Global Industrial Lubricants Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor and Turbine Oil), End-Use Industry (Construction & mining, Metal, Cement, Power Generation, Manufacturing, Food) and Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) – Industry Analysis (2024 to 2029)

Updated On: January, 2024
ID: 8402
Pages: 170

Global Industrial Lubricants Market Size (2024 to 2029)

The size of the global industrial lubricants market was valued at USD 76.76 billion in 2023. The global market is anticipated to grow from USD 81.52 billion in 2024 to USD 110.1 billion by 2029, growing at a CAGR of 6.2% from 2024 to 2029.

Industrial lubricants are explained as the fluid employed to lessen the wear and tear of materials and also to decrease friction. Industrial lubricants, in general, are based on either water or petroleum. Their major function is to avoid metal-to-metal contact among the tools or finished components. These lubricants show excellent corrosion protection properties and good demulsibility and assist the equipment's life. It is often used in different devices to fulfill the desired functionality. They assist in achieving higher productivity and enhance the efficiency of machinery. Industrial lubricants can be used in numerous applications, such as automotive, industrial machinery, hydraulics, mining, and others. The selection of lubricants depends on a range of factors like exposure to harsh chemicals, temperature, etc. Moreover, the global industrial lubricant market is determined to record moderate growth in the projection period.

MARKET DRIVERS

Rapid industrialization in emerging countries and an increase in the number of trade activities are driving the global industrial lubricants market growth.

Increasing investments in R&D activities, along with proper growth channels, assists in the global expansion of key players. Some of the businesses which are slated to witness considerable expansion include untraditional energy, chemicals, and mining. This trend is estimated to furthermore boost product call in compressors, hydraulics, industrial engines, centrifuges, and bearings. The rising production of automobiles is among the most prominent aspects contributing to the development of the global industrial lubricant industry. The rising call for low-viscosity fluids in the automotive segment is estimated to fuel the industrial lubricant market in the foreseen period. The increasing need for such lubricants in various businesses to perform smooth functioning is deemed to extend the global industrial lubricant market rise in the future.

The rising food industry is also estimated to be a key expansion driving factor in the global industrial lubricants market.

The trend of mounting industrialization in developing economies is also assumed to fuel the worldwide industrial lubricants business. There are standards in each region relating to the mandatory minimum standards for imported and made industrial lubricants. The rise in funding in research and development, coupled with proper expansion can aid the increment in sales of key players in the global industrial lubricant market. The increase in industrial results has mainly been witnessed in major manufacturing segments, like metal forming, customer appliances, and plastics, apart from the mining business. This has led to an escalated employment of lubricants, including metalworking fluids, process oils, engine oils, and industrial oils.

In addition to that, owing to the escalated focus on renewable energy, the advances in the wind turbine sector are predicted to have a positive effect on the global industrial lubricant market. Industrial lubricants are vastly used by wind turbine makers as the production involves oils with low viscosity. The rising employment of lubricants in the mining segment is also expected to assist the market for these lubricants to prosper during the outlook period. The proper disposal of employed lubricants is another reason for concern since most of the substances added to lubricants are obtained from petrochemicals, hence posing a danger of water pollution.

MARKET RESTRAINTS

Rising worries and strict rules over contamination and environmental pollution where artificial lubricants are employed are a key cause of environmental pollution. Another issue in this business is the disposal of employed lubricants. Since most of the additives employed in lubricants are petrochemical derivatives, they pose a major threat to water pollution. Therefore, increasing environmental worries regarding the use, disposal, and recycling of lubricants restrain market expansion.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

6.2%

Segments Covered

By Type, End-user, Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Royal Dutch Shell (the Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co., Ltd (Japan), and

 

SEGMENTAL ANALYSIS

Global Industrial Lubricants Market Analysis By Oil

Based on oil, the mineral oil segment is the most substantial sector of the global industrial lubricants market, accounting for a reasonable share of the overall sales.

Global Industrial Lubricants Market Analysis By Product

Based on the product, the hydraulic fluid segment is estimated to dominate the worldwide industrial lubricant business over the calculated period, followed by the metalworking fluid sector.

REGIONAL ANALYSIS

Asia Pacific is estimated to show the highest CAGR during the forecast period owing to well-established end-user businesses across rising economies such as India, Indonesia, Thailand, and Malaysia. Moreover, the rise in knowledge about the higher efficiency of industrial devices after the application of lubricants is deemed to enhance the products ahead. The need for industrial lubricants in North America and European nations is foreseen to remain at a remarkable level despite the relative stagnancy in industrial growth. An increasing call for oilfield chemicals owing to drilling and exploration activities is estimated to propel the market expansion in North America. The resurgence in industrial activities, along with the modernization of industrial machinery, are the major driving factors determining the European industrial lubricants market’s call in the foreseen period. The industrial results across the globe slumped in 2008 and 2009 owing to the European debt crisis and the North American economic recession. Nevertheless, the manufacturing segment in growing countries such as India, Brazil, Russia, China, and South Africa remained highly unaffected. Industrial production in these countries rose at a high speed, leading to the progress of the global industrial lubricants market.

KEY PLAYERS IN THE GLOBAL INDUSTRIAL LUBRICANTS MARKET

Royal Dutch Shell (the Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co., Ltd (Japan) are some of the major players in the global industrial lubricants market.

RECENT HAPPENINGS IN THE GLOBAL INDUSTRIAL LUBRICANTS MARKET

  • German Mirror launched its own lubricant brand in India in recent years. German Mirror Lubricants and Greases has recently introduced its Mirr Oils brand in India with a notable fund of around USD 5 million (roughly ₹32 crores). The UAE-based business will evaluate its performance in India for at least two years before making more major investments to build a local manufacturing facility.
  • Industrial Innovations recently introduced the latest lube system for applying more viscous lubricants to stamping or drawing tooling at pre-determined press stroke intervals. The Spra-Rite Ultra Lube System incorporates a special pedestal design to allow for easy transport from press to press, making it suitable for smaller shops that process high-strength and developed materials.

This research report on the global industrial lubricants market has been segmented and sub-segmented based on oil, product and region.

By Oil

  • Mineral Oil
  • Synthetic Oil
  • Bio-Based Oil

By Product

  • Hydraulic Fluid
  • Metalworking Fluid
  • Gear Oil
  • Compressor Oil
  • Grease
  • Turbine Oil
  • Others

By Region

  • North America
  • Europe 
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Frequently Asked Questions

1. What is the Industrial Lubricants Market growth rate during the projection period?

The Global Industrial Lubricants Market is expected to grow with a CAGR of 6.2% between 2023-2028.

2. What can be the total Industrial Lubricants Market value?

The Global Industrial Lubricants Market size is expected to reach a revised size of US$ 93.4 billion by 2028.

3. Name any three Industrial Lubricants Market key players?

ExxonMobil Corporation  (US), Chevron Corporation (US), and BP p.l.c. (UK) are the three Industrial Lubricants Market key players.

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