Industrial Oils Holds Huge Potential in Keeping Industrialization More Efficient. Asia Pacific to Witness the Highest Growth
- September 25, 2021
- ENERGY & POWER, NEWS
- Industrial Oils market analysis, Industrial Oils market trend
- 0 Comments
Industrial Oils market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Crude oil and other liquids that are extracted from fossil fuels are refined to produce petroleum. Petroleum is also known as oil. Biofuels are also used as petroleum products mainly by mixing gasoline and diesel fuels. The main uses of petroleum are to propel vehicles, to produce electricity, and to heat buildings. Petroleum is also used as a raw material by the petrochemical industry in the industrial sector to produce products such as plastics, solvents, polyurethane, and hundreds of other intermediates and end-user goods. In 2020, United States consumed an average of about 18.12 million barrels per day (b/d), which included nearly 1 million b/d of biofuels. The total consumption of petroleum in in the United States was about 13% lower in 2020 as compared to 2018 and 2019 mainly due to the coronavirus pandemic. Consumption of most petroleum products was lower in 2019 than 2020.
For a detailed analysis of the Industrial Oils Market browse through– https://univdatos.com/report/industrial-oil-market/
Crude oil prices are constantly on the rise since over a decade. This is mainly because of the consistent urbanization over the years and our increasing dependence on crude in the use of technology and many industrial products. In the July 2021 OPEC+ ministerial meeting, the conclusion among the members after two rounds of discussions was to ease the production cuts by 400,000 barrels per day (b/d) each month beginning August 2021. It was also agreed in the meeting to adjust in the baseline crude production level of some OPEC+ members like Saudi Arabia, UAE, Russia to take effect from 2022. The demand of crude oil may have decreased due to the coronavirus pandemic but once the lockdowns opened, the prices rose to their highest again. In fact, crude oil price hit their two years high with Brent crude oil rising above US$ 71 per barrel mark in May 2019.
For a detailed analysis of the market drivers in Industrial Oils Market browse through
The 2019 coronavirus pandemic changed the entire landscape of the manufacturing industry. The struggle for manufacturers serving in the travel and energy production industries if ongoing, however, other industries like the healthcare, and online shopping saw an increase in their revenue. Specialist industries learned the hard way that producing and focusing on just a few products can cause of their downfall, and thus have started to diversify. These companies are aggressively reforming their products and processes and moving towards more profitable markets. The overall manufacturing decreased significantly during the pandemic years. The manufacturing industry declined from 115 in 2019 to 100.3 in 2020. This shows the impact of pandemic to the manufacturing industry, due to which the consumption of industrial oils must have also declined as industrial oils are most used in the manufacturing sectors.
For a detailed analysis of the Source in the Industrial Oils Market browse through
Based on source, the industrial oils market is segmented into Natural, Mineral, and Synthetic. Amongst source, the natural segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Natural industrial oils, more commonly known as bio-based industrial oils have gained tremendous popularity over the last decade. Usage of mineral-based oils heavily relies on extracting from petroleum products.
For a detailed analysis of the Product Type of Charging in the Industrial Oils Market browse through
Based on Product Type, the industrial oils market is segmented into Turbine Oil, Refrigeration Oil, Compressor Oil, Electrical Oil, and Heat Transfer Oil. Amongst product type, Heat Transfer Oil segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Heat transfer oil is needed in many industrial applications and for heating homes during the winter. Heat is provided indirectly by hot oil through the heat exchanger, which reduces hotspots and increases the safety of the heating process.
For a detailed analysis of the Type in the Industrial Oils Market browse through
Based on Type, the industrial oil market is segmented into Grade I (Light), Grade II (Medium), and Grade III (Heavy). The Grade I segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. Group I base oils has less than 90% saturates, viscosity-index range of 80-120 and greater than 0.03% sulfur. Their temperature ranges from 32-150 degrees F.
For a detailed analysis of the End-Use in the Industrial Oils Market browse through
Based on end-use, the industrial oils market is segmented into Automotive, Engineering, Automation, Manufacturing, Food processing, Oil & Gas, and Medical. Amongst end-user, the automotive segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Nowadays, automakers are stiving for extended warranties and promising longer intervals between vehicles services. This requires the use of good quality lubricants to ensure the vehicles longer and efficient functions.
Request for Sample of the report browse through– https://univdatos.com/get-a-free-sample-form-php/?product_id=9523
Additionally, the report provides detailed initiatives that are being taken in the field of Industrial Oils, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia-Pacific dominated the market in 2020, with XX% share.
Cargill, Bunge Limited, Wilmar International, Louis Dreyfus Company B.V., Archer Daniels Midland (ADM), Buhler Group, CHS Inc., Ag Processing Inc., A&A Fratelli Parodi Spa, and Gemtek Products are some of the prominent players operating in the Industrial Oils market. Several M&As along with partnerships have been undertaken by these players to make Industrial Oils as cost-effective and as widely available as possible.
Industrial Oils Market Segmentation
Market Insight, by Source
Market Insight, by Product Type
- Turbine Oil
- Refrigeration Oil
- Compressor Oil
- Electrical Oil
- Heat Transfer Oil
Market Insight, by Type
- Grade I (Light)
- Grade II (Medium)
- Grade III (Heavy)
Market Insight, by End-Use
- Food processing
- Oil and gas
Market Insight, by Region
- North America Industrial Oils Market
- United States
- Rest of North America
- Europe Industrial Oils Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Industrial Oils Market
- Rest of Asia-Pacific
- Rest of World Industrial Oils Market
Top Company Profiles
- Bunge Limited
- Wilmar International
- Louis Dreyfus Company B.V.
- Archer Daniels Midland (ADM)
- Buhler Group
- CHS Inc.
- Ag Processing Inc
- A&A Fratelli Parodi Spa
- Gemtek Products