(I-BusinessNews.Com, February 28, 2020 ) The industrial oils market is estimated to be valued at USD 60.2 billion in 2019 and is projected to reach USD 80.7 billion by 2025, recording a CAGR of 5.0% during the forecast period. Increased demand in the biodiesel sector due to its reduced impact on environment pollution and expansion of industries such as energy, chemicals, thermal, cosmetics, and pharmaceuticals in the emerging Asia Pacific and South American regions.
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The palm segment is projected to dominate the industrial oils market during the forecast period.
The industrial oil market, on the basis of source, is segmented into soybean, corn, sunflower, cottonseed, rapeseed, palm, and others (olive, safflower, copra, groundnut, linseed/flaxseed, and grape seed). The palm segment is estimated to account for the largest share in the global market in 2019. The market in the Asia Pacific region witnesses high growth in Indonesia and Malaysia, which supply over 85% of the global palm oil. This offers growth opportunities to palm oil manufacturers in these countries as they can export as well as utilize for domestic usage in industries such as biofuels.
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. In addition, governments in both countries, China and India have made investments to promote the development of biofuels. Thus, with the rising number of vehicles, consumers in the Asia Pacific region are projected to prefer sustainable options to reduce the impact of pollution, drive the demand for biofuels, and thus, the grade II (medium) type industrial oil.
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Increasing demand from the biodiesel sector is projected to drive the industrial oils market in the Asia Pacific
Biodiesel is used as an alternative fuel for diesel engines. It attracts the attention of the users due to its renewability, purity, and low exhaust pollution. Biodiesel is produced from a variety of oilseeds. In the European region, rapeseed oil is mainly used for the production of biodiesel, whereas in the US, soybeans are dominant biodiesel feedstock.
Biodiesel has significantly lower emission levels than petroleum-based diesel when it is burned, whether used in its pure form or blended with petroleum diesel. It does not contribute to a net rise in the level of carbon dioxide in the atmosphere and also minimizes the intensity of greenhouse effects. In developing countries, the demand for biodiesel is increasing due to the higher availability of land, favorable climatic conditions for agriculture, and lower labor costs. In addition, in these countries, there is a growing trend of adopting modern technologies and efficient bioenergy conversion using a range of biofuels, which are provided at affordable prices than fossil fuels.
Key players in the industrial oils market include Cargill (US), Bunge Limited (Netherlands), Wilmar International (US), Louis Dreyfus Company (Netherlands), Archer Daniels Midland Company (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). Market leaders such as Cargill and ADM are focusing on tapping the potential markets through expansions and agreements strategies.
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