Specialty Oils Industry Size, Share, Demand & Growth by 2033
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.
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.
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from commodity, bulk,
specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified,
recipient of the Stevie Award, and a member of the Greater New York Chamber of
Commerce) offers profound insights into the driving factors that are boosting
demand in the market. FMI stands as the leading global provider of market
intelligence, advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals
markets. With a vast team of over 400 analysts worldwide, FMI provides global,
regional, and local expertise on diverse domains and industry trends across
more than 110 countries.
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