According to Fortune Business Insights the global industrial lubricants market was valued at USD 71.55 billion in 2023 and is expected to grow to USD 74.05 billion in 2024, reaching USD 96.93 billion by 2032. This growth reflects a compound annual growth rate (CAGR) of 3.3% over the forecast period.
According to our researchers, industrial lubricants has colossal utilization for turbine machines, power generation, metal & mining, and food & beverage applications. Moreover, the growth in demand the product, owing to the above-mentioned applications is further sustaining the adoption of advanced machinery to refine and enhance efficiency, thus expanding the industrial lubricants market growth.
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Industrial Lubricants Market Segmentation:
By Base Oil Analysis:
The industrial lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. Mineral oil leads the market due to its low cost and wide availability, with growing use in industries like chemical and power generation. Synthetic oil is projected to grow fastest, driven by rising industrial activities involving heavy machinery in sectors such as power and wind energy. Bio-based oils, derived from vegetable sources, are gaining traction due to their eco-friendly nature and growing demand in hydraulic fluids and engine oils, influenced by environmental regulations.
By Product Type Analysis:
The market is categorized into hydraulic fluids, metalworking fluids, gear oils, grease, and others. Hydraulic fluids hold the largest share due to high usage in automated manufacturing. Metalworking fluids enhance tool life and machine performance, supporting growth amid rising demand for metal machinery. Gear oils, made of base oil and additives, offer thermal stability and are used in gearboxes. Grease ensures proper functioning of machinery and vehicles, while the “others” segment includes lubricants used across marine, automotive, steel, and construction industries.
List of Key Players Covered in the Report
FUCHS (Germany)
Repsol (Spain)
Exxon Mobil (U.S.)
BP plc (U.K.)
Shell (Netherlands)
Petrobras (Brazil)
Hindustan Petroleum Corporation Limited (India)
Indian Oil Corporation Ltd. (India)
Gazprom Neft PJSC (Russia)
PT Pertamina Lubricants (Indonesia)
Report Coverage
We conduct our reports based on an expansive examination method that precisely accentuates insightful information delivery. Our scholars have utilized a data navigation method which further guides us to present reliable predictions and provide accurate market dynamics. Further, our analysts have gained permission to various global as well as domestically sponsored records in order to provide updated information so that the shareholders and professional business owners capitalize only in the fundamental areas.
Driving Factors
Rising Implementation of Automation in Production to Amplify Market Growth
The surge in demand for automation in the production sector is expected to fuel the market during the forecast period. In manufacturing, equipment are utilized from automated systems for production procedures. Automation offers superior effectiveness by mounting production capability, foreseeable maintenance, and abridged costs. These benefits further aid the company in developing an expansive variety of product kinds to entice consumers by having low investment and securing a positive yield on investment.
Competitive Landscape
Acquisitions Commenced by Pivotal Companies to Foster Market Growth
The fundamental players operating in the market incessantly choose effective stratagems to boost their brand value as well as endorse the global market growth of the product while facing the lowest imaginable hurdles. One such proficient strategy is, procuring competitive companies and further safeguarding a beneficial income for both the involved companies.
Industry Development
December 2023: FUCHS invested USD 11.5 million to expand its production facility in Isando, South Africa. The expansion is set to boost the plant’s capacity by 40%, aligning with the company’s strategic efforts to scale up operations and meet rising market demand.
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