The industrial lubricants market is projected to witness a CAGR of 2.64% during the forecast period to reach the total market size of US$73.321 billion by 2024, increasing from US$62.706 billion in 2018. Rapid industrialization in emerging economies, increase in process-automation in manufacturing units, rising demand for automobiles and increased trade are some of the major factors driving the global industrial lubricants market. The automation of manufacturing units leads to an increase in efficiency and productivity of machines which further increases the machinery run time resulting in a higher demand for industrial lubricants to prevent equipment failure. However, strict environmental regulation acts as a major restraint in the industrial lubricants market.
By Base oil
On the basis of base oil, the industrial lubricants market can be segmented into mineral oil lubricants, bio-based oil lubricants, and synthetic oil lubricants. Synthetic oil lubricants contribute to a significant share in the market owing to its high performance in extreme conditions and better viscosity index. However, the major demerit of the synthetic oil lubricants is its high costs and their environmental implications. Mineral oil lubricants are least expensive and are derived from crude oil. The growing environmental concerns and increasing depletion of crude oil resources have led to an increased demand for bio-based oil lubricants which are expected to have a lighter environmental footprint.
By type, the industrial lubricants market can be segmented as grease, gear lubricants, hydraulic lubricants, compressor lubricants, turbine lubricants, and others. Increased consumption of metal in the automotive industry has resulted in a growth of metalworking fluids. Compressor lubricants are widely used in manufacturing facilities to cool, seal and lubricate internal components of machinery. There has also been an increase in the use of grease in the mining industry. The rising industrial base will fuel the demand for industrial lubricants.
On the basis of industry, the industrial lubricants market can be segmented into marine, automotive, industrial, textiles, chemicals, power generation, mining, and others. Rising demand for low viscosity fluid in the automotive sector has resulted in an increased demand for grease in industries to maintain smooth functioning of machinery. The power generation industry is also expected to witness a boost in growth due to rise in demand for energy globally. The chemical manufacturing sector involves a significant application of industrial lubricants due to the demand for nonreactive and sustainable processing fluids. To replace conventional lubricants the transportation industry is increasingly adopting bio-based lubricants. The shift can be primarily attributed to stringent vehicle emission regulations.
Asia Pacific region along with the Middle East and Africa are the fastest-growing economies in the industrial lubrication market. Rising population, increasing disposable income, rising awareness and demand for superior quality products will increase the demand for industrial lubricants in these regions. Various initiatives are being adopted in emerging economies like India and China to improve engine quality, regulate vehicle emission standards and thus to move towards more environmentally friendly products. North America and Europe serve as mature markets and thereby present various opportunities in research and development.
The global lubricants market is competitive owing to the presence of well-diversified international, regional and local players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
|Market size value in 2018||US$62.706 billion|
|Market size value in 2024||US$73.321 billion|
|Growth Rate||CAGR of 2.64% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Base Oil, Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ExxonMobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, Total S.A., BP plc, PetroChina Company Limited, Eni S.p.a, Phillips 66 Company, Lukoil, Aramco|
|Customization scope||Free report customization with purchase|
The industrial lubricant market has been segmented by base oil, type, end-user, and geography.
Frequently Asked Questions (FAQs)
Q1. What will be the industrial lubricants market size by 2024?
A1. The industrial lubricants market is projected to reach a total market size of US$73.321 billion by 2024.
Q2. What is the size of the global industrial lubricants market?
A2. Industrial Lubricants Market was valued at US$62.706 billion in 2018.
Q3. What are the growth prospects for the industrial lubricants market?
A3. The global industrial lubricants market is projected to witness a CAGR of 2.64% during the forecast period.
Q4. Which region holds the largest market share in the industrial lubricants market?
A4. Asia Pacific region along with the Middle East and Africa are the fastest-growing economies in the industrial lubrication market.
Q5. What factors are anticipated to drive the industrial lubricants market growth?
A5. Rapid industrialization in emerging economies, increase in process automation in manufacturing units, rising demand for automobiles, and increased trade are some of the major factors driving the global industrial lubricants market.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global industrial lubricants Market Analysis, by Base Oil
5.2. Bio based oil
5.3. Mineral Oil Lubricants
5.4. Synthetic Oil Lubricants
6. Global industrial lubricants Market Analysis, by Type
6.3. Gear Lubricants
6.4. Hydraulic lubricants
6.5. Compressor Lubricants
6.6. Turbine Lubricants
6.7. Metal Working Fluids
7. Global industrial lubricants Market Analysis, by Industry
7.8. Power Generation
7.10. Food Processing
8. Global industrial lubricants Market Analysis, by Geography
8.2. North America
8.2.1. North America industrial lubricants Market, By Base Oil, 2018 to 2024
8.2.2. North America industrial lubricants Market, By Type, 2018 to 2024
8.2.3. North America industrial lubricants Market, By Industry, 2018 to 2024
8.2.4. By Country
220.127.116.11.1. By Base Oil
18.104.22.168.2. By Type
22.214.171.124.3. By Industry
126.96.36.199.1. By Base Oil
188.8.131.52.2. By Type
184.108.40.206.3. By Industry
220.127.116.11.1. By Base Oil
18.104.22.168.2. By Type
22.214.171.124.3. By Industry
8.3. South America
8.3.1. South America industrial lubricants Market, By Base Oil, 2018 to 2024
8.3.2. South America industrial lubricants Market, By Type, 2018 to 2024
8.3.3. South America industrial lubricants Market, By Industry, 2018 to 2024
8.3.4. By Country
126.96.36.199.1. By Base Oil
188.8.131.52.2. By Type
184.108.40.206.3. By Industry
220.127.116.11.1. By Base Oil
18.104.22.168.2. By Type
22.214.171.124.3. By Industry
8.4.1. Europe industrial lubricants Market, By Base Oil, 2018 to 2024
8.4.2. Europe industrial lubricants Market, By Type, 2018 to 2024
8.4.3. Europe industrial lubricants Market, By Industry, 2018 to 2024
8.4.4. By Country
126.96.36.199.1. By Base Oil
188.8.131.52.2. By Type
184.108.40.206.3. By Industry
220.127.116.11.1. By Base Oil
18.104.22.168.2. By Type
22.214.171.124.3. By Industry
126.96.36.199. United Kingdom
188.8.131.52.1. By Base Oil
184.108.40.206.2. By Type
220.127.116.11.3. By Industry
18.104.22.168.1. By Base Oil
22.214.171.124.2. By Type
126.96.36.199.3. By Industry
8.5. Middle East and Africa
8.5.1. Middle East and Africa industrial lubricants Market, By Base Oil, 2018 to 2024
8.5.2. Middle East and Africa industrial lubricants Market, By Type, 2018 to 2024
8.5.3. Middle East and Africa industrial lubricants Market, By Industry, 2018 to 2024
8.5.4. By Country
188.8.131.52. Saudi Arabia
184.108.40.206.1. By Base Oil
220.127.116.11.2. By Type
18.104.22.168.3. By Industry
22.214.171.124.1. By Base Oil
126.96.36.199.2. By Type
188.8.131.52.3. By Industry
184.108.40.206.1. By Base Oil
220.127.116.11.2. By Type
18.104.22.168.3. By Industry
8.6. Asia Pacific
8.6.1. Asia Pacific industrial lubricants Market, By Base Oil, 2018 to 2024
8.6.2. Asia Pacific industrial lubricants Market, By Type, 2018 to 2024
8.6.3. Asia Pacific industrial lubricants Market, By Industry, 2018 to 2024
8.6.4. By Country
22.214.171.124.1. By Base Oil
126.96.36.199.2. By Type
188.8.131.52.3. By Industry
184.108.40.206.1. By Base Oil
220.127.116.11.2. By Type
18.104.22.168.3. By Industry
22.214.171.124. South Korea
126.96.36.199.1. By Base Oil
188.8.131.52.2. By Type
184.108.40.206.3. By Industry
220.127.116.11.1. By Base Oil
18.104.22.168.2. By Type
22.214.171.124.3. By Industry
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. ExxonMobil Corporation
10.2. Shell Global
10.3. Chevron Corporation
10.4. Total India
10.5. BP plc
10.6. PetroChina Company Limited
10.7. ENI USA R&M CO. INC.
10.8. ConocoPhillips Company
10.9. LUKOIL Lubricants company
10.10. Saudi Arabian Oil Co.
Royal Dutch Shell Plc.
PetroChina Company Limited
Phillips 66 Company
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