The industrial lubricants market size is anticipated to cross a valuation of USD 22,845.9 million in 2023 and is estimated to attain a valuation of USD 35,140.9 million by 2033. The industrial lubricants market share is projected to thrive at a CAGR of 4.4% from 2023 to 2033.
Industries are implementing increasingly sophisticated and innovative machinery as advancements in technology occur. Extreme operating circumstances, such as high temperatures, hefty loads, or corrosive environments, are common for these high-tech devices. Advanced equipment requires specific lubricants with special qualities to satisfy their needs. For instance, synthetic lubricants are built to resist high temperatures and provide improved performance compared to traditional mineral-based lubricants. The market for these specialized lubricants rises as businesses optimize their machinery.
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One of the main users of industrial lubricants is the automotive industry. Various automotive applications, such as engine oils, transmission, brakes, and greases, require lubricants. The market for industrial lubricants used in manufacturing, maintenance, and aftermarket services develops in tandem with the ongoing expansion of the automotive industry and rising global vehicle production.
Industrial lubricants are crucial to the oil and gas industry’s exploration, production, and refining processes. Equipment used in the extraction and processing of crude oil and natural gas uses lubricants, including drilling rigs, pumps, compressors, and other machinery. The market for industrial lubricants used in the oil and gas industry rises in tandem with surging energy demand and the expansion of exploratory activities into new areas.
Key Takeaways from the Industrial Lubricants Market Report:
- In 2018, the global market size stood at US$ 19,367.4 million.
- The market expanded at a CAGR of 3.1% from 2018 to 2022.
- In 2022, the global market size stood at US$ 21,883.0 million.
- The mineral oil segment captured 40.0% of global market shares in 2022.
- The automotive industry segment acquired 18.0% of global market shares in 2022.
- India captured 4.8% of global market shares in 2022.
- The United States captured 16.1% of global market shares in 2022.
- China captured 5.0% of global market shares in 2022.
- The United Kingdom captured 3.4% of global market shares in 2022.
Recent Developments Observed by FMI:
- In January 2022, Chevron Lubricants Lanka PLC announced a marketing agreement with Rock Energy in Bangladesh for its lubricant products.
- In July 2022, Quaker Houghton announced a collaboration combining SKF RecondOil’s Double Separation Technology (DST) with Quaker Houghton’s industrial oils and application expertise to enable the industry to utilize its resources more efficiently. Chevron Corporation’s subsidiary Chevron Lubricants Lanka PLC.
- The official commencement of the Model Retail Outlet Scheme and the Darpan-Petrol Pump Digital Customer Feedback Program in November 2021 was announced by Bharat Petroleum Corporation Limited, Indian Oil, and Hindustan Petroleum Corporation Limited. In order to improve facilities and service standards throughout their networks, which serve more than six crore people daily, the three oil PSUs collaborated to develop model retail outlets.
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Key Players in the Global Industrial Lubricants Market
- 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.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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