Industrial Lubricants Market Share, Size, Trends, Industry Analysis Report, By Product (Metalworking Fluids, Industrial Engine Oils, Process Oils, General Industrial Oils); By Base Oil; By Application; By Region; Segment Forecast, 2024- 2032
- Published Date:Mar-2024
- Pages: 119
- Format: PDF
- Report ID: PM1122
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global industrial lubricants market size was valued at USD 51.18 billion in 2023. The market is anticipated to grow from USD 52.23 billion in 2024 to USD 68.42 billion by 2032, exhibiting the CAGR of 3.4% during the forecast period
Industrial Lubricants Market Overview
Industrial lubricants, such as oils, greases, fluids, and others, are designed to reduce wear, moisture, binding, and friction. These lubricants are formulated by combining base oils, including synthetic (such as polyalkylene glycol & polyalphaolefins), mineral, and biobased oils, with additives. The industrial lubricants market growth is being propelled by product types such as compressor oil, metalworking fluid, hydraulic fluid, and others, which offer superior protection against deterioration and prolong the lifespan of machinery. The shift towards biobased lubricating oils, driven by their reduced environmental impact and reduced dependence on non-renewable resources, is expected to create industrial lubricant market opportunities in the projected period.
To Understand More About this Research: Request a Free Sample Report
- For instance, in January 2024, BASF and Lubrizol entered into a license agreement for the production and distribution of selected industrial lubricants.
The global industrial lubricants market development is driven by the increasing use of advanced equipment and machinery in various sectors. To sustain their revenue streams, manufacturers are constantly seeking ways to enhance output efficiency, improve productivity, and minimize downtime. The industrial lubricants business experienced a slowdown due to production halts, supply chain delays, and various lockdown restrictions caused by the COVID-19 outbreak. This led to a decline in lubricant demand across all major industries. However, as the industrial sector recovers strongly and demand from key end-use industries thrives, the industrial lubricants market expansion is expected to quickly expand and contribute to the overall growth of the market size during the projected period.
Industrial Lubricants Market Dynamics
Market Drivers
Rising usage in construction and automobile industry
The construction sector is the largest consumer of industrial lubricants. The increasing infrastructure development in emerging economies is expected to boost the industrial lubricants market demand gradually. Hydraulic fluid, being more cost-effective than other lubricants, is the preferred product type for lubricating heavy machinery in the construction sector. In the future, industrial lubricant manufacturers may discover new revenue streams in the automotive sector. The automotive industry is increasingly adopting industrial lubricants due to their numerous advantages, such as high electrical resistance, durability, and corrosion protection.
Rapid Industrialization along with influence of western culture
The industrial lubricants market growth is expected to rise in the coming years, driven by rapid industrialization and increased trade, especially in developing countries. The growth of various industrial processes and increased investments in Research & Development (R&D) are supporting this expansion. Industries such as mining, chemicals, and unconventional energy are expected to see significant growth during this period. The demand for industrial lubricants market development in applications such as bearings, hydraulics, compressors, centrifuges, and industrial engines is also expected to increase as a result of these trends.
Moreover, the lifestyle in emerging nations has been significantly impacted by Western culture, leading to an increased demand for processed and frozen meals in recent years. This trend is expected to drive the growth of industrial lubricants, as many packaging industries are adopting automation and artificial intelligence (AI) to enhance production. Consequently, the industrial lubricants market development is expected to expand in the coming years as automation and robotic processing become increasingly integral.
Market Restraints
Price volatility for crude oil is likely to impede the market growth.
The industrial lubricants market expansion faces significant challenges and slowdowns due to the use of crude oil to produce synthetic base oil and mineral oil. The volatility of crude oil prices is a major concern, as it limits market applications and output. The U.S. Energy Information Administration (EIA) reports that the price per barrel of crude oil paid by refiners fluctuated from US$55.83 in May 2019 to US$20.04 in May 2020, to US$42.64 in January 2021 and finally to US 62.51 in October 2021. This price volatility directly impacts the production and pricing of base oil, shifting the cost burden to the finished product.
Report Segmentation
The market is primarily segmented based on product, base oil, application, and region.
|
By Product |
By Base Oil |
By Application |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Industrial Lubricants Market Segmental Analysis
By Product Analysis
- The metalworking fluids segment is projected to grow at a CAGR during the industrial lubricants market forecast period. Their rising popularity stems from their ability to enhance surface finish quality. These fluids find extensive use in specialized fields such as medical machining. To extend tool lifespan and reduce downtime, manufacturers often augment metal removal fluids with antioxidants and emulsifiers.
- The process oils segment led the industry market with a substantial revenue share in 2023. Process oils are extremely adaptable and have a wide range of uses, such as tire manufacturing, rubber processing, and polymer processing. They are invaluable in many industries because of their adaptability. Process oils are made expressly to improve material processing. Better processing efficiency and higher-quality products are the result of their improved flow characteristics, decreased friction, and improved additive dispersion.
By Base Oil Analysis
- The synthetic oil segment is expected to grow at the fastest CAGR over the industrial lubricants market forecast period. When it comes to performance, synthetic oils outperform traditional mineral oils. Their superior viscosity index, oxidation resistance, and thermal stability result in increased equipment life and efficiency. Many industrial industries, such as the automobile, manufacturing, and energy sectors, can employ synthetic oils. Their adaptability makes them a well-liked option in many sectors.
By Application Analysis
- Based on application analysis, the market has been segmented on the basis of metalworking, textiles, energy, chemical manufacturing, food processing, and hydraulic. The chemical manufacturing segment dominates the industrial lubricants market growth in context to the applications in 2023. Chemical manufacturing and processing plants encounter various challenges, such as extreme temperatures, continuous operation, and the risk of contamination from particles, water, and chemicals. Using lubricants in these plants helps to extend lubricant and equipment lifespan, maintain lower oil temperatures, increase production output, reduce friction, heat, wear, and energy consumption, and extend oil drain intervals.
- The metalworking segment is expected to grow at the fastest CAGR during the industrial lubricants market forecast period. The growth of this segment will be driven by the increase in industrial activity and the demand for metal in construction and equipment applications. Additionally, the expansion will be fueled by the requirement for metalworking processes, including cutting, welding, and shaping, in various applications such as foundries, ships, airplanes, milling, and industrial machinery.
Industrial Lubricants Market Regional Insights
The Asia Pacific region dominated the global market with the largest market share in 2023
The Asia Pacific region dominated the global market with the largest market share in 2023 and is expected to maintain its dominance over the anticipated period. The region's industrial lubricants market development is experiencing strong demand from various vital industries. This demand is largely driven by the superior qualities of industrial lubricants, such as enhanced performance, adhesion, damage protection, and prolonged machinery lifespan, particularly in the automotive sector. In a notable contrast to the decline seen in the past three years, the China Association of Automobile Manufacturers (CAAM) has reported a year-over-year increase in automotive production and sales, reaching 26.08 million and 26.27 million units, respectively. This growth is fueled by the rise in automobile production in key Asia-Pacific (APAC) regions, including China, Japan, and India, among others.
The Japan Automobile Manufacturers Association (JAMA) has reported an increase in motor vehicle manufacturing in Japan, with production rising from 344,875 units in December 2019 to 360,103 units in January 2020. Furthermore, the expanding residential building and infrastructure development in the Asia-Pacific region offer opportunities for market expansion. For instance, the Made in India campaign aims to attract US$965.5 million in investments for India's infrastructure by 2040. As a result, the booming demand for lubricants in automobile production, construction, and other industries in the Asia-Pacific region is driving the expansion of the industrial lubricants market opportunity. The Asia-Pacific region is expected to maintain its dominant position throughout the industrial lubricants market forecast period.
Competitive Landscape
The industrial lubricants market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Exxonmobil Corp
- Fuchs Group
- The Lubrizol Corporation
- Royal Dutch Shell
- Phillips 66
- Lucas Oil Products, Inc.
- Amsoil, Inc.
- Bel-Ray Co., Inc.
- Total Energies
- Kluber Lubrication.
- Valvoline International, Inc.
- Chevron Corp.
- Clariant
- Quaker Houghton
Recent Developments
- In September 2023, TotalEnergies and Automotive Parts Services Group (The Group) announced a strategic partnership to deliver enhanced value to their customers. Under this agreement, TotalEnergies Marketing USA will supply The Group's network of over 5,500 locations across North America with a range of high-quality lubricants and technical support.
- In May 2023, Shell aims to elevate its lubricants business in India to a top-three position globally within the next five years, up from its current 10th position.
- In March 2023, ExxonMobil is investing INR 900 crore to construct a lubricants production plant in Maharashtra.
Report Coverage
The industrial lubricants market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, product, base oil, application, and their futuristic growth opportunities.
Industrial Lubricants Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 52.23 billion |
|
Revenue forecast in 2032 |
USD 68.42 billion |
|
CAGR |
3.4% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Product, By Base Oil, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global Industrial Lubricants market size is expected to reach USD 68.42 billion by 2032
Key players in the market are Exxonmobil Corp, Fuchs Group, The Lubrizol Corporation, Royal Dutch Shell, Phillips 66, Lucas Oil Products, Inc
Asia Pacific contribute notably towards the global Industrial Lubricants Market
Industrial Lubricants Market exhibiting the CAGR of 3.4% during the forecast period
The Industrial Lubricants Market report covering key segments are product, base oil, application, and region.
