Drying oils have been modified using the oxidative process to produce blown oils. Generally, blown oils are base-oils, having numerous types depend upon the seeds. Types of blown oils include blown castor oil, blown soybean oil, blown mustard oil, blown rapeseed oil, and others. Blown oils are also identified as oxidized oils and oxidatively polymerized oils.
In term of characteristics, blown oils offer various features such as better lubricity, biodegradability, low toxicity, relatively high flash point, thickening, etc. Blown oils have superior properties, due to this, finds a wide range of applications in various areas including, metalworking and rolling oils, cutting fluids, drilling muds, personal care products, greases, wire drawing, and chainsaw lubricants, two-stroke engine oils, and many more.
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Global Blown oils Market: Market Dynamics
Global blown oils market is primarily driven by the increasing production of end-use applications such as paints, inks, lubricants, adhesives, rubber, and among others. Rising demand for cosmetics has also necessitated the demand for blown oils. Increased consumer spending, growth in fixed business investments, and increasing residential constructions is subsequently expected to propel the demand for paints and coatings, which in turn is expected to, drive the global blown oil market.
Blown oils have renewable nature and high availability, yet have relatively high price. Thus, blown oils market is witnessing a constant threat from low-priced alternative products, such as mineral and synthetic oils. Production of blown oils is easier, however, it produces a high yield. In turn, these factors hampering the global blown oil market during the forecast period. However, growing environmental concerns and stringent regulations have boosted the demand for biopolymers from industrial fuels. Thus, this factor act as a key trend for the global blown oil market.
In FY 2016, Arkema (manufacture of castor blown oil) announced the acquisition of a 25% stake in Jayant’s blown oil producing subsidiary to meet the increased customer demand. Further, In October 2013, Arkema entered into a partnership with Addiplast – a France based firm to supply its biodegradable products like blown oils, across the world. These kinds of organic growth across competitive landscape has been one of the notable trends witnessed in the global blown oil market
Global Blown oils Market: Segmentation
On the basis of product type, global blown oils can be segmented as mentioned below:
- Blown Castor Oil
- Blown Soybean Oil
- Blown Mustard Oil
- Blown Rapeseed Oil
On the basis of application, global blown oils market can be segmented as mentioned below:
- Paints & Coating, Inks
- Adhesives & Sealants
- Food & beverages
Global Blown oils Market: Regional Outlook
Amidst all regions, Asia Pacific region is expected to hold significant share in terms of both volume and value, owing to the high usage of lubricants and plasticizers in the region. Further, China is a major consumer of blown oils, due to the high presence of local and international players of paints, inks, and lubricants. For instance, the companies holding the largest market share in paint manufacturing are almost China-based firms, for ex. Nippon Paint (China) Co., Akzo Nobel Coatings (China), PPG Paint, etc.
Further, in Europe, the increasing production rate of plasticizers is expected to give a push to the blown oils market in the next few years. The Middle East & Africa blown oils market has been witnessing significant growth in chemicals as well as lubricants and paint sectors, in turn, MEA blown oil market expected to gain sustainable growth in future
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Global Blown oils Market: Key Participants
The global blown oils market is expected to be fragmented market due to the presence of local manufacturers at a regional level. Some of the key participants identified across the value chain of global blown oils market are as mentioned below:
- Kerawalla Group
- Turkish Manufacturers
- Redox Pty Ltd.
- Ambuja Solvex Pvt Limited
- ARVALLI CASTOR DERIVATIVES PVT LTD
- Alnor Oil Company, Inc.
- Vertellus Performance Materials Inc.
- Castor International
- VANDEPUTTE GROUP
- Croda Lubricants
- Girnar Industries