The global specialty oils market is anticipated to grow from US$ 125,369.2 Mn in 2022 to US$ 175,703.8 Mn by the end of 2032, accelerating at a CAGR of 3.4% throughout the forecast period (2022-2032).
Rising demand for specialty oils across various end-use industries such as automotive, power generation, pharmaceutical, food & beverages, manufacturing, transmission & distribution, etc. is providing impetus to the growth of specialty oils market.
In recent years, rising electricity consumption has created enormous demand for transformer oil and the trend is likely to continue during the forecast period. This transformer oil is used to protect high-voltage electrical components used in electric utilities, including transformers, capacitors, switches, and circuit breakers. Due to its strong dielectric strength, viscosity, temperature adaptability, and other benefits, it is significantly employed as insulation between transformer windings and other parts.
The market of specialty oils has been substantially influenced by the rapid installation of power generation plants, power transmission, and distribution activities. According to World Energy and Climate Statistics – Yearbook 2022, global electricity consumption grew by 5.5% in 2021, which is 4.8% above its 2019 level.
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Thus, rising government investments and initiatives to develop and expand energy infrastructure across the world will push the demand for specialty oils like transformer oil during the forecast period.
Rapid installation of energy transmission and distribution facilities in developing countries is also anticipated to promote the sales of transformer oil which in turn will spur the growth of specialty oils market.
Similarly, growing usage of specialty oils across automotive and food & beverage will expand the global specialty oils market size during the forthcoming decade.
“Rapid growth of power generation and transmission infrastructure across the globe is expected to boost the demand for specialty oils over the coming decade,” says an FMI analyst.
Key Takeaways from Specialty Oils Market Report:
- By product type, transformer oil segment is expected to account for about 9% of the overall market size.
- By end-use industry, automotive, and power transmission segments are expected to collectively account for more than 48% of the overall consumption.
- The U.S. will continue to remain one of the most lucrative markets for specialty oils during the forecast period.
- India’s specialty oils market size is expected to reach around US$ 10,811.6 Mn by the end of 2032.
- Specialty oils market in China is likely to grow at a CAGR of 3.7% during the forecast period,
Leading specialty oil manufacturers include PaCalumet Specialty Products Partners, L.P., CASTROL LIMITED, Chevron Corporation, Exxon Mobil Corporation, H&R GmbH & Co. KGaA, Eni SpA, and others.
These key players are continuously adopting various strategies such as new product launches, mergers, acquisitions, collaborations, mergers, etc. to gain an upper hand in the global specialty oils market
- In July 2022, the Petroleum Nasional Berhad (PETRONAS) announced a strategic lubricant partnership with Tata Motors to supply lubricants for Tata Motor’s commercial fleet.
- In July 2021, SKF and Quaker Houghton entered into a new collaboration to offer industrial customers a fully circular use of industrial oil.
More Insights into the Specialty oils Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global specialty oils market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type, end-use industry, and region.
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Specialty Oils Market Segmentation
By Product Type:
- White Oil
- Automotive Oil
- Transformer Oil
- Industrial Oil
- Liquid Paraffin
- Rubber Process Oil
- Petroleum Jelly
By End-Use Industry:
- Power Generation
- Personal Care & Cosmetics
- Food & Beverages
- Heavy Engineering Equipment
- Transmission & Distribution
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa