The global Industrial Oil Market Comprehensive Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Application (Soybean, Corn, Sunflower, Cottonseed, Rapeseed, Palm, Others), By Type (Grade I (Light), Grade II (Medium), Grade III (Heavy)), By End-User (Biofuel, Paints & coatings, Cosmetics & personal care, Pharmaceuticals, Others)
In 2024, the industrial oil market continues to evolve, driven by advancements in technology, sustainability initiatives, and shifting regulatory landscapes. Industrial oils play a crucial role in various sectors such as manufacturing, automotive, aerospace, and more. These oils serve multiple functions including lubrication, hydraulic fluid, heat transfer, and corrosion protection. With an increasing emphasis on eco-friendly practices, there's a growing demand for bio-based industrial oils derived from renewable sources like plant oils and animal fats. Additionally, innovations in nanotechnology are enhancing the performance and longevity of industrial oils, making them more efficient and environmentally friendly. As industries strive to reduce their carbon footprint and comply with stringent regulations, the market for industrial oils is expected to witness significant growth and innovation in the coming years.
The market report analyses the leading companies in the industry including A&A Fratelli Parodi S.p.A., AAK Kamani Private Ltd, Ag Processing Inc (AGP), Archer Daniels Midland Company (ADM), Bühler Group, Bunge Ltd, Cargill Inc, CHS Inc, Gemtek Products, Louis Dreyfus Company B.V., Soya Mills SA, Wilmar International Ltd, and Others.
The market trend for industrial oil reflects a shift towards sustainable and bio-based alternatives among industrial users. With increasing environmental concerns and regulations focusing on reducing carbon emissions and minimizing ecological impact, there is a growing preference for industrial oils derived from renewable sources such as plant-based feedstocks and waste oils. This trend is driven by the need to mitigate environmental risks, enhance corporate sustainability efforts, and meet regulatory requirements while maintaining optimal performance in industrial applications. As a result, there is a rising demand for bio-based industrial oils that offer comparable or superior performance to conventional petroleum-based counterparts while aligning with sustainability goals.
The market for industrial oil is primarily driven by industrial growth and technological advancements across various sectors. Industrial oils play a critical role in lubrication, cooling, insulation, and hydraulic systems in a wide range of industries, including manufacturing, automotive, aerospace, energy, and construction. The expanding industrial landscape, coupled with the increasing complexity of machinery and equipment, drives the demand for high-performance lubricants and specialty oils tailored to meet specific operational requirements and challenges. Additionally, technological advancements in oil formulation, additive technology, and manufacturing processes contribute to the development of innovative industrial oil solutions that optimize equipment performance, extend service life, and minimize maintenance costs.
An opportunity for the industrial oil market lies in the development of specialized formulations for emerging industries and applications. As new industries emerge and existing sectors evolve, there is a growing need for industrial oils that can address unique performance demands, operating conditions, and environmental considerations. Manufacturers can seize this opportunity by leveraging their expertise in oil formulation and customization to develop specialized products tailored to meet the specific requirements of emerging industries such as renewable energy, electric vehicles, additive manufacturing, and advanced materials. By anticipating market trends, collaborating with industry partners, and investing in research and development, companies can position themselves as leading providers of innovative industrial oil solutions that drive growth and competitiveness in dynamic and evolving markets.
Palm oil is anticipated to be the fastest-growing segment in the Industrial Oil Market by application to 2032. The demand for palm oil is driven by its versatility, cost-effectiveness, and wide range of applications, including biofuel, food processing, cosmetics, and pharmaceuticals. Palm oil is preferred for its high yield, stability, and functional properties. Additionally, the growing awareness of the environmental and social impact of palm oil production has led to increased efforts towards sustainable sourcing and certification. The expansion of industrial applications and the increasing availability of sustainably sourced palm oil support the growth of this segment.
Grade III (heavy) industrial oil is expected to be the fastest-growing segment in the Industrial Oil Market by type to 2032. The demand for heavy industrial oil is driven by its applications in heavy machinery, equipment, and industrial processes that require high-viscosity lubricants and oils. Heavy industrial oil is essential for ensuring the smooth operation, durability, and efficiency of industrial equipment. Additionally, advancements in oil formulation and the development of high-performance, environmentally friendly heavy oils contribute to the segment's rapid growth. The expansion of industrial activities and the increasing adoption of heavy industrial oils in various sectors support the growth of this segment.
Biofuel is anticipated to be the fastest-growing segment in the Industrial Oil Market by end-user to 2032. The demand for biofuel is driven by the increasing focus on renewable energy sources and the need to reduce greenhouse gas emissions. Industrial oils, such as soybean oil, palm oil, and rapeseed oil, are widely used in the production of biofuels, including biodiesel and bioethanol. Additionally, government policies and incentives promoting the use of biofuels contribute to the segment's rapid growth. The expansion of biofuel production capacity and the increasing adoption of biofuels in transportation and industrial applications support the growth of this segment.
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
A&A Fratelli Parodi S.p.A.
AAK Kamani Private Ltd
Ag Processing Inc (AGP)
Archer Daniels Midland Company (ADM)
Bühler Group
Bunge Ltd
Cargill Inc
CHS Inc
Gemtek Products
Louis Dreyfus Company B.V.
Soya Mills SA
Wilmar International Ltd
*- List Not Exhaustive
Chapter 1. TABLE OF CONTENTS
Chapter 2. Introduction to Industrial Oil Market
2.1. Market Overview
2.2. Key Statistics and Report Highlights
2.3. Scope of the Comprehensive Study
2.3.1. Market Definition
2.3.2 Countries and Regions Covered
2.3.3 Research Objective
2.3.4 Units, Currency, and Conversions
2.3.5 Industry Value Chain
2.4. Key Market Segments
2.5. Key Companies
2.6. Study Period
Chapter 3. Strategic Analysis Review
3.1. Industrial Oil Pricing Analysis and Forecast
3.2. Porter’s Five Forces
3.3. Market Ecosystem
3.4. SWOT Analysis
3.5. Regulatory Scenario
3.3. Effects of Inflation, Russia-Ukraine War, moderating economic growth, and other macroeconomic factors
Chapter 4. Competitive Landscape
4.1. Market Share Analysis
4.1.1. Global Industrial Oil Market Share by Company, 2023
4.1.2. Product Offerings of Leading Industrial Oil Companies
4.2. Market Entropy
4.2.1. New Product Launches in the Industry
4.2.2. Mergers, Acquisitions, Joint ventures, and Partnerships
4.3. Key Strategies and Best Practices
Chapter 5. Global Market Projections: Best, Reference, and Low Case Scenarios
5.1. Growth Analysis- Case Scenario Definitions
5.2. Low Growth Case Scenario Forecasts
5.3. Reference Growth Case Scenario Forecasts
5.4. High Growth Case Scenario Forecasts
Chapter 6. Market Dynamics
6.1. Industrial Oil Market Drivers
6.2. Industrial Oil Market Challenges
6.6. Industrial Oil Market Opportunities
6.4. Industrial Oil Market Trends
Chapter 7. Global Industrial Oil Market Outlook Trends
7.1. Global Industrial Oil Revenue (USD Million) and CAGR (%) by Type (2021-2032)
7.2. Global Industrial Oil Revenue (USD Million) and CAGR (%) by Application (2021-2032)
7.3. Global Industrial Oil Revenue (USD Million) and CAGR (%) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 8. Global Industrial Oil Regional Analysis and Outlook
8.1. Global Industrial Oil Revenue (USD Million) By Regions (2021- 2032)
8.2. North America Industrial Oil Revenue (USD Million) by Country (2021-2032)
8.2.1. United States Industrial Oil Regional Analysis and Outlook
8.2.2. Canada Industrial Oil Regional Analysis and Outlook
8.2.3. Mexico Industrial Oil Regional Analysis and Outlook
8.3. Europe Industrial Oil Revenue (USD Million), by Country (2021-2032)
8.3.1. Germany Industrial Oil Regional Analysis and Outlook
8.3.2. France Industrial Oil Regional Analysis and Outlook
8.3.3. United Kingdom Industrial Oil Regional Analysis and Outlook
8.3.4. Spain Industrial Oil Regional Analysis and Outlook
8.3.5. Italy Industrial Oil Regional Analysis and Outlook
8.3.6. Russia Industrial Oil Regional Analysis and Outlook
8.3.7. Rest of Europe Industrial Oil Regional Analysis and Outlook
8.4. Asia Pacific Industrial Oil Revenue (USD Million) by Country (2021-2032)
8.4.1. China Industrial Oil Regional Analysis and Outlook
8.4.2. Japan Industrial Oil Regional Analysis and Outlook
8.4.3. India Industrial Oil Regional Analysis and Outlook
8.4.4. South Korea Industrial Oil Regional Analysis and Outlook
8.4.5. Australia Industrial Oil Regional Analysis and Outlook
8.4.6. South East Asia Industrial Oil Regional Analysis and Outlook
8.4.7. Rest of Asia Pacific Industrial Oil Regional Analysis and Outlook
8.5. South America Industrial Oil Revenue (USD Million), by Country (2021-2032)
8.5.1. Brazil Industrial Oil Regional Analysis and Outlook
8.5.2. Argentina Industrial Oil Regional Analysis and Outlook
8.5.3. Rest of South America Industrial Oil Regional Analysis and Outlook
8.6. Middle East and Africa Industrial Oil Revenue (USD Million) by Country (2021-2032)
8.6.1. Middle East Industrial Oil Regional Analysis and Outlook
8.6.2. Africa Industrial Oil Regional Analysis and Outlook
Chapter 9. North America Industrial Oil Analysis and Outlook
9.1. North America Industrial Oil Revenue (USD Million) by Segments (2021-2032)
9.1.1. North America Industrial Oil Revenue (USD Million) by Type (2021-2032)
9.1.2. North America Industrial Oil Revenue (USD Million) by Application (2021-2032)
9.1.3. North America Industrial Oil Revenue (USD Million) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 10. Europe Industrial Oil Analysis and Outlook
10.1. Europe Industrial Oil Revenue (USD Million), by Segments (USD Million) (2021-2032)
10.1.1. Europe Industrial Oil Revenue (USD Million) by Type (2021-2032)
10.1.2. Europe Industrial Oil Revenue (USD Million) by Application (2021-2032)
10.1.3. Europe Industrial Oil Revenue (USD Million) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 11. Asia Pacific Industrial Oil Analysis and Outlook
11.1. Asia Pacific Industrial Oil Revenue (USD Million), and Revenue (USD Million) by Segments (2021-2032)
11.1.1. Asia Pacific Industrial Oil Revenue (USD Million) by Type (2021-2032)
11.1.2. Asia Pacific Industrial Oil Revenue (USD Million) by Application (2021-2032)
11.1.3. Asia Pacific Industrial Oil Revenue (USD Million) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 12. South America Industrial Oil Analysis and Outlook
12.1. South America Industrial Oil Revenue (USD Million), by Segments (2021-2032)
12.1.1. South America Industrial Oil Revenue (USD Million) by Type (2021-2032)
12.1.2. South America Industrial Oil Revenue (USD Million) by Application (2021-2032)
12.1.3. South America Industrial Oil Revenue (USD Million) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 13. Middle East and Africa Industrial Oil Analysis and Outlook
13.1. Middle East and Africa Industrial Oil Revenue (USD Million), by Segments (2021-2032)
13.1.1. Middle East and Africa Industrial Oil Revenue (USD Million) by Type (2021-2032)
13.1.2. Middle East and Africa Industrial Oil Revenue (USD Million) by Application (2021-2032)
13.1.3. Middle East and Africa Industrial Oil Revenue (USD Million) by Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Chapter 14. Industrial Oil Company Profiles
14.1 Business Overview
14.2 Product Profiles
14.3 SWOT Profiles
14.5 Recent Developments
14.6 Financial Profile
List of Companies
A&A Fratelli Parodi S.p.A.
AAK Kamani Private Ltd
Ag Processing Inc (AGP)
Archer Daniels Midland Company (ADM)
Bühler Group
Bunge Ltd
Cargill Inc
CHS Inc
Gemtek Products
Louis Dreyfus Company B.V.
Soya Mills SA
Wilmar International Ltd
15. Methodology and Data Sources
15.1 Customization Offerings
15.2 Subscription Services
15.3 Related Reports
15.4 Publisher Expertise
LIST OF TABLES
Table 1 Market Segmentation Analysis
Table 2 Global Industrial Oil Market Share of Leading Companies, 2023
Table 3 Product Offerings of Leading Companies
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Industrial Oil Revenue (USD Million) And CAGR (%) By Type (2021-2032)
Table 8 Global Industrial Oil Revenue (USD Million) And CAGR (%) By Application (2021-2032)
Table 9 Global Industrial Oil Revenue (USD Million) And CAGR (%) By Product (2021-2032)
Table 10 Global Industrial Oil Market Revenue (USD Million) By Regions (2021-2032)
Table 11 Global Industrial Oil Market Share (%) By Regions (2021-2032)
Table 12 North America Industrial Oil Revenue (USD Million) By Country (2021-2032)
Table 13 Europe Industrial Oil Revenue (USD Million) By Country (2021-2032)
Table 14 Asia Pacific Industrial Oil Revenue (USD Million) By Country (2021-2032)
Table 15 South America Industrial Oil Revenue (USD Million) By Country (2021-2032)
Table 16 Middle East and Africa Industrial Oil Revenue (USD Million) By Region (2021-2032)
Table 17 North America Industrial Oil Revenue (USD Million) By Type (2021-2032)
Table 18 North America Industrial Oil Revenue (USD Million) By Application (2021-2032)
Table 19 North America Industrial Oil Revenue (USD Million) By Product (2021-2032)
Table 20 Europe Industrial Oil Revenue (USD Million) By Type (2021-2032)
Table 21 Europe Industrial Oil Revenue (USD Million) By Application (2021-2032)
Table 22 Europe Industrial Oil Revenue (USD Million) By Product (2021-2032)
Table 23 Asia Pacific Industrial Oil Revenue (USD Million) By Type (2021-2032)
Table 24 Asia Pacific Industrial Oil Revenue (USD Million) By Application (2021-2032)
Table 25 Asia Pacific Industrial Oil Revenue (USD Million) By Product (2021-2032)
Table 26 South America Industrial Oil Revenue (USD Million) By Type (2021-2032)
Table 27 South America Industrial Oil Revenue (USD Million) By Application (2021-2032)
Table 28 South America Industrial Oil Revenue (USD Million) By Product (2021-2032)
Table 29 Middle East and Africa Industrial Oil Revenue (USD Million) By Type (2021-2032)
Table 30 Middle East and Africa Industrial Oil Revenue (USD Million) By Application (2021-2032)
Table 31 Middle East and Africa Industrial Oil Revenue (USD Million) By Product (2021-2032)
LIST OF FIGURES
Figure 1. Market Scope
Figure 2. Pricing Forecasts Per Unit, 2023- 2032
Figure 3. Porter’s Five Forces
Figure 4. Global Industrial Oil Market Revenue (USD Million) By Regions (2021-2032)
Figure 5. Global Industrial Oil Market Share (%) By Regions (2023)
Figure 6. North America Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 7. United States Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 8. Canada Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 9. Mexico Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 10. Europe Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 11. Germany Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 12. France Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 13. United Kingdom Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 14. Spain Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 15. Italy Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 16. Russia Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 17. Rest of Europe Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 11. Asia Pacific Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 12. China Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 13. Japan Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 14. India Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 15. South Korea Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 16. Australia Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 17. South East Asia Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 18. South America Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 19. Brazil Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 20. Argentina Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 21. Rest of Asia Pacific Industrial Oil Revenue (USD Million) By Country (2021-2032)
Figure 22. Middle East and Africa Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 23. Saudi Arabia Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 24. The UAE Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 25. Rest of Middle East Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 26. South Africa Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 27. Africa Industrial Oil Revenue (USD Million) By Region (2021-2032)
Figure 28. North America Industrial Oil Revenue (USD Million) By Type (2021-2032)
Figure 29. North America Industrial Oil Revenue (USD Million) By Application (2021-2032)
Figure 30. North America Industrial Oil Revenue (USD Million) By Product (2021-2032)
Figure 31. Europe Industrial Oil Revenue (USD Million) By Type (2021-2032)
Figure 32. Europe Industrial Oil Revenue (USD Million) By Application (2021-2032)
Figure 33. Europe Industrial Oil Revenue (USD Million) By Product (2021-2032)
Figure 34. Asia Pacific Industrial Oil Revenue (USD Million) By Type (2021-2032)
Figure 35. Asia Pacific Industrial Oil Revenue (USD Million) By Application (2021-2032)
Figure 36. Asia Pacific Industrial Oil Revenue (USD Million) By Product (2021-2032)
Figure 37. South America Industrial Oil Revenue (USD Million) By Type (2021-2032)
Figure 38. South America Industrial Oil Revenue (USD Million) By Application (2021-2032)
Figure 39. South America Industrial Oil Revenue (USD Million) By Product (2021-2032)
Figure 40. Middle East and Africa Industrial Oil Revenue (USD Million) By Type (2021-2032)
Figure 41. Middle East and Africa Industrial Oil Revenue (USD Million) By Application (2021-2032)
Figure 42. Middle East and Africa Industrial Oil Revenue (USD Million) By Product (2021-2032)
By Application
Soybean
Corn
Sunflower
Cottonseed
Rapeseed
Palm
Others
By Type
Grade I (Light)
Grade II (Medium)
Grade III (Heavy)
By End-User
Biofuel
Paints & coatings
Cosmetics & personal care
Pharmaceuticals
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Industrial Oil Market Size is valued at $67.2 Billion in 2024 and is forecast to register a growth rate (CAGR) of 5.4% to reach $102.4 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
A&A Fratelli Parodi S.p.A., AAK Kamani Private Ltd, Ag Processing Inc (AGP), Archer Daniels Midland Company (ADM), Bühler Group, Bunge Ltd, Cargill Inc, CHS Inc, Gemtek Products, Louis Dreyfus Company B.V., Soya Mills SA, Wilmar International Ltd
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume