Industrial Lubricants Market Size to Reach USD 75.23 Billion by 2027 | Wind Energy Industry and Expansion of the Cold Chain Industry will Drive the Market Growth says, Emergen Research

Vancouver, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The global industrial lubricants market is expected to reach a market size of USD 75.23 Billion growing at a CAGR of 3.2% during the forecast period, according to most recent analysis by Emergen Research. Growth of the market is being driven by key factors such as increasing usage of high-performance lubricants, primarily in the wind energy industry, and expansion of the cold chain industry. In addition, growing demand for bio-lubricants in developing countries is expected to continue to open up major lucrative opportunities for players operating in the market during the forecast period. However, environmental concerns related to some types of lubricants and increasingly stringent government regulations are key factors projected to restrain market growth to a certain extent.

Industrial lubricants are used in various industries and applications such as mining, automotive, hydraulic, and industrial machinery respectively. The selection of industrial lubricants depends on factors such as exposure to temperature and harsh chemicals. Use of industrial lubricants not only reduces friction, but also improves the lifespan of machines and prevents downtime.

Increasing demand and resulting manufacture of vehicles and high demand for low-viscosity fluids in the automotive sector are factors expected to fuel market growth during the forecast period. Industrial lubricants are used to reduce friction between surfaces and facilitate smooth and effective functioning of equipment. Rapid industrialization is another factor expected to continue to support market growth in developing economies in the near future.

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Companies Profiled in this Report are:

The Lubrizol Corporation, ExxonMobil Corp, Royal Dutch Shell, Amsoil, Inc., Valvoline International, Inc., Kluber Lubrication, Clariant, Chevron Corp., Petronas Lubricant International, and Quaker Chemical Corp.

Key Highlights of Report

• In December 2020, Idemitsu, which is a leading supplier of high-performance lubricants in India, announced its partnership with Indian Kawasaki Motors for the manufacture of Kawasaki genuine oil for all Kawasaki motorcycles in the country.
• Gear oils are superior-quality industrial lubricants made by using advanced additive technology and highly refined base stocks. These lubricants are designed to offer excellent performance when load carrying capacity is reduced due to shock loading and extreme pressure.
• Bio-based lubricants offer high lubricity without any need for adding chemical additives. Besides helping to reduce friction between two surfaces, bio-based oils have higher viscosity than petroleum and they have polar attraction toward metals. The polar attraction toward metal helps bio-based lubricants not to run-off on tools and equipment.
• The power generation segment currently is registering significant revenue growth, owing to high requirement for lubricants in wind turbine gearboxes. Excellent performance despite exposure to high temperatures, corrosion and oxidation, wear, and load weights is driving high demand for industrial lubricants.
• Asia Pacific market dominates other regional markets in terms of revenue contribution to the global industrial lubricants market, due to presence of well-established industry verticals and high awareness regarding benefits lubricants offer machinery and equipment, and reduced wear and tear as a result. High demand from India, China, Malaysia, and Indonesia is expected to contribute significantly to market growth in the region during the forecast period.  

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For the purpose of this report, Emergen Research has segmented the global industrial lubricants market based on product type, base oil, end-use industry, and region:

• Product Type Outlook (Revenue, USD Billion; 2017–2027)
  • Hydraulic Fluid
  • Metalworking Fluid
  • Gear Oil
  • Compressor Oil
  • Grease
  • Turbine Oil
  • Others
    1. Transformer Oil
    2. Refrigeration Oil
    3. Textile Machinery Lubricants
• Base Oil Outlook (Revenue, USD Billion; 2017–2027)
  • Mineral Oil
  • Synthetic Oil
    1. Polyalphaolefins (PAO)
    2. Polyalkylene Glycol (PAG)
    3. Esters
    4. Group iii (Hydrocracking)
  • Bio-based Oil
• End-use Industry Outlook (Revenue, USD Billion; 2017–2027)
  • Construction
  • Metal & Mining
  • Cement Production
  • Power Generation
  • Automotive (Vehicle Manufacturing)
  • Chemical
  • Oil & Gas
  • Textile
  • Food Processing
  • Others
    1. Agriculture
    2. Pulp & Paper
    3. Marine (Deck Manufacturing)

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• Regional Outlook (Revenue, USD Billion; 2017–2027)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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