Linseed Oil Market: Overview
The market size for linseed oil was USD 91.2 billion in 2021, and it is projected to grow at a CAGR of 6.2 percent during the forecast period. The surging assumption of linseed oil as dietary supplements in the nutraceutical and pharmaceutical industry is anticipated to drive the growth of the linseed oil market during the forecast period. Fluctuating prices of flaxseed, a key raw material utilized for the production of linseed oil, could impact the price trend of the linseed oil market. However, technological advancements coupled with stringent environmental regulations legislated by the governments of various countries against the utilization of artificial substitutes are anticipated to iron out the creases that prevent the flawless growth of the linseed oil market.
The demand for linseed oil for food and cosmetics applications will increase significantly over the forecast period. This can be related to growing awareness of the potential health advantages of linseed oil and its adaptability. Linseed oil is a useful ingredient presented in dairy products, baked goods, muffins, dried noodles, and processed meats. Moreover, the oil can be exchanged for other types of oil in flavoring agents, dips, margarine, and sauces. It can also be applied directly to the skin to boost its health by rising its moisture content. As a result, the market will likely grow during the projected period.
Linseed oil's polymer-forming property to polymerize into solid form, largely utilized for blending with several solvents and resins as impregnator and linoleum in the paints & coatings sector, is projected to fuel the market growth. It is also utilized in the manufacturing process of other oils, having properties like bonding, grinding, tempering, and catalyzed curing. Furthermore, Increasing investments in crop yield and harvesting activities for flaxseed production in the US and Canada are predicted to act as major driving factors for the North American regional segment over the next few years. The increasing number of R&D activities associated with producing linseed oil used in several applications will positively impact product demand.
Growing awareness of the health benefits of these oils is increasing their adoption in nutritional supplement manufacturing. Studies have indicated that these oils reduce cancer risk and cardiovascular diseases. The oil produced utilizing a cold-pressing technique is safe for human and animal conditions. Linseed oil comes with preventive qualities, i.e., preventing deterioration of concrete and wood surfaces and thus safeguarding the longevity and quality of products coated with the oil. Thus, a demand for wood finishing is expected to boost the linseed oil market.
Moreover, linseed oil also finds its application in oil paints, soaps, inks, and linoleum as a carrier for making them glossy and transparent and enhancing their consistency. Moreover, linseed oil manufacturers have been strategizing to maintain their positions in the global market by engaging in partnerships, joint ventures, mergers and acquisitions, geographical expansion and diversification of their product portfolio. For instance, in 2021, Cargill entered a partnership with Frontline International for Kitchen Controller, intending to effectively survive their businesses by assisting the operators.
Linseed Oil Market: COVID-19 Impact
The COVID-19 pandemic has severely affected various industries. It has put a halt to the production process as well as helped to a shortage of raw materials. Thus, restricting the trade cycle. Due to all these factors, the linseed oil market is also affected. The Healthcare industry is continuously increasing due to this COVID-19 pandemic, and linseed oils have huge applications in the healthcare industry. However, linseed oil has various applications in different industries, hampered due to the lockdown.
Linseed Oil Market: Drivers
Rising Drift of Consumers Towards Cosmetics Industry to Drive Growth of Market
The growing drift of consumers toward organic cosmetic products has enabled linseed oil to emerge as a suitable substitute for synthetic cosmetic products with a rich concentration of alpha-linolenic acid (ALA) and vitamin E. Alongside, the rising rate of adoption of linseed oil in the cosmetic industry can be attributed to its skin softening, moisturizing. Nourishing effects possess anti-inflammatory, regenerative, and wound-help properties, which can treat flaky, rough, irritated, and dry skin. Consequently, the growing demand for linseed oil products has encouraged the manufacturers of cosmetic products to utilize the product for manufacturing shampoo ingredients, masks, and moisturizing creams, which is predicted to supplement promising growth prospects in the linseed oil market.
Preference for Raw Linseed Oil for Delicate Artworks and Interior Designs to Boost Market Growth
Rising population, growing income levels, and rapid urbanization are expected to increase household & commercial applications, growing the demand for raw linseed oils. The increasing living standards in developing countries and spending on premium lifestyles is growing the demand for delicate interior designs, propelling market share. Furthermore, favorable schemes & initiatives undertaken by governments, manufacturers and suppliers of various countries across the world to encourage organic and advanced farming activities should raise the product demand. For instance, Key players, including Cargill Inc., Jamieson Natural Resources and Henry Lamotte Oils Gmbh, focus on their dealership expansion to rise net sales.
Linseed Oil Market: Restraints
Replacement of Linseed Oil by PVC is Anticipated to Hamper the Market Growth
Linseed oil is dangerous and can lead to fire which can hamper the market during the forecast period. Moreover, it also creates eye and skin irritation when in contact, and thus it can hinder its usage in childcare products. Moreover, linoleum is widely replaced by PVC, again restraining the growth of the global linseed oils market.
Linseed Oil Market: Segment Overview
Paint and Textile Segment to Dominate Market due to Increase in its Utilization
The paint and textile segments will account for most of the global linseed oil market share during the forecast period. Linseed oil is commonly utilized in paint, wood finish, putty, food processing, nutritional supplements, and numerous other uses. However, their qualities make paints and varnishes frequently used as coats in wood finishing. Linseed oil is predicted to grow in demand owing to its widening application scope as an additive utilized in oil paints to impart features such as finishing, making it liquid, clear, and glossy. The growing automotive and consumer goods industries may drive product demand. Due to their fast-drying, bonding, and film-forming capabilities, they are often employed on the interior and outside of house walls, the body of a vehicle, and corporate buildings.
Increased Demand for Omega-3, Pharmaceutical Segment Dominated Market
The pharmaceutical segment is anticipated to grow dramatically in the global linseed oil market during the forecast period. Linseed oil is best recognized for its omega-3 concentration, which is why it is heart-healthy. On the other hand, Linseed oil has decreased inflammation, improved digestion, slowed cancer cell growth, and improved skin health. Recently, various researchers have discovered that it can aid in the reduction of cholesterol, high blood pressure, and blood sugar levels. As a result of these factors, market segment growth is expanding during the forecast periods.
Linseed Oil Market: Regional Landscape
North America Dominates Market as it is the Largest Producer of Linseed Oil
North America is one of the leading regions in the global linseed oil market. It is anticipated to account for a large industry share throughout the projected period. This can be attributed to the region's easy access to linseed, broadly available in the US and Canada. Moreover, as two of the world's largest flaxseed producers and the growing popularity of flaxseed-based products among health and beauty-conscious clients, the region's industry is anticipated to develop. The market is anticipated to profit from the growing infrastructure requirement for wood products in new and existing structures throughout the forecast period.
Furthermore, Most American diets lack sufficient amounts of omega-3 fatty acids, which can be fulfilled by consuming linseed oil as a salad dressing or in a smoothie. Linseed oil is a rich source of ALA, a precursor of essential omega-3 fatty acids EPA (eicosapentaenoic acid). Various studies have pointed out that including omega-3 fatty acid-containing food in the daily diet might assist fight obesity more healthily owing to its ability to improve adipocyte function. Due to all these benefits, the North American linseed oil market is predicted to show robust growth over the forecast period.
The Asia Pacific is predicted to be the fastest-growing regional segment over the forecast period, followed by North America owing to a growing number of manufacturers & suppliers and rising awareness regarding the health benefits offered by the products in the pharmaceutical industry are projected to influence the flaxseed oil market during the forecast period positively.
Global Linseed Oil Market: Competitive Landscape
In April 2021, VandeputteOleochemicals completed the construction of the world’s largest linseed oil plant, ASVA, in the Rostov region. This plant is the joint venture of ASTON (Russia) and VandeputteOleochemicals. It focuses on technological processing for double pressing linseed oil extraction having a production capacity of around 450 tons per day, allowing the company to cater to greater global demand. Moreover, in September 2021, Croda International Plc. Opened its crop care product validation center in Brazil to facilitate product development, strengthening its position in the agrochemical market. This strategic development will assist in boosting the market of linseed oil due to its applications in crop care products.
Few of the players in the linseed oil market include AlberdingkBoley GmbH, Bartoline Limited, Henry Lamotte Oils GmbH, Archer Daniels Midland Company, Heess GmbH, Krishi Oils Limited, Cargill Inc., ADM, Bioriginal Food and Science Corp., OPW Ingredients GmbH, Natural Brand, LinolieDanmarkAps, Spectrum Chemical Mfg. Corp., OmegaFactors, GranoVita, AOS Products Pvt. Ltd., Merck KGaA, Hangzhou Choisun Bio-Tech. Co. Ltd., Vandeputte Group, Sanmark Corp., Natrol LLC, and GrupoPlimon.
Global Linseed Oil Market is Segmented as Below:
By Product Type
By Distribution Channel
Key Elements Included In The Study: Global Linseed Oil Market
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