of the machines. Use of the industrial oils as extremely beneficial in increasing the production of coal and gas power plants.
Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1822
Regional snapshots
As there's a great industrial growth in the Asia Pacific region the market for industrial noise is expected to grow well in this region. Increase in the number of cosmetic and chemical industries in nations like India and China in the Asia Pacific region will drive the growth of the market. Industrialization and a growing need for automation across the manufacturing industries the market for industrial oil is expected to grow in the coming years. Biodiesel has fewer emissions even born and it does not increase the carbon dioxide content in the air and therefore it is extensively used in the Asia Pacific region. Favorable climatic conditions for agriculture and a large land available for agriculture is expected to drive the market for biodiesel in this region. Biodiesel is extremely affordable and the labor cost is also low in the Asia Pacific region all of these factors are expected to help in the growth of the market in the coming years.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 94.72 Billion |
| Revenue Forecast by 2030 | USD 150 Billion |
| CAGR | 5.24% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Bunge Limited (Netherlands), Wilmar International (Singapore), CHS Inc. (US), Louis Dreyfus Company B.V. (Netherlands), Archer Daniels Midland (ADM) (US), AAK Kamani (India), Soya Mills SA (Greece)., Buhler Group (Switzerland), Ag Processing Inc (US), &A Fratelli Parodi Spa (Italy), Cargill (US), Gemtek Products (US) |
Report highlights
- On the basis of the palm segment, the industrial oil market will have the largest share in the coming years. Major suppliers of palm oil are Indonesia and Malaysia. These nations provide about 85% of the global palm oil demand. The palm oil segment is expected to grow as the manufacturers in the Asia Pacific nation have good growth opportunities in the coming years.
- On the basis of the type, the light segment will have the largest market share in the industrial oils market. Due to a growth in the cosmetics and personal care industry in the Asia Pacific region the demand for light industrial oil segment is expected to grow in this region in the coming years. Light industrial oil has great demand in the pharmaceutical industry which is projected to create good opportunities for the growth of this market. These oils are also used in the manufacturing of sunscreens, soaps and shampoos which help in generating maximum revenue in the Asia Pacific region. Two to a growth of all these industries which are dependent on the use of industrial oils the light industrial oil segment is expected to grow in the coming years as compared to the other types.
- On the basis of the region, Asia Pacific region is expected to dominate the market as it has a great amount of production of biodiesel. Biodiesel is renewable and pure as compared to the other fuels. The availability of large patches of land available for agriculture will boost the growth of biodiesel fuel. Increased investment in order to provide advanced technologies which will be helpful in converting these oils to fuels will provide growth opportunities for the market in the coming years.
Ask here for more customization study@ https://www.precedenceresearch.com/customization/1822
Market dynamics
Drivers
Rapid industrialization in the developing economies is expected to drive the market. As an increase in the number of industries the use of biodiesel is expected to grow. Industrial oils are also used in the manufacturing of many toiletry products and hence the market is expected to grow during the forecast period. This is expected to provide growth opportunities in the coming years. Vegetable oil is also used in the manufacturing of soap shampoo and personal care as there is a growth in the cosmetics industry in the developing regions and this is expected to drive the market growth. Industrial oils are also largely used in the food and beverages industry. There is an increase demand for processed food and beverages in many developing nations just like the developed economies. Industrial oils are used in meat processing, bakery products dairy products and beverages. Due to growth in the food and beverages industry across the globe and an increasing demand for standard food grade quality the market for industrial oils is expected to grow in the coming years.
Restraints
Many manufacturers are facing a restraint in the growth of this market as these industries are dependent on the oil imports from different countries. The cost of the raw material is high and these factors are responsible for inhibiting the growth of the market. Increase in the number of market players will also pose a threat the growth of the market. There are many strict regulations regarding to the trade and import and export of industrial oils. This happens to be another reason which is a restraining factor for the growth of this market. During the pandemic the restrictions on activities lead to a fluctuation in the raw materials. And the market growth of industrial oils was hammered. Disrupted supply chains letter delay in the supply of raw materials which reduced the manufacturing capacities of the companies.
Opportunities
There's a growing focus on providing standard grade lubricants in order to meet the food safety standards. Increased concern for food safety will drive the market growth. Developed as well as developing nations are formulating policies that are strict in order to maintain the quality of food. Due to a growing pressure for providing quality foods in the developing as well as the developed nations there will be a good opportunity for the growth of this market in the coming years.
Related Reports
- Petrochemical Market Research Report 2021 - 2030
- Renewable Fuel Market Research Report 2022 – 2030
- Biofuels Market Research Report 2021 - 2030
- Liquid Biofuels Market Research Report 2022 – 2030
Challenges
The industrial oils industry has many rules and regulations and specifications which are posing a challenge for the growth of the market. Due to stringent policies regarding the greenhouse gas emissions producing industrial oils is also difficult. Industries need to optimize their production systems in order to provide environment friendly products. Manufacturers are finding it extremely difficult to retain their license for manufacturing as an increase in the standards for the production of these oils.
Market Segmentation
By Source
- Soybean
- Corn
- Sunflower
- Cottonseed
- Rapeseed
- Palm
- Others
By Type
- Grade I (Light)
- Grade II (Medium)
- Grade III (Heavy)
By Product
- Turbine Oil
- Refrigeration Oil
- Compressor Oil
- Electrical Oil
- Heat Transfer Oil
By End User
- Biofuel
- Paints & Coatings
- Cosmetics & Personal Care
- Pharmaceuticals
- Power Generation
- Heavy Equipment
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Immediate Delivery Available | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1822
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
