(Food-Beverage-News.Com, March 31, 2021 ) The industrial oils market is evaluated at USD 60.2 billion in 2019 and is projected to grow at a CAGR of 5.0% from 2019 to 2025, to reach 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 in the Asia Pacific region is growing in countries such as China and India, which is a hub of industrial oils, due to the expanding chemical, biodiesel, and cosmetics industries. These factors are projected to create new opportunities for the growth of the global industrial oils market in the coming years.
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.
Leading companies in the industrial oils market 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).
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