Global Industrial Lubricants Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Base Oil (Bio-Based Oil Lubricants, Synthetic Oil Lubricants, Mineral Oil Lubricants), By Type (Grease, Gear Lubricants, Hydraulic Lubricants, Compressor Lubricants, Turbine Lubricants, Others), By End User (Marine, Automotive, Industrial, Textiles, Chemicals, Power Generation, Mining, Others), And By Geography - Forecasts From 2023 To 2028

The industrial lubricants market is projected to witness a CAGR of 2.64% during the forecast period to reach a 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 the 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 their high performance in extreme conditions and better viscosity index. However, the major demerit of synthetic oil lubricants is their high costs and their environmental implications. Mineral oil lubricants are the 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

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.

By Industry

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 the smooth functioning of machinery. The power generation industry is also expected to witness a boost in growth due to the 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.

By Geography

Asia Pacific region along with the Middle East and Africa are the fastest-growing economies in the industrial lubrication market. The 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 move towards more environmentally friendly products. North America and Europe serve as mature markets and thereby present various opportunities for research and development.

Competitive Landscape

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.

Segmentation

The industrial lubricant market has been segmented by base oil, type, end-user, and geography.

• By Base Oil
  • Bio-based oil lubricants
  • Synthetic oil lubricants
  • Mineral oil lubricants
• By Type
  • Grease
  • Gear Lubricants
  • Hydraulic lubricants
  • Compressor lubricants
  • Turbine lubricants
  • Others
• By End-User
  • Marine
  • Automotive
  • Industrial
  • Textiles
  • Chemicals
  • Power generation
  • Mining
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others