(Food-Beverage-News.Com, May 13, 2021 ) 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.
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. Urbanization has led to an increase in sales of grooming products such as shampoos, conditioners, and skincare products, in which sunflower oil is added.
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 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.
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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