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The Industrial lubricants market size is forecast to increase by USD 15.55 billion between 2023 and 2028, accelerating at a CAGR of 4.44%. The market for lubricants is witnessing robust growth, fueled by escalating demand from diverse end-user industries. Furthermore, the emergence of bio-based lubricants is reshaping the landscape, driven by a growing emphasis on sustainability. Particularly, the construction industry is a significant contributor to the rising demand for industrial lubricants. However, fluctuations in crude oil prices present a challenge to market stability. Moreover, concerns regarding the adverse environmental impact of conventional lubricants are prompting a shift toward greener alternatives. Despite these challenges, the rise in adoption of automated lubrication systems as well as marine lubricants is presenting new opportunities for market expansion. As industries seek to enhance efficiency and reduce downtime, the demand for advanced lubrication solutions is expected to continue on an upward trajectory, shaping the future of the industrial lubricants market.
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The industrial lubricants market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market forecasting report includes a comprehensive outlook on the market, offering forecasts for the industry segmented by product, which comprises mineral oil lubricants, synthetic lubricants, and bio-based lubricants. Additionally, it categorizes type into hydraulic fluid, metal working fluid, and others and covers geographical regions, including APAC, Europe, North America, Middle East and Africa, and South America. The industrial lubricants market growth and trends report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in (USD billion) for each of the mentioned segments.
The mineral oil lubricants segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of mineral oil lubricants across various industries which are derived from refined petroleum. This segment exhibits a broad range of viscosities and is composed primarily of hydrocarbons. The main advantage of these oils is that they are highly effective at reducing friction and wear between moving machine parts, which in turn prolongs the lifespan of different types of industrial equipment. This segment has excellent temperature stability which makes it ideal for diverse operational conditions, and its cost effectiveness makes it the best choice for numerous applications. There is increasing adoption of mineral oil lubricants in pumps, compressors, and hydraulic systems. Therefore, mineral oil lubricants are a reliable and cost-effective choice for several manufacturers as they play a major role in keeping various types of machinery and systems running smoothly. Hence, such factors are major market trends influencing industrial lubricants market growth.
APAC is estimated to contribute 52% to the growth of the global industrial lubricants market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in APAC includes the high demand for and consumption of lubricants in industries such as heavy engineering, steel manufacturing, mining and refining, and plastic and polymers. Some of the main countries that are significantly contributing to the market growth in the region are China, India, Japan, and South Korea.
In addition, the market in the region is well diversified due to factors such as rapid industrialization, the expansion of the business sector, and the presence of different regional and local market players. Hence, such factors are expected to drive industrial lubricants market growth in the region during the forecast period.
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The market encompasses a diverse range of applications, from metalworking fluids to hydraulic fluids and beyond. In the polymer industry, lubricants play a crucial role in ensuring smooth processes and product quality. Similarly, in the food industry, food oils are utilized alongside base oils and anti-foaming agents to maintain machinery efficiency and food safety standards. The market extends into sectors like hydraulics, compressors, centrifuges, and industrial engines, where specialized lubricants optimize performance and longevity. Emerging technologies like AI, automation, and robotic processing are driving innovations in lubricant formulation and application. As the industry evolves, innovations in raw materials and formulations continue to drive advancements in engine oil and marine lubricant technology. Furthermore, lubricants are vital in crop protection oils and pesticide carrier fluids, safeguarding agricultural productivity. The industrial lubricants market thrives on versatility, addressing the unique needs of various industries while ensuring operational efficiency and equipment longevity.
One of the key factors driving the industrial lubricants market share is the emergence of bio-based lubricants. There has been an increasing adoption of bio-based lubricants by end-users and manufacturers since their introduction in the global market. The main advantage of bio-based lubricant is that it produces a cleaner, less toxic work environment for engine and hydraulic system workers.
Moreover, the lower cost of bio-based lubricant over the entire product lifecycle is fuelling its adoption due to less maintenance, storage, and disposal requirements. In addition, they provide better safety due to higher flashpoints, constant viscosity, and the production of less oil mist and vapor emissions. Hence, such factors are positively impacting industrial lubricants market growth. Therefore, it is expected to drive industrial lubricants market growth during the forecast period.
The market is fragmented in nature. Some significant players include AMSOIL Inc. and Bharat Petroleum Corp. Ltd
The industrial lubricant market analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo Chemical Co. Ltd., Zeller and Gmelin GmbH and Co. KG., and Shell plc.
The industrial lubricants market is witnessing robust growth, driven by the increasing demand across various sectors such as the unconventional energy industry, packaging industries, and the renewable generation sector. Base oils serve as the foundation for lubricants, while metalworking fluids play a crucial role in metalworking applications. Lubricant laboratories are instrumental in developing advanced formulations tailored to specific industrial needs, with a focus on hydraulics, centrifuges, and industrial engines. Bearings rely on high-quality lubricants to ensure smooth operation, while anti-foaming agents enhance performance. Artificial intelligence (AI) and automation processes are revolutionizing lubricant production, alongside robotic processing for efficient distribution. The market also caters to niche sectors like vegetable preparation and crop protection oils, driving innovation in lubricant technology to meet evolving industrial demands.
The market is experiencing substantial growth, catering to diverse sectors such as the energy sector, fertilizer production, and metalworking applications. Base oil forms the core component of lubricants, essential for ensuring smooth operations in various industries. Metalworking fluids play a crucial role in machining processes, enhancing efficiency and extending tool life. Lubricant laboratories focus on developing specialized formulations tailored to specific industrial needs, including gear oils for heavy-duty applications and pesticide carrier fluids for agricultural use. Additionally, lubricants are integral in grain de-dusting agents and in ensuring the smooth operation of metal products. In the frozen and processed foods industry, lubricants play a vital role in food oil processing, contributing to the safe and efficient production of high-quality food products. Overall, the industrial lubricants market continues to evolve, meeting the diverse needs of various sectors through innovative formulations and applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.44% |
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Market growth 2024-2028 |
USD 15.55 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.54 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
China, US, Japan, Germany, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AMSOIL Inc., Bharat Petroleum Corp. Ltd., BP Plc, Buhmwoo chemical Co. Ltd., Castrol Ltd., Chevron Corp., ENEOS Holdings Inc., Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., Shell plc, TotalEnergies SE, Valvoline Inc., and Zeller and Gmelin GmbH and Co. KG. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our industrial lubricants market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this industrial lubricants market research and growth report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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