The global industrial oils market revenue was around US$ 66.5 billion in 2023 and is estimated to reach US$ 89 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.3% during the forecast period from 2024 to 2032.
Industrial oils are a kind of lubricant utilized in industrial equipment and machinery. They are made up of basic oils, which can be mineral, synthetic, or natural, and additives. Industrial oils include benefits like less wear and tear, better performance, and more efficiency. Industrial oils come in semisolid, liquid, dry, and gaseous forms.
Market Driving Factors
Increasing demand for industrial oils from power generation is estimated to drive market growth. In the power generation sector, industrial oil assists decrease the machinery's wear and tear and benefits the smooth running of the equipment and engines. Furthermore, it also assists in lowering operating prices, extending machine life, and raising productivity while achieving environmental safety and care. Industrial oil is utilized in different power generation plants, such as natural gas engines, coal power plants, and gas turbine power plants.
The industrial oil manufacturing procedure is shifting from petroleum to bio-based products due to a sustainability concentrate to lower the carbon footprint. In addition, key players are opting for bio-based sources to decrease their carbon footprint due to the stringency in the environmental laws, especially in Europe. Therefore, various researchers are focusing on shifting bio-based oil from biodegradable feedstock. However, bio-based oil cannot substitute the more standard petroleum-based oil owing to its shortage of physical properties such as thermal stability, oxidative stability, and viscosity range. As a result, bio-based oil performance can be improved by adding additives, driving the sales of the industrial oil market.
Industrial oil, which is produced from a petrochemical source, is dangerous to the environment. When it is disposed of in the water, it also contributes to water contamination. Additionally, due to its harmful impact on the environment government imposed a ban and applied limitations on utilizing synthetic oil to decrease its dangerous effect on the environment. Thus, this factor is estimated to restrict market growth.
Regional Analysis
Asia-Pacific dominates the market in terms of the growth rate. This is because this region is the most populated in the world. It is home to a significant number of megacities and ever ever-surging population. In addition, the growth of the population raises the demand for food processing industries. Thus, the increase in demand for food manufacturing industries in the developing nations is boosting the market growth.
Segmentation Insights
Source Insight
The soybean segment dominates the market in terms of the rate. This is due to this segment of oil is vastly utilized for frying and cooking purposes in nations such as India and China. Furthermore, the rising use of soy oil in European nations and North America for manufacturing shortenings of food products, salad dressing, and margarine increases the demand for soybean oil in food-related industries. Moreover, the immediately increasing demand for products produced from food processing plants is another element that is estimated to boost the demand in the market.
Type Insight
The grade I (Light) segment is predicted to dominate the market in terms of revenue. This type of industrial oil is largely utilized in the cosmetics and personal care sectors. The pharmaceutical industry's increasing requirement for light industrial oil. Furthermore, market growth is possible owing to the wide range of sectors that utilize light industrial oil. China and Brazil need the lightest industrial oil to create shampoo, soap, and other personal care products.
Moreover, light industrial oils are very popular in Europe because they are utilized in the cosmetics business. Light oil demand is expected to increase globally, as predicted by both developed and emerging nations. Both industrialized and developing nations around the world anticipate an increase in demand for light oil.
Prominent Companies
Segmentation Outline
The global industrial oils market segmentation focuses on Source, Type, End Use, and Region.
By Source
By Type
By End Use
By Region
[ TABLE OF CONTENT ]
1 INTRODUCTION OF GLOBAL INDUSTRIAL OILS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: INDUSTRIAL OILS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL INDUSTRIAL OILS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL INDUSTRIAL OILS MARKET, BY SOURCE
5.1 OVERVIEW
5.2 SOYBEAN
5.3 CORN
5.4 SUNFLOWER
5.5 COTTONSEED
5.6 RAPESEED
5.7 PALM
5.8 OTHERS
6 GLOBAL INDUSTRIAL OILS MARKET, BY TYPE
6.1 OVERVIEW
6.2 GRADE I (LIGHT)
6.3 GRADE II (MEDIUM)
6.4 GRADE III (HEAVY)
7 GLOBAL INDUSTRIAL OILS MARKET, BY END USE
7.1 OVERVIEW
7.2 PHARMACEUTICALS
7.3 BIOFUEL
7.4 PAINTS AND COATINGS
7.5 COSMETICS AND PERSONAL CARE
7.6 OTHERS
8 GLOBAL INDUSTRIAL OILS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL INDUSTRIAL OILS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 KRATAN CORPORATION
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 WILMAR INTERNATIONAL
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CARGILL INCORPORATED
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 CHEVRON USA INC
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 EXXON MOBIL CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 CHINA PETROLEUM & CHEMICAL CORPORATION
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 AAK KAMANI
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 ROYAL DUTCH SHELL PLC LLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 MALPLAST INDUSTRIES LIMITED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 CASTROL LIMITED
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 BUHLER GROUP
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 MATOLE LTD
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 GEMTEK PRODUCTS
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 FUJIAN QIAN TRADING CO. LTD
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 SOYA MILLS SA
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 ARCHER DANIELS MIDLAND
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 BUNGE LIMITED
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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