The industrial oil market size has seen continuous growth in sales, with an estimated value of around US$ 65,757.6 million in 2023. Further, a robust CAGR of 3.5% is predicted by FMI for the upcoming years to continue this upward trend. By 2033, the overall market valuation is anticipated by FMI to be valued at nearly US$ 92,575.6 million.
The rapid rise in demand for industrial in recent years reflects the rising need for industrial lubricants and fluids in a variety of industries. High-quality lubricants and fluids are in demand to maintain the performance and durability of machinery and equipment.
The 4th Industrial Revolution and the surge in industrial automation have also increased the demand for industrial oil by manifolds in the last few years. The demand for dependable industrial oil products can rise further in the coming days as enterprises use automation to increase output and save costs.
Strict rules and concerns about sustainability have also influenced the industrial oil production sector to a great extent in recent years. The transition to biodegradable lubricants has forced manufacturers to spend money to create environmentally friendly industrial oil products that operate at their best.
The overall market is also expanding with the developing economies and industrialization in areas like the Middle East, Latin America, and Asia Pacific. Some other factors, including technological developments in equipment, have also contributed to the tremendous increase in the global market.
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Key Takeaways from the Industrial Oil Market Study Report
- The United States commands a substantial market with a 20.4% global revenue share in 2022. This can be due to its thriving industrial sector and improvements in technology in the country.
- Germany is well-represented in the global industrial oil manufacturing sector, with a global revenue share of 6.8% in 2022. Meanwhile, the demand for industrial oil in the United Kingdom is anticipated to expand steadily between 2023 and 2033, with a CAGR of 2.6%.
- The sales of industrial oil in China are anticipated to increase significantly between 2023 and 2033, with a CAGR of 4.1%. Meanwhile, the market in India is anticipated to develop rapidly at a CAGR of 4.8% during this period.
Competitive Landscape for the Industrial Oil Market Players
Top Key Companies Profiled
- ExxonMobil
- Shell
- PHILLIPS 66
- TotalEnergies
- Chevron
- bp
- Gazprom
- Rosneft
- Quacker Houghton Chemical Corp.
- Lukoil
- Petronas
- Bharat Petroleum
- FUCHS PETROLUB SE
- Sinopec
- Idemitsu Kosan Co., Ltd
- Tide Water Oil Co (I) Ltd
- Castrol
- Panama Petrochem Ltd.
- Gulf Oil Lubricants India Ltd
- Gandhar Oil
- Savita Oil Technologies Ltd
- Apar Industries Ltd.
- Grauer & Weil (India) Limited
- Gold Oil Corporation
- Vinayak Oil
The establishment of specialized production facilities demonstrates the dedication of such market participants to remain at the forefront of technical breakthroughs.
Recent emphasis on sustainability aligns with worldwide initiatives to cut carbon emissions and advance environmentally friendly business practices. Meanwhile, new players seek to improve their market positions and provide improved lubricant solutions to compete with the existing players.
Recent Developments by the Industrial Oil Manufacturing Industries
ExxonMobil made an important statement in February 2023 when it revealed its plans to invest US$ 100 million in a new facility in Houston, Texas. The main goal of this cutting-edge lubricant production facility is to meet the changing demands of diverse industrial sectors and promote technical improvement.
In May 2023, TotalEnergies Company said it was creating a new kind of recycled plastic-based industrial lubricant. Although it is generated from a more sustainable feedstock, the company claims it to be just as effective as conventional lubricants.
To create sustainable industrial oils, Chevron and the University of California, Berkeley, formed a partnership in June 2023. The alliance plans to concentrate on exploiting algae to create oils that work with current industrial machinery.
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Industrial Oil Market Segmentation
By Type:
- Mineral
- Synthetic and Semi-Synthetic
- Bio-based
Oil Type:
- Process Oil
- Hydraulic Oils
- Industry Engine Oils
- Gear Oils
- Metal Working Fluids
- Turbine and Circulating Oils
- Refrigerating Oils
- Compressor Oils
By Source:
- Crude Oil
- Soybean
- Rapeseed
- Sunflower
- Palm
- Others
By End Use:
- Energy Generation
- Oil & Gas
- Manufacturing
- Automotive
- Heavy Engineering Equipment
By Region:
- North America
- Latin America
- Europe
- East Asia
- SAPeI (South Asia Pacific excl. India)
- The Middle East & Africa
- India
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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