Linseed Oil Market By Product Type (Raw Linseed Oil, Stand Oil, Boiled Linseed Oil), By Application (Paints & Varnishes {Paints, Lacquers, Wood Protection}, Food, Animal Nutrition & Care, Cosmetics, Pharmaceuticals), COVID-19 Impact Analysis, Regional Out

Linseed Oil Market By Product Type (Raw Linseed Oil, Stand Oil, Boiled Linseed Oil), By Application (Paints & Varnishes {Paints, Lacquers, Wood Protection}, Food, Animal Nutrition & Care, Cosmetics, Pharmaceuticals), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The linseed oil market is primed to exhibit lucrative growth by 2028 owing to increasing product adoption in the food and beverage industry.

Over the years, linseed oil has found extensive usage in the maintenance and protection of the exterior and interior surfaces of wood as well as for finishing. Rise in construction activities has also contributed to the high demand for linseed oil for various purposes like varnishing and painting. Additionally, growing awareness amongst consumers regarding the health benefits of linseed oil like prevention of heart diseases, reduced inflammation, and others has positively impacted business growth.

Furthermore, industry players are focusing on product innovation and strategic collaborations, thereby augmenting the growth of the linseed oil market. For instance, in 2021, global food giant Cargill and Frontline International, a kitchen equipment provider, collaborated to develop Kitchen Controller, an automated oil management system, to offer foodservice operators an intelligent and integrated approach to oil management.

Overall, the linseed oil market has been bifurcated in terms of product type, application, and region. With reference to application, the market has been divided into paints & varnishes, animal nutrition & care, food, pharmaceuticals, cosmetics, and others. Under paints and varnishes, the market has been further bifurcated into paints, lacquers, and wood protection.

The paints segment is poised to observe sturdy growth and reach a valuation of over USD 590 million by 2028 owing to rising demand for high-quality oil paint products and increasing use of linseed oil as a paint binder. The linseed oil market share from the wood protection segment is projected to exceed USD 592 million in revenue by 2028 due to the abrasion-resistant, waterproof, and resistant protection to wood offered by linseed oil.

The cosmetics segment is set to record notable growth to be valued at over USD 515 million by the end of the forecast period. Growing usage of natural ingredients in cosmetics products and escalating demand for natural cosmetic products are likely to fuel segmental expansion.

The pharmaceuticals segment is speculated to accrue a considerable revenue over the study timeframe, registering a growth rate of over 6% up to 2028. The growth is attributed to mounting prevalence of chronic diseases across the world, causing a tremendous rise in the demand for dietary supplements.

The others segment is speculated to surpass revenue of USD 700 million by 2028. Rapid growth in the construction industry across emerging economies would bolster the demand for putty, which is slated to boost linseed oil adoption.

From the regional standpoint, the Latin America linseed oil market is expected to reach a revenue of more than USD 130 million by the end of the forecast timeline owing to rising awareness about the health benefits provided by linseed oil, coupled with growing consumer preference for fortified food and dietary supplements.

Meanwhile, the Middle East and Africa linseed oil industry is primed to observe strong growth at a CAGR of approximately 4% through 2028 because of the proliferating construction sector, along with high government spending on infrastructural development across MEA.