The global linseed oil market is expected to be valued at USD 939 million by 2025, according to a new report by Grand View Research, Inc. Linseed oil is naturally derived from dried flax seeds by the process of pressing and solvent extraction. Increasing investments in plant facilities for the production of flaxseeds are projected to propel the market over the foreseeable period.
Linseed oil is largely used for manufacturing products such as paints, putty, wood finish, nutritional supplement, food processing, flooring, and linoleum. It is used as a drying oil in wood varnish finishing pigment binder in oil paints due to its fast drying, bonding, and film forming properties.
Linseed is rich in nutrition and fiber content along with vitamins and essential fatty acids, which increase its demand in the market in nutritional supplements industry. Increasing suppliers of flax are expected to drive the market over the coming years. Growing awareness regarding the use of flax oil for weight reduction, healthy hair, and dandruff removal is projected to propel the market growth.
The rising number of R&D activities and mergers & acquisitions carried out by companies, such as Archer Daniels Midland (ADM) Company, Cargill, Incorporated, and Henry Lamotte Oils GmbH, to enhance the product portfolio is projected to propel the market over the next eight years. Growing crop harvest, yield, and production of oil from flaxseed crop in the U.S. are projected to spur the North American regional segment.
Further key findings from the report suggest:
- The global demand was valued at USD 720 million in 2016 and the market is expected to record a CAGR of 3.0% over the forecast period
- Increasing awareness regarding the medical benefits offered by this oil as cancer & cellulite fighter and heart health booster is expected to propel the market growth
- Paints & varnishes emerged as the largest application segment and generated a revenue of USD 211.09 million in 2016
- The growing number of manufacturers and suppliers of flaxseeds for the production of linseed oil is anticipated to spur market growth over the forecast period
- Regulation directives have been provided by Occupational, Safety & Health Administration (OSHA) in the U.S. for the industrial hygienists on extracting oil from flaxseeds
- Asia Pacific was the significant regional segment in 2016 and is anticipated to hold a considerable share in the market, reporting an estimated CAGR of around 3.4% in terms of revenue over the forecast period
- Increasing demand from paints and food processing end-use industries is projected to drive the Asia Pacific regional market
- Growing demand from the U.S. and Canada for the product as a varnish for wooden products is projected to boost the industry
- In September 2013, Cargill rebuilt and expanded its oilseed processing plant in West Fargo, which processes sunflower and canola seeds into edible oil for food processing business, flaxseed for linseed oil for industrial use, and protein meal for animal feed
- Players operating in the market include Gustav Heess GmbH; Henry Lamotte Oils GmbH; Krishi Oils Limited; Cargill, Inc.; Archer Daniels Midland (ADM) Company; Natrol, LLC.; and Natural Factors, Inc.