The global industrial lubricants market is expected to grow at a stable CAGR of 4.4% over the projection period from 2022 to 2032. The global market is expected to be valued at US$ 21,832 Million in 2022 and predicted to reach US$ 33,582 Million in 2032. Growth is attributed to the surging usage of IoT-based applications. Based on the historical estimations ranging from 2016 to 2021, the industrial lubricants market registered a stagnant growth at a CAGR of 3.1%.
The global industrial lubricants market is majorly driven by the surging adoption of complex machinery and tools in multiple industries. Prominent manufacturers in the industry are constantly focusing to boost their output efficiency by enhancing productivity and reducing downtime significantly, therefore, sustaining the revenue pool of market players.
The surge in strict regulatory frameworks is influencing market players in order to incline toward food-grade industrial lubricants that, besides environmental benefits, offer improved lubrication and viscosity. Manufacturers are moving towards sustainability measures including the reuse and recycling of industrial lubricants. Furthermore, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.
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Key Takeaways
The construction sector is the dominant consumer of industrial lubricants. The growing infrastructural development in emerging economies is expected to fuel industrial lubricant sales. Hydraulic fluid is considered a prominent product type utilized in the construction industry for the lubrication of heavy load equipment, as it is cheaper in comparison to several other lubricants.
Moving further, the predictive automobile technology is also offering potential revenue prospects for the industrial lubricants market. There are several benefits of industrial lubricants such as high durability, corrosion protection, and high electrical resistance boosting their usage in the automotive sector.
Various end-use industries including the food processing industry are gradually incorporating advanced technologies into their sector such as artificial intelligence (AI), and automotive, implying greater indulgence of machines, thus, auguring well for the industrial lubricants market.
Competitive Landscape
The key participants attributing to the industrial lubricants market are highly competitive owing to the presence of regional and local manufacturers. While several global players are focusing on research and development activities other regional players are expanding their reach worldwide by operating across key growth regions, particularly in the Asia Pacific.
Key Companies Profiled
ExxonMobil Corp.
Fuchs Lubricants
The Lubrizol Corp.
Royal Dutch Shell
Phillips 66
Lucas Oil Products Inc.
Amsoil, Inc.
Bel-Ray Co. Inc.
Total S.A
Kluber Lubrication
Valvoline International, Inc.
Chevron Corp.
Clariant
Quaker Chemical Corp.
Zeller+Gmelin GmbH & Co KG
Houghton International, Inc.
Castrol
Blaser Swisslube, Inc.
Calumet Specialty Product Partners LP
Petronas Lubricant International
Key Segments Profiled in the Industrial Lubricants Industry Survey
By Base Oil:
Mineral Oil
Synthetic Oil
Bio-based Oil
By Product Type:
Hydraulic Fluids
Metalworking Fluids
Gear Oil
Compressor Oil
Grease
Turbine Oil
Others
Transformer Oil
Refrigeration Oil
Textile Machinery Lubricants
By End Use Industry:
Construction
Metal & Mining
Cement Production
Power Generation
Automotive
Chemical Production
Oil & Gas
Textile Manufacturing
Food Processing
Agriculture
Pulp & Paper
Marine Applications
Other End Use Industries
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
More Insights into the Industrial Lubricants Market
According to FMI, demand for industrial lubricants in North America possesses a 19.2% share in the global market during the forecast period, due to a surge in the expansion of end-use industries such as construction, metal, mining, and the subsequent use of lubricants in these sectors.
North America is also anticipating value creation opportunities for industrial lubricant manufacturers, owing to expanding oil & gas industry in the region. The U.S. alone accounts for about 9,000 independent oil and gas power plants. Demand for industrial lubricants is increasing in drilling and exploration activities in the regional oil & gas industry.
Europe is predicted to dominate the By possessing around 23.1% of the total market share owing to the increase in industrialization in the region. In addition to that, various opportunities across several industries such as chemicals, food and beverages, mining and metals, automotive and transportation, power generation, oil and gas, and others will give tailwinds to growth in Europe.
The industrial lubricants market in the Asia Pacific is anticipated to expand at a surging rate throughout the forecast period. Growth in the market is attributed to the increasing demand in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major industries, such as textiles, chemicals, food processing, and metalworking in the Asia Pacific.
The Asia Pacific is estimated to grow in demand for industrial lubricants in several end-use industries, especially automotive and transportation. India, China, and Japan are the prominent countries in terms of the consumption and production of industrial lubricants in the Asia Pacific.
Owing to the rising population in the region, accompanied by a surge in spending on construction in emerging economies such as China, India, and Indonesia, is projected to make this region an ideal destination for the industrial lubricants industry.