Specialty oils, distinct for their unique properties, cater to diverse industries. In food, they enhance flavors and nutrition; in cosmetics, they nourish skin and hair; and in industrial applications, they serve as lubricants or insulators. These oils, often derived from plants or animals, exhibit specific characteristics that make them indispensable across sectors, showcasing their adaptability and value in various specialized applications.
The specialty oil industries witnessed promising growth trends in the last decade, and their overall market value was US$ 125.4 billion in 2022. Further market growth is anticipated to continue, with a predicted worth of US$ 129.2 billion in the current year 2023. The rising use of specialty oils in industries like manufacturing and transportation is supporting this encouraging trend.
Research on the production of specialty fats and oils has greatly expanded in recent years with its rising use in several industrial applications. According to FMI, between the years 2023 and 2033, the demand for specialty oils is projected to expand at a consistent CAGR of 3.3%. By 2033, the global market is projected to have a significant valuation of US$ 178.8 billion as a result of this promising growth trajectory.
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Key Takeaways from the Specialty Oils Market Study Report
- The overall market is anticipated to experience an absolute dollar growth of nearly US$ 50 billion over the next ten years.
- The United States is the leading manufacturer as well as consumer of specialty oils and held a global market share of 19.6% in 2022.
- The sales of specialty oils in China are projected to expand at a year-on-year growth rate of 4.1% through 2033. Meanwhile, India is also projected to experience promising growth in this sector and cross a market value of US$ 10 billion by 2033.
Competitive Landscape for the Specialty Oils Market Players
Leading specialty oil producers are prepared to take advantage of the growing market prospects by creating a wide range of product lines. By adding sustainable specialty oils to their product line, existing players can satisfy the increased market need and fortify their competitive edge.
Specialty oil manufacturers can make use of technology improvements to streamline their production procedures and raise the quality of their finished products. They may increase their consumer base and seize new market sectors by catering to the particular demands of diverse industries, like automotive, manufacturing, and healthcare.
Key Companies Profiled
- Calumet Specialty Products Partners, L.P.
- CASTROL LIMITED
- Chevron Corporation
- Exxon Mobil Corporation
- H&R GmbH & Co. KGaA
- Eni SpA
- Ergon, Inc.
- GOC Petrochemicals Private Limited
- Grauer & Weil (India) Limited
- Gulf Oil Lubricants India Ltd
- Idemitsu Kosan Co., Ltd.
- BP Plc.
- Gandhar Oil Refinery (India) Limited
- Quaker Houghton Inc
- China Petroleum & Chemical Corp (Sinopec Corporation)
- TOTAL Energies
- Shell plc.
- Nynas AB
- Savita Oil Technologies Ltd
- Panama Petrochem Ltd.
- Petroliam Nasional Berhad (PETRONAS)
Recent Developments by the Specialty Oils Manufacturing Industries
- Leading chemical company BASF S.E. made a noteworthy statement in 2022 announcing its entry into the market for sustainable specialty oils by developing a new range of products. It utilizes renewable feedstock to create such oils and hopes to meet the changing demands of clients that place a high value on eco-friendly products.
- Global specialty chemicals manufacturer Evonik Inc. made a statement in 2023 outlining its plans to grow in the specialty oil sector. It wants to efficiently meet the rising demand for specialty oils in the Asia Pacific region by establishing facilities to produce them there.
- Akoma, a popular supplier of specialty oils, was acquired by the famous specialty chemicals business Clariant in a significant event in 2023. This purchase was part of Clariant’s large growth plan of strengthening the company’s position in the international market and diversifying its supply chains.
- A well-known energy business company named Idemitsu Kosan announced in 2023 its new range of specialty oils made especially for electric cars (EVs). In contrast to traditional IC engines, electric cars have particular lubricating needs, and these new specialty oils are designed to satisfy the requirements.
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Segments Covered in Specialty Oils Industry Survey Report
By Product Type:
- White Oil
- Automotive Oil
- Transformer Oil
- Industrial Oil
- Liquid Paraffin
- Rubber Process Oil
- Petroleum Jelly
- Other Product Types
By End Users:
- Automotive
- Power Generation
- Pharmaceutical
- Personal Care & Cosmetics
- Food & Beverages
- Manufacturing
- Heavy Engineering Equipment
- Transmission & Distribution
- Other End Users
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia & Pacific Market
- Middle East & Africa (ME&A) Market
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR-certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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