Author: Himanshu Patni
21 November 2022
The Industrial Lubricants Market is expected to grow at a CAGR of around 3% from 2022-2028. The global industrial lubricants market is primarily driven by the increasing adoption of complex machinery and tools in various industries. The main task and most important function of lubricants are to reduce friction lubricants and offer wear protection, which extends machine runtimes and thereby protects raw materials. Awareness of lubricants is increasing among consumers as it is contributing to the sparing use of resources and thereby to sustainability. Their task of reducing friction reduces the amount of energy input required and, in this way, saves emissions. Hence, escalating its market demand across the globe.
Moreover, rapid urbanization, industrialization, and increasing technological advances in emerging economies are the major factors supporting the growth of the industrial lubricants market. In addition, growing construction and mining activities have increased the utilization of heavy equipment in many countries. Due to the increase in the utilization of such equipment, the demand for industrial lubricants is also increasing.
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Based on base oil, the industrial lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil category caters substantial share of the market. As Petrochemical components and increasing derivatives of natural, harvestable raw materials from the oleo-chemical industry are finding increasing acceptance because of their environmental compatibility and some technical advantages.
Based on product type, the industrial lubricants market is segmented into hydraulic fluid, metal working fluid, gear oil, compressor oil, grease, turbine oil, and others. Among these, the hydraulic fluid segment to hold a significant share in the market in 2020. It is mainly due to its low cost as compared to the other types and its demand from the construction industry. The demand for industrial lubricants is on the verge of a breakthrough in the construction industry due to the rising construction activities in the residential sector like in China and the rising infrastructural developments in India.
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For a better understanding of the market adoption of the industrial lubricants industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed due to the increasing growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major end-use industries, such as textiles, chemicals, food processing, and metalworking. Also, the growing investments in the agriculture sector to reduce manual work and increase the use of various machinery to reduce time and improve efficiency are expected to drive the market.
Some of the major players operating in the market include BP Plc, Exxon Mobil Corporation, Fuchs Petrolub SE, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Co., PetroChina Co. Ltd., Total S.A., Royal Dutch Shell Plc, and BASF SE.
Global Industrial lubricants Market Segmentation
Market Insight, by Base Oil
• Mineral Oil
• Synthetic Oil• Bio-based Oil
Market Insight, by Product Type
Market Insight, by End-User
Market Insight, by Region
Top Company Profiles
• BP Plc
• Exxon Mobil Corporation• Fuchs Petrolub SE• Chevron Corporation• Idemitsu Kosan Co. Ltd.• Lukoil Oil Co.• PetroChina Co. Ltd.• Total S.A.• Royal Dutch Shell Plc• BASF SE
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