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.
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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Cargill (US) is among the leading players in the industrial oils market. The leading position of the company is attributed to its robust portfolio of industrial oils derived from a wide variety of sources such as coconut, rapeseed, and sunflower. These products cater to the diverse requirements across industries including cosmetics & personal care, paints & coatings, and biofuels. The company has a robust distribution network spanning over 125 countries at a global level. To maintain its leadership position, the company has undertaken expansions, and new product launches strategies. In 2016, the company expanded its presence in the Brazilian industrial oil market with the acquisition of SGS Microingredien (Brazil). In the same year, the company expanded its presence in the Brazilian industrial oil industry with the launch of its brand, Lyveum, a vegetable oil derived product.
ADM (US) is one of the leading players in the industrial oils market. This is attributed to a wide geographic presence in over 170 countries. In addition, the company mainly focuses on innovations with over 62 innovation centers spread across various locations at a global level. The company’s industrial oils cater to a wide variety of applications in the cosmetics & personal care and paints & coatings industries. The company focuses on undertaking various strategies such as expansions and joint ventures as its key strategies to sustain its position in the industrial oils market. In 2017, the company expanded the storage capacity of its Missouri (US) plant for soybeans. The plant produces soybean oil for the biodiesel industry.
Industrial Oils Market by Source (Soybean, Rapeseed, Sunflower, Cottonseed, Corn, Palm), Type (Grade I, Grade II, Grade III), End Use (Biofuel, Paints and Coatings, Cosmetics and Personal Care Products, Pharmaceuticals), Region - Global Forecast to 2025
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