Over the forecasted period of 2022 to 2032, the market for industrial lubricants is anticipated to expand at a steady CAGR of 4.4%. The anticipated value of the global market is US$ 21,832 million in 2022 and US$ 33,582 million in 2032. IoT-based applications are being used more and more, which is credited with growth. According to historical projections for the period from 2016 to 2021, the industrial lubricants market experienced a sluggish 3.1% CAGR in growth.
The global industrial lubricants market is majorly driven by the surging adoption of complex machinery and tools in multiple industries. Prominent manufacturers in the industry are constantly focusing to boost their output efficiency by enhancing productivity and reducing downtime significantly, therefore, sustaining the revenue pool of market players.
The surge in strict regulatory frameworks is influencing market players in order to incline toward food-grade industrial lubricants that, besides environmental benefits, offer improved lubrication and viscosity. Manufacturers are moving towards sustainability measures including the reuse and recycling of industrial lubricants. Furthermore, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.
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Key Takeaways
- The construction sector is the dominant consumer of industrial lubricants. The growing infrastructural development in emerging economies is expected to fuel industrial lubricant sales. Hydraulic fluid is considered a prominent product type utilized in the construction industry for the lubrication of heavy load equipment, as it is cheaper in comparison to several other lubricants.
- Moving further, the predictive automobile technology is also offering potential revenue prospects for the industrial lubricants market. There are several benefits of industrial lubricants such as high durability, corrosion protection, and high electrical resistance boosting their usage in the automotive sector.
- Various end-use industries including the food processing industry are gradually incorporating advanced technologies into their sector such as artificial intelligence (AI), and automotive, implying greater indulgence of machines, thus, auguring well for the industrial lubricants market.
Competitive Landscape
The key participants attributing to the industrial lubricants market are highly competitive owing to the presence of regional and local manufacturers. While several global players are focusing on research and development activities other regional players are expanding their reach worldwide by operating across key growth regions, particularly in the Asia Pacific.
Key Companies Profiled
- ExxonMobil Corp.
- Fuchs Lubricants
- The Lubrizol Corp.
- Royal Dutch Shell
- Phillips 66
- Lucas Oil Products Inc.
- Amsoil, Inc.
- Bel-Ray Co. Inc.
- Total S.A
- Kluber Lubrication
- Valvoline International, Inc.
- Chevron Corp.
- Clariant
- Quaker Chemical Corp.
- Zeller+Gmelin GmbH & Co KG
- Houghton International, Inc.
- Castrol
- Blaser Swisslube, Inc.
- Calumet Specialty Product Partners LP
- Petronas Lubricant International
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Key Segments Profiled in the Industrial Lubricants Industry Survey
By Base Oil:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
By Product Type:
- Hydraulic Fluids
- Metalworking Fluids
- Gear Oil
- Compressor Oil
- Grease
- Turbine Oil
By End Use Industry:
- Construction
- Metal & Mining
- Cement Production
- Power Generation
- Automotive
- Chemical Production
- Oil & Gas
- Textile Manufacturing
- Food Processing
- Agriculture
- Pulp & Paper
- Marine Applications
- Other End Use Industries
More Insights into the Industrial Lubricants Market
According to FMI, demand for industrial lubricants in North America possesses a 19.2% share in the global market during the forecast period, due to a surge in the expansion of end-use industries such as construction, metal, mining, and the subsequent use of lubricants in these sectors.
North America is also anticipating value creation opportunities for industrial lubricant manufacturers, owing to expanding oil & gas industry in the region. The U.S. alone accounts for about 9,000 independent oil and gas power plants. Demand for industrial lubricants is increasing in drilling and exploration activities in the regional oil & gas industry.
Europe is predicted to dominate the By possessing around 23.1% of the total market share owing to the increase in industrialization in the region. In addition to that, various opportunities across several industries such as chemicals, food and beverages, mining and metals, automotive and transportation, power generation, oil and gas, and others will give tailwinds to growth in Europe.
The industrial lubricants market in the Asia Pacific is anticipated to expand at a surging rate throughout the forecast period. Growth in the market is attributed to the increasing demand in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major industries, such as textiles, chemicals, food processing, and metalworking in the Asia Pacific.
The Asia Pacific is estimated to grow in demand for industrial lubricants in several end-use industries, especially automotive and transportation. India, China, and Japan are the prominent countries in terms of the consumption and production of industrial lubricants in the Asia Pacific.
Owing to the rising population in the region, accompanied by a surge in spending on construction in emerging economies such as China, India, and Indonesia, is projected to make this region an ideal destination for the industrial lubricants industry.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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