The Industrial Oil Market has experienced a significant surge in demand over the past few years, highlighting the increasing requirement for industrial lubricants and fluids across various sectors. The escalating need for high-quality lubricants and fluids stems from the crucial role they play in preserving the performance and longevity of machinery and equipment used in diverse industries. As industrial operations become more advanced and complex, the reliance on efficient lubricants and fluids becomes paramount to ensure optimal functioning and minimize maintenance issues.
The industrial oil market has seen continuous growth in sales, with an estimated value of around US$ 65,757.6 million in 2023. Further, a robust CAGR of 3.5% is predicted by FMI for the upcoming years to continue this upward trend. By 2033, the overall market valuation is anticipated by FMI to be valued at nearly US$ 92,575.6 million.
The rapid rise in demand for industrial in recent years reflects the rising need for industrial lubricants and fluids in a variety of industries. High-quality lubricants and fluids are in demand to maintain the performance and durability of machinery and equipment.
The 4th Industrial Revolution and the surge in industrial automation have also increased the demand for industrial oil by manifolds in the last few years. The demand for dependable industrial oil products can rise further in the coming days as enterprises use automation to increase output and save costs.
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Strict rules and concerns about sustainability have also influenced the industrial oil production sector to a great extent in recent years. The transition to biodegradable lubricants has forced manufacturers to spend money to create environmentally friendly industrial oil products that operate at their best.
The overall market is also expanding with the developing economies and industrialization in areas like the Middle East, Latin America, and Asia Pacific. Some other factors, including technological developments in equipment, have also contributed to the tremendous increase in the global market.
Key Takeaways from this Market Study Report:
- The United States commands a substantial market with a 20.4% global revenue share in 2022. This can be due to its thriving industrial sector and improvements in technology in the country.
- Germany is well-represented in the global industrial oil manufacturing sector, with a global revenue share of 6.8% in 2022. Meanwhile, the demand for industrial oil in the United Kingdom is anticipated to expand steadily between 2023 and 2033, with a CAGR of 2.6%.
- The sales of industrial oil in China are anticipated to increase significantly between 2023 and 2033, with a CAGR of 4.1%. Meanwhile, the market in India is anticipated to develop rapidly at a CAGR of 4.8% during this period.
Competitive Landscape by Market Players:
ExxonMobil, Shell, PHILLIPS 66, TotalEnergies, Chevron, Gazprom, Rosneft, Quacker Houghton, Lukoil, Petronas, Sinopec, Idemitsu Kosan, Tide Water, and Castrol are some top industrial oil suppliers. The establishment of specialized production facilities demonstrates the dedication of such market participants to remain at the forefront of technological breakthroughs.
Recent emphasis on sustainability aligns with worldwide initiatives to cut carbon emissions and advance environmentally friendly business practices. Meanwhile, new players seek to improve their market positions and provide improved lubricant solutions to compete with the existing players.
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Recent Developments by the Industrial Oil Manufacturing Industries
ExxonMobil made an important statement in February 2023 when it revealed its plans to invest US$ 100 million in a new facility in Houston, Texas. The main goal of this cutting-edge lubricants production facility is to meet the changing demands of diverse industrial sectors and promote technical improvement.
In May 2023, TotalEnergies Company said it was creating a new kind of recycled plastic-based industrial lubricant. Although it is generated from a more sustainable feedstock, the company claims it to be just as effective as conventional lubricants.
To create sustainable industrial oils, Chevron and the University of California, Berkeley, formed a partnership in June 2023. The alliance plans to concentrate on exploiting algae to create oils that work with current industrial machinery.
Market Segmentation:
By Type:
- Mineral
- Synthetic and Semi-Synthetic
- Bio-based
By Oil Type:
- Process Oil
- Hydraulic Oils
- Industry Engine Oils
- Gear Oils
- Metal Working Fluids
- Turbine and Circulating Oils
- Refrigerating Oils
- Compressor Oils
By Source:
- Crude Oil
- Soybean
- Rapeseed
- Sunflower
- Palm
- Others
By End Use:
- Energy Generation
- Oil & Gas
- Manufacturing
- Automotive
- Heavy Engineering Equipment
By Region:
- North America
- Latin America
- Europe
- East Asia
- SAPeI (South Asia Pacific excl. India)
- The Middle East & Africa
- India
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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