New York, USA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global industrial lubricants market size was USD 51.18 billion in 2023. The market is expected to reach USD 68.42 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2024 to 2032.
What is Industrial Lubricant?
Industrial lubricants are compounds that are used to minimize the wear of materials while reducing friction. Lubricants such as fluids, greases, and oils are used in various industrial applications to ensure smooth operation between moving parts in machinery and equipment. They also play a crucial role in preventing corrosion and, importantly, in reducing energy loss due to friction, thereby enhancing the overall efficiency and reliability of the plant.
They are available in various forms, including mineral oil lubricants, synthetic lubricants, greases, liquid and solid lubricants, greases, and bio-based lubricants, each suitable for specific applications. In the mining and construction sector, where heavy machinery such as excavators, bulldozers, and loaders are used, industrial lubricants are essential for managing risks and ensuring desired performance.
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Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 51.18 billion |
| Market value by 2032 | USD 68.42 billion |
| CAGR | 3.4% from 2024 to 2032 |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Key Highlights of Report:
- The market is experiencing significant growth due to factors including the developing manufacturing sector, increased investments in research & development (R&D), and growing demand for lubricants in the construction and automobile industries.
- The market is primarily segmented on the basis of product, base oil, application, and region.
- Based on region, Asia Pacific recorded the largest market share in 2023.
Industrial Lubricants Market Key Players:
- Amsoil, Inc.
- BASF SE
- Bel-Ray Co., Inc.
- Chevron Corp.
- Clariant
- Exxonmobil Corp
- Fuchs Group
- Kluber Lubrication.
- Lucas Oil Products, Inc.
- Phillips 66
- Quaker Houghton
- Royal Dutch Shell
- The Lubrizol Corporation
- Total Energies
- Valvoline International, Inc.
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Growth Drivers and Trends:
Demand in Construction and Automobile Industry: Industrial lubricants are majorly used in the construction industry for lubricating heavy machinery. Hydraulic fluid is the most preferred choice by manufacturers for lubricating heavy machinery due to its cost-effectiveness. Moreover, in the automotive sector, industrial lubricants are gaining significant adoption due to their properties, such as high electrical resistance, durability, and effective corrosion protection. Thus, the growing demand for lubricants across the construction and automotive sectors fuels the industrial lubricants market demand.
Rapid Industrialization: The increasing use of advanced industrial processes and growing investments in R&D are supporting the industrial lubricants market growth. With rapid industrialization, the demand for industrial lubricants is also increasing in various applications.
Shift Toward Western Culture: Consumers in emerging countries are increasingly adopting Western culture, which involves the use of packed processed and frozen meals. Many packaging industries are incorporating automation and artificial intelligence (AI) to enhance production processes and cater to consumer demand. As automotive machinery requires industrial lubricants, the industrial lubricants market is experiencing rapid growth.
Which Region Dominates Industrial Lubricants Market Globally?
Asia Pacific accounted for the largest revenue share in 2023 and is anticipated to maintain its dominance during the forecast period. Increased adoption of industrial lubricants in various industries, including automotive, is supporting this market growth in the region. These lubricants are valued for their qualities, such as enhanced performance, improved adhesion, damage protection, and extended machinery lifespan.
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Segmental Overview:
Industrial Lubricants Market – Product Type Based Outlook:
- Metalworking Fluids
- Industrial Engine Oils
- Process Oils
- General Industrial Oils
- Others
Industrial Lubricants Market – Base Oil Based Outlook:
- Bio-Based Oil
- Mineral Oil
- Synthetic Oil
- Group III (Hydro cracking)
- Polyalphaolefins (PAO)
- Polyalkylene Glycol (PAG)
- Esters
Industrial Lubricants Market – Application Based Outlook:
- Metalworking
- Industrial Heat Exchangers
- Metal Forming
- Metal Cutting
- Metal Joining
- Metalworking Electronics
- Others
- Textiles
- Textile Weaving
- Non-woven Textiles
- Textile Finishing
- Textile Composites
- Others
- Energy
- Transformers
- Pipelines
- Liquefied Natural Gas (LNG)
- Ocean Energy
- Others
- Chemical Manufacturing
- Industrial gases
- Fertilizers
- Polymers
- Others
- Food Processing
- Beverages
- Frozen Food
- Canned Food
- Processed Potatoes
- Bakery
- Cocoa & Chocolate
- Others
- Hydraulic
- Compressors
- Bearings
- Others
Industrial Lubricants Market – Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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