Increasing demand from the biodiesel sector is projected to drive the industrial oils market by 2025

Posted on 2021-06-04 by MarketsandMarkets in Food & Beverage, Industrial // 0 Comments

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.

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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.

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Key players in global industrial oils market include 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). These companies have undertaken expansions as one of the key strategies to expand their presence in this market.

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