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The Industrial lubricants market size is forecast to increase by USD 12.49 billion between 2022 and 2027, accelerating at a CAGR of 3.73%. The report includes a comprehensive outlook on the Industrial Lubricants Market, offering forecasts for the industry segmented by Product which comprises Mineral oil lubricants, Synthetic lubricants, and Bio-based lubricants. Additionally, it categorizes Type into Hydraulic fluid, Metal working fluid, and Others and covers Geography regions, including APAC, Europe, North America, Middle East and Africa, and South America. The industrial lubricant market report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in (USD billion) for each of the mentioned segments.
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One of the key factors driving the industrial lubricants market growth is the emergence of bio-based lubricants. There has been an increasing adoption of bio-based lubricants by end-users and manufacturers since their introduction in the global industrial lubricants market. The main advantage of bio-based lubricant is that it produces a cleaner, less toxic work environment for engine and hydraulic system workers.
Moreover, the lower cost of bio-based lubricant over the entire product lifecycle is fuelling its adoption due to less maintenance, storage, and disposal requirements. In addition, they provide better safety due to higher flashpoints, constant viscosity, and the production of less oil mist and vapor emissions. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The mineral oil lubricants segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of mineral oil lubricants across various industries which are derived from refined petroleum. This segment exhibits a broad range of viscosities and is composed primarily of hydrocarbons. The main advantage of these oils is that they are highly effective at reducing friction and wear between moving machine parts, which in turn prolongs the lifespan of different types of industrial equipment. This segment has excellent temperature stability which makes it ideal for diverse operational conditions, and its cost-effectiveness makes it the best choice for numerous applications. There is an increasing adoption of mineral oil lubricants in pumps, compressors, and hydraulic systems. Therefore, mineral oil lubricants are a reliable and cost-effective choice for several manufacturers as they play a major role in keeping various types of machinery and systems running smoothly. Hence, such factors are major industrial lubricants market trends influencing the market growth.
APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the industrial lubricants market in APAC includes the high demand for and consumption of lubricants in industries such as heavy engineering, steel manufacturing, mining and refining, and plastics and polymers. Some of the main countries that are significantly contributing to the market growth in the region are China, India, Japan, and South Korea.
In addition, the market in the region is well diversified due to factors such as rapid industrialization, the expansion of the business sector, and the presence of different regional and local market players, including Royal Dutch Shell Plc (Shell), BP Plc (BP), Exxon Mobil Corp. (Exxon Mobil), Indian Oil Corp. Ltd. (Indian Oil), Oil and Natural Gas Corp. Ltd. (ONGC), and Yushiro Chemical Industry Co. Ltd. ( Yushiro). Hence, such factors are expected to drive the market growth in the region during the forecast period.
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The Industrial Lubricants Market is fragmented in nature. Some significant players include AMSOIL Inc. and Bharat Petroleum Corp. Ltd
The industrial lubricant market analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo Chemical Co. Ltd., Zeller and Gmelin GmbH and Co. KG., and Shell plc
The industrial lubricants market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Industrial Lubricants Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.73% |
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Market growth 2023-2027 |
USD 12.49 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.94 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 53% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AMSOIL Inc., Bharat Petroleum Corp. Ltd., BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo chemical Co. Ltd., Zeller and Gmelin GmbH and Co. KG., and Shell plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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