According to Future Market Insights (FMI), the global industrial oil market is projected to reach a value of US$ 90,491.1 Million by the end of 2032. Development in the industrial sector and growing sales of automobiles are expected to influence the growth of the industrial oil market in the upcoming decade.
Growing demand for oil for lubrication in industrial equipment and machinery in the manufacturing sector, in turbines, the power industry, automotive engines, and other parts are key drivers in the industrial oil market. Moreover, rising demand for enhancing equipment performance and protecting the machinery and vehicle engine from wear and tear will propel the sales of industrial oil.
Also, a significant development in the manufacturing, construction, and automotive sectors especially in developing countries such as India and China is expected to create growth opportunities for industrial oil market players in the coming years.
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“Demand outlook for industrial oil is anticipated to remain significant over the projected period owing to increasing demand from manufacturing and automotive sector,” says an FMI analyst.
Key Takeaways:
- The global market of industrial oil is estimated to witness a growth at a CAGR of 6% over the period of 2022 and 2032.
- South Asia is expected to be the most remunerative industrial oil market owing to the growing expansion of energy generation and the automotive sector.
- The U.S., Netherlands, and Russia are expected to remain key exporting countries for synthetic oil in the global market.
- In terms of oil type, mineral-based industrial oil is expected to witness the fastest growth in the upcoming decade.
- Based on end-use, the energy generation segment is expected to contribute lion’s share in the global industrial oil market.
Competitive Landscape
The industrial oil market is estimated to be consolidated, with leading key players expected to account for a key share of the market. Some of the key market participants involved in the business of industrial oil are Exxon Mobil Corporation, Chevron USA Inc, Royal Dutch Shell Plc, Castrol Limited, China Petroleum and Chemical Corporation, Lubrication Engineer, Chempoint, Panolin AG, Fuchs, Shell, and others.
These key players are investing in expansion strategies by expanding their geographical presence, by setting up of manufacturing units and sales offices in developing countries. Further, the top players are acquiring medium size players or are collaborating with other key manufacturers to enhance their client base. Furthermore, key players are focusing on shifting their focus on sustainable development by manufacturing oil from bio-based sources and also bio waste.
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For instance,
Exxon Mobil collaborated with GE Power for the development of highly efficient turbine oil which is expected to improve turbine bearing efficiency by about 15% as compared with traditional turbine oil.
Industrial Oil Market Segmentation
By Source:
- Crude Oil
- Soybean
- Rapeseed
- Sunflower
- Cottonweed
- Corn
- Palm
- Others
By Type:
- Mineral
- Synthetic and Semi-Synthetic
- Biobased
By End-Use
- Power Generation
- Chemical Manufacturing
- Metallurgy
- Food and Beverages
- Automotive and Other Transport
- Paints and Coatings
- Cosmetics and Personal Care Products
- Pharmaceuticals
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More Insights into the Industrial Oil Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global industrial oil market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on oil type, source, type, end-user, and region.
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Future Market Insights (ESOMAR-certified market research organization and a member of the 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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