Fort Collins, Colorado, Oct. 02, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Industrial Lubricant Market Size, Growth, Share, Statistics Report, By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), By Product Type (Hydraulic Fluid, Metalworking Fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil and Others), By End-Use Industry, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The industrial lubricant market size was valued at USD 72.3 Billion in 2022 and is expected to have a market size of USD 95.5 Billion by 2032 with a CAGR of 3.0%. The global report on industrial lubricants offers a comprehensive view of the market scenarios and detailed insights.
The increased demand for high-performing lubricants drives the development of advanced technologies and the industrial lubricant market. The expansion of the manufacturing sector is another major factor contributing to the growth of industrial lubricants. The manufacturing sector is a wide-end consumer of lubricant. Also, the development of new lubricant formulations, such as synthetic lubricants, is driving the growth of the industrial lubricant market. These lubricants offer superior performance, longer lifespan, and better environmental performance than traditional ones.
Government regulations promoting environmental sustainability are boosting market growth. Governments worldwide are promoting using environment-friendly lubricants to reduce the impact of industrial activities on the environment. This factor is driving the growth of the industrial lubricant market for eco-friendly lubricants. Overall, the industrial lubricant market is expected to continue to grow in the coming years due to these drivers and the increasing demand for high-performance, environmentally friendly lubricants in various industries.
The industrial lubricant market is highly competitive, with many manufacturers vying for market share. This leads to pricing wars and downward pressure on prices, reducing manufacturing profitability. During economic downturns, businesses had to reduce their spending on maintenance and equipment, which decreased demand for industrial lubricants.
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Report Snapshot:
| Report Title | Industrial Lubricant Market |
| Market Size in 2022 | USD 72.3 Billion |
| Market Size by 2032 | USD 95.5 Billion |
| CAGR from 2023 to 2032 | 3.0% |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Base Oil | Mineral Oil, Synthetic Oil, Bio-based Oil |
| By Product Type | Hydraulic Fluid, Metalworking Fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil and Others |
| By End-Use Industry | Construction, Metal & Mining, Power Generation, Manufacturing, Cement Production, Automotive, Chemical, Oil & Gas, Textile, Food Processing and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | Royal Dutch Shell (the Netherlands), ExxonMobil (US), BP p.l.c. (UK), Chevron Corporation (US), Total S.A. (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (US), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), Pertamina (Indonesia), and others. |
Segmentation Overview:
The global industrial lubricants market has been segmented into product, system, end-user, and region. Based on product, the hydraulic segment accounted for a significant market share in 2022 and is poised to attain a leading position in the following years. The manufacturing industry accounted for a leading position in 2022 due to lubricants' versatile use.
North America is a leading region for the industrial lubricants industry owing to the significant investments by key players in the lubricant industry. Middle East and African industrial lubricant industry is poised to attain a prominent position in the following years attributed to the oil extraction process at a massive scale.
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Industrial lubricant Market Report Highlights:
- The global industrial lubricant market growth is anticipated at a CAGR of 3.0% by 2032.
- The industrial lubricant market growth is significantly driven by the demand for lubricant products in the industrial sector. Also, the availability of synthetic products is enabling a high demand for industrial lubricants.
- Mineral oil accounted for a significant share in 2022 due to its industrial demand.
- Hydraulic fluids registered a huge growth in 2022 and are projected to retain a dominant position in the forthcoming years.
- North America dominates the industrial lubricants market due to the high demand for aerospace, automotive, healthcare, and defense. Europe is a fast-growing market attributed to the government's stringent regulations and norms.
- Some prominent players in the industrial lubricant market report include Royal Dutch Shell, Total S.A., ExxonMobil, PetroChina Company Limited, BP p.l.c., Chevron Corporation, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd., Sinopec Limited, Valvoline, Lukoil, Petronas, Gazprom Neft, Pertamina, and others.
Key Developments in the Industry:
- In May 2023, AMSOIL INC. announced the acquisition of Benz Oil, which specializes in manufacturing and supplying industrial and metalworking fluids. The range of industrial fluids from AMSOIL includes coolant, turbine oil, flushing and cleaning agents, compressor oil, hydraulic oil, gear oil, stationary engine oil, and grease.
- From Oct 2nd to 4th 2023, Goodyear will showcase its lubricant products, engine oils and specialty lubes for Middle-East and African markets at the Dubai World Trade Center hosted by Automechanika Dubai.
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Industrial Lubricant Market Report Segmentation:
Industrial Lubricant Market, By Base Oil (2023-2032)
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Industrial Lubricant Market, By Product Type (2023-2032)
- Hydraulic Fluid
- Metalworking Fluid
- Gear Oil
- Compressor Oil
- Grease
- Turbine Oil
- Others
Industrial Lubricant Market, By End-Use Industry (2023-2032)
- Construction
- Metal & Mining
- Power Generation
- Food Processing
- Manufacturing
- Cement Production
- Automotive
- Chemical
- Oil & Gas
- Textile
- Others
Industrial Lubricant Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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