According to a recent report published by Persistence Market Research (PMR), the linseed oil market is estimated to advance at a steady pace with an approximated CAGR of nearly 6% during the projected timeframe 2018-2027. The steady growth of the market can be attributed to the burgeoning demand for the linseed oil in food and beverage industry as a dietary supplement, owing to its richness in omega-3 fatty acids and vitamin E.
The report published by Persistence Market Research (PMR) opines that North America will continue to hold a sizeable share of the linseed oil market. Surging consumption of wood for the development of infrastructures in Canada and the U.S. coupled with the rising number of constructional activities are likely to uphold the demand for premium paints and varnishes, which is eventually expected to fuel the growth of the linseed oil market in this region. Additionally, financial cushion offered by the government underpinning the production of flaxseed in parallel to the rising R&D activities pertaining to the applications of the product in variegated industries is likely to supplement healthy growth to the linseed oil market.
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Extensive Adoption of Linseed Oil in Paint and Coating Industry to Pave Way for Profitable Opportunity
The study opines that with the rising demand for paint, putty, wood finish, flooring, and varnishing, demand for products supporting these applications have also been on a surge. Consequently, demand for linseed oil is gaining steady traction in commercial as well as residential applications, on account of its excellent carrier capabilities in oil paints, which offers a uniform, transparent, and glossy output.
Growing demand for a high-quality paint that prevents the deterioration of wood and concrete surfaces, while ensuring the quality and longevity of products coated with oil is projected to fuel the growth of linseed oil market. Governments’ mandate for the use of non-toxic and environmental-friendly varnishes and paints have been another vital cause influencing the growth of the linseed oil market during the forecast period, finds PMR.
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Drift of Consumers Towards Organic Products to Uphold the Demand for Linseed Oil
The study finds that increasing cognizance pertaining to the health hazards caused by the use of synthetic products has been driving the attention of consumers towards organic products. Tracking the shifting preferences of consumers, the manufacturers of linseed oil have been trailing the current trends followed in the industry to meet the demand of the end-users by enhancing the desirability of their products. Additionally, organically produced linseed oil tends to retain its natural flavor and taste, which is further expected to generate novel opportunities for the linseed oil market growth during the projected time period.
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Availability of a Large Number of Alternatives to Impact the Adoption Rate of Linseed Oil
With the rising popularity of poppyseed oil, safflower oil, sunflower oil, and stand oil for varnishing, the demand for linseed oil has been declining. Additionally, synthetic varnishing substitutes of linseed oil have been gaining momentum with their premium quality and desirable properties. Consequently, end-users have begun favoring synthetically produced varnish over linseed oil, thereby translating into limited growth opportunities for the linseed oil market.
According to the report, price of flaxseeds has been witnessing a fluctuation, which directly influences the cost price of linseed oil. Owing to the unstable prices, seasoned stakeholders of paint and coating industries have been relying on these synthetic products to suffice their varnishing needs, which could act as a growth deterrent for the linseed oil market.
A Glance at the Competitive Matrix of the Linseed Oil Market
The study offers an incisive view of the competition prevailing in the linseed oil market by analyzing the significant players such as Cargill Inc., Archer Daniels Midland Company, Gustav Heess GmbH, Krishi Oils Limited, ADM, Bioriginal Food and Science Corp., Natural Brand, Linolie Danmark Aps, OmegaFactors, GranoVita, Natrol LLC, Merch KGaA, Bartoline Limited, Henry Lamotte Oils GmbH, and Vandeputte Group.
- Cargill, a significant player functioning in the linseed oil market, expanded its oilseed processing plant in West Fargo for the production of linseed oil for its application in industrial uses.
- In August 2017, ADM Company announced the expansion of its plant-based channel to underpin the production of tropical fruit blends, acerola, green tea, and antioxidants.
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