The global industrial lubricants market is expected to be worth US$ 21,832 million in 2022, with a CAGR of 4.4% to reach US$ 33,582 million by 2032. The rising use of IoT-based applications is related to the growth. The industrial lubricants market grew at a 3.1% CAGR between 2016 and 2021.
The global industrial lubricants market is primarily driven by increasing adoption of complex machinery and tools in various industries. Industrials in the manufacturing sector are constantly in a hunt to boost their output efficiency by enhancing productivity and minimizing downtime, sustaining the revenue pool of market players.
Rising stringency in regulatory framework is influencing market players to shift towards bio-based industrial lubricants that, apart from environmental benefits, offer better lubrication and viscosity.
Manufacturers are turning to sustainability measures such as reuse and recycling of industrial lubricants. Moreover, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.
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Global Industrial Lubricants Market – Growth Drivers
Construction sector is the leading consumer of industrial lubricants. The growing infrastructural development in emerging economies is anticipated to fuel the industrial lubricants sales.
Hydraulic fluid is the main product type used in the construction industry in lubrication of heavy load equipment, as it relative cheaper compared to other lubricants.
Moving ahead, the automobile industry is also offering potential revenue prospects for industrial lubricant manufacturers. Umpteen benefits of industrial lubricants such as high durability, corrosion protection and high electrical resistance is boosting their usage in the automotive sector.
Several end-use industries such as the food processing industry are gradually Involving advanced technologies including, artificial intelligence (AI), and automation, imply greater indulgence of machines, thus, auguring well for industrial lubricants market.
Global Industrial Lubricants Market – Regional Analysis
Asia Pacific (APAC) continues to hold leading share in industrial lubricants market, owing to well-established construction and automobile industries in China, Japan, and India. Further, surging manufacturing output and increasing industrialization in these are offering conducive breeding grounds for market players.
North America is also reflecting value-creation opportunities to industrial lubricant manufacturers, owing to expanding oil and gas industry in this region.
The US alone houses 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.
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Global Industrial Lubricants Market – Competitive Landscape
The global industrial lubricant market is fragmented in nature. Companies are highly investing upon R&D activities to shape competitive landscape.
- ExxonMobil Corp has launched FuelCell carbon capture technology that has capacity to lower emission from exhaust streams, power plants, refineries and chemical plants.
- Fuchs Group has launched RENOCLEAN AIR series to control dust production in the mining sector.
Prominent players in the market includes
- ExxonMobil Corp.
- Fuchs Group
- 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 L.P.
- Petronas Lubricant International
Global Industrial Lubricants Market – Segmentation
The global industrial lubricants market is segmented on the basis of following
By Base Oil
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
By Product type
- Hydraulic fluid
- Metalworking fluid
- 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 (Vehicle Manufacturing)
- Chemical
- Oil & Gas
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Impact of COVID-19 on Global Industrial Lubricants Market
The COVID-19 pandemic has taken a toll on global economy, bringing it back to single-digit growth. The global stock market is continuously falling. All countries have shifted their resources towards healthcare sector and for R&D of vaccines for treating COVID-19. Government-imposed nationwide lockdowns have curtailed the production and shutdown (in worst cases) of manufacturing units in severely affected countries.
Less usage of machinery is resulting in reduced demand for industrial lubricants from myriads of end-use sectors. Subsequent downfall in construction industries across various nations, are further adding fuel to the fire.
Until the situation improvises, infrastructural development from private and government sectors will remain at a halt in near future.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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