Canada Industrial Oils Market Size, Share, and COVID-19 Impact Analysis, By Source (Soybean, Corn, Sunflower, Cottonseed, Rapeseed, and Palm), By Type (Grade I (Light), Grade II (Medium), and Grade III (Heavy)), and Canada Industrial Oils Market Insights, Industry Trend, Forecasts to 2033

Canada Industrial Oils Market Insights Forecasts to 2033

• The Canada Industrial Oils Market Size is Growing at a CAGR of 3.40% from 2023 to 2033
• The Canada Industrial Oils Market Size is Expected to Reach a Significant Share by 2033

The Canada Industrial Oils Market Size is anticipated to reach a significant share by 2033, Growing at a CAGR of 3.40% from 2023 to 2033

Market Overview

Canada industrial oils market is a key component of various industries, including manufacturing, automotive, aerospace, and agriculture. It covers a broad spectrum of lubricants, hydraulic fluids, and specialty oils crucial for machinery operation and energy efficiency. The government plays an essential role in supporting this market through initiatives like the Strategic Innovation Fund (SIF) and the Clean Growth Program. These programs are designed to encourage the development of clean technologies, reduce emissions, and improve energy efficiency in industrial sectors. The SIF, in particular, provides financial support to businesses focusing on advanced manufacturing and sustainable practices. The benefits of these government initiatives are multifaceted. They contribute to significant economic growth, with the industrial oils sector generating substantial revenue and creating jobs in both traditional oil production and emerging green technologies. Moreover, these initiatives support Canada’s commitment to environmental sustainability by promoting the use of bio-based and synthetic oils that reduce the environmental footprint of industrial operations.

Report Coverage

This research report categorizes the market for the Canada industrial oils market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada industrial oils market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada industrial oils market.  

Driving Factors

Demand for industrial oils is fueled by the continuous expansion of manufacturing and automotive industries, which rely on lubricants and hydraulic fluids for machinery and vehicle operation. As Canada’s manufacturing sector grows, particularly in regions like Ontario and Quebec, the need for high-quality industrial oils remains strong. Additionally, the push for sustainability and environmental responsibility plays a pivotal role, with increasing consumer and regulatory pressure for cleaner, more eco-friendly oils.

Restraining Factors

One of the primary challenges is the fluctuating prices of raw materials, such as crude oil and base oils, which directly impact the production costs of industrial lubricants and oils.

Market Segmentation

The Canada industrial oils market share is classified into source and type.

• The soybean segment accounted for the leading revenue share in 2023 and is expected to grow at a remarkable CAGR during the forecast period.

The Canada industrial oils market is segmented by source into soybean, corn, sunflower, cottonseed, rapeseed, and palm. Among these, the soybean segment accounted for the leading revenue share in 2023 and is expected to grow at a remarkable CAGR during the forecast period. The dominance is attributed to soybean oil’s versatility, high yield, and its widespread use in industrial applications such as lubricants, hydraulic fluids, and biofuels. The increasing demand for eco-friendly and renewable oils further boosts the popularity of soybean oil due to its bio-based nature.

• The grade I (light) segment accounted for the highest market share in 2023 and is expected to grow at a substantial CAGR during the forecast period.

The Canada industrial oils market is segmented by type into grade I (light), grade II (medium), and grade III (heavy). Among these, the grade I (light) segment accounted for the highest market share in 2023 and is expected to grow at a substantial CAGR during the forecast period. The segment growth can be driven as grade I (light) oils are preferred in various industrial applications due to their lower viscosity, superior performance at higher temperatures, and excellent fluidity, making them ideal for machinery and engines that require smooth and efficient operation. These oils are commonly used in automotive engines, hydraulic systems, and other light-duty industrial processes.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada industrial oils market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Kratan Corporation
• Bunge Limited
• Soya Mills SA
• Wilmar International
• Gemtek Products
• Royal Dutch Shell Plc
• Cargill Incorporated
• Castrol Limited
• Malplast Industries Limited
• Chevron USA Inc.
• Matole Ltd
• AAK Kamani
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2021, Castrol unveiled its Castrol ON line, a set of smart lubricants with enhanced data-tracking capabilities. These oils can monitor the health of machinery and offer predictive maintenance solutions, a significant step towards digital transformation in the Canadian manufacturing sector.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada industrial oils market based on the below-mentioned segments:

Canada Industrial Oils Market, By Source

• Soybean
• Corn
• Sunflower
• Cottonseed
• Rapeseed
• Palm

Canada Industrial Oils Market, By Type

• Grade I (Light)
• Grade II (Medium)
• Grade III (Heavy)