Industrial lubricants are essential substances used to reduce friction and enhance the efficiency of machinery and equipment in various industries. They play a crucial role in minimizing wear and tear, preventing corrosion, dissipating heat, and extending the lifespan of machinery. With a wide range of applications in manufacturing, automotive, aerospace, and other sectors, industrial lubricants are vital components in ensuring smooth and reliable operations, contributing to increased productivity and cost savings.
According to a recent industry analysis by Future Market Insights (FMI), the market for industrial lubricants in Europe is anticipated to reach US$ 4,414.9 million in 2022. By 2023, the market is set to cross US$ 4,634.2 million. From 2023 to 2033, it is projected to surge at a CAGR of 5.2%.
By the end of 2033, it’s expected to exceed US$ 7,710.3 million. Lubricants are in high demand due to Europe’s expanding vehicle sector. By providing lubricants that specifically address the needs of various vehicle types, including passenger cars, commercial vehicles, and off-road vehicles, manufacturers are aiming their products at the automotive sector.
Use of bio-based lubricants, which are produced from renewable resources such as vegetable oils and animal fats, is on the rise. These lubricants are biodegradable and environmentally friendly. This is why they are mostly used in sectors that are sensitive to the environment, including food processing and pharmaceutical manufacturing.
Due to an increase in industrial activity in a number of sectors, there is a rising demand for industrial lubricants in Europe. Requirement for lubricants to ensure efficient operation of machinery & equipment develops as the economy and manufacturing sectors expand.
Automotive, aerospace, building, and manufacturing sectors all significantly rely on lubricants to lower friction. Additionally, they would improve the effectiveness and performance of their operations and aid to prevent wear & tear.
In recent years, Europe has placed a high priority on sustainability and energy efficiency. Industrial lubricants are essential for accomplishing these objectives since they cut down on energy use and waste.
Advanced lubricants, which provide better performance, longer equipment life, and lower environmental effect, are being adopted by manufacturers at an increasing rate. In Europe, demand for environmentally friendly lubricants has increased due to more stringent laws and a greater emphasis on sustainable practices.
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Sectors in Europe are aware of the need for good equipment maintenance and optimization to increase production & reduce downtime. In order to ensure the efficient operation and durability of machinery, lubricants are essential.
Regular lubrication increases the longevity of industrial assets, lowers maintenance costs, and helps prevent equipment failure. As a result, companies in Europe are spending money on premium lubricants to enhance the performance of their machinery and reduce operational disruptions.
Rising demand for industrial lubricants in Europe is also a result of the development of new technologies and novel lubricant compositions. Manufacturers are continually looking for lubricants that can tolerate higher working temperatures, provide better corrosion resistance, and give improved performance.
New options for industrial applications have emerged with the introduction of synthetic, bio-based, and specialty lubricants. Hence, there will be a rising demand for these high-tech lubrication solutions in Europe.
Key Takeaways from Europe Industrial Lubricants Market Study:
- Europe industrial lubricants market witnessed a CAGR of 9% over the historical period from 2018 to 2022.
- Italy industrial lubricants market is projected to showcase a CAGR of 3% from 2023 to 2033.
- Russia industrial lubricants market is likely to create a total incremental $ opportunity of US$ 519.5 million between 2023 and 2033.
- Germany industrial lubricants market is expected to expand at a CAGR of 8% during the forecast period.
- By base oil, the mineral oil segment is anticipated to register a CAGR of 8% in Europe industrial lubricants industry from 2023 to 2033.
“The food processing sector in Europe makes a large economic contribution and dominates the market for industrial lubricants. Demand for high-performance lubricants that can withstand harsh operating conditions of food processing equipment is rising as the food sector develops.” – Says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape in Europe Industrial Lubricants Market
The industrial lubricants market in Europe is a very fragmented industry with a few players that are quite active there. Over 50% of the market share for industrial lubricants in Europe is now contributed by important industry players. There are numerous small and medium-sized firms on the market that compete with tier-1 companies.
Technology developments are anticipated to fuel market expansion in Europe. Development of new and more effective manufacturing techniques is projected to boost output and lower expenses. Additionally, it is predicted that this will increase manufacturing’s competitiveness and investment appeal.
For instance,
- In December 2021, a sale and purchase agreement was reached by LUKOIL and Gazprom Neft for a 50% equity stake in Meretoyakhaneftegaz LLC, a Gazprom Neft subsidiary. The goal of this arrangement was to create a joint venture to build a significant oil & gas cluster in the Nadym-Pur-Tazovsky neighborhood.
More Insights into Europe Industrial Lubricants Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the Europe industrial lubricants industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the market potential, growth, and scope, the market is segmented based on product type (hydraulic fluids, metal working fluids, gear oil, compressor oil, grease, turbine oil, transformer oil, refrigeration oil, textile machinery lubricants, and others), base oil (mineral oil, synthetic oil, and bio-based oil), end use (construction, metal and mining, cement production, power generation, automotive, chemical production, oil and gas, textile manufacturing, food processing, agriculture, pulp and paper, marine applications, and others), and county.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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