The global industrial lubricants market size was worth USD 60.3 billion in 2022 and is expected to reach USD 75.6 billion by 2030 with a CAGR of 5.0% from 2023 - 2030.
Lubricants play a major role in which is necessary for functioning different machine segments across various industries. Lubricants are to decrease friction and offer safety against corrosion and are worthy as their ability to provide heat stability doesn't break down at the highest temperature. Lubricants are widely used over many industrial applications like gas engines, food machinery, hydraulic, paper machines, etc. Industrial lubricants are introduced to diminish the solid-to-solid contact and decrease the friction restricting the movement and influence wear.
COVID-19 Impact on Industrial Lubricants Market
The sudden eruption of the novel coronavirus (COVID-19) has exhibited many challenges and obstacles over the industrial lubricants market. The pandemic has influenced both industry and transportation. The oil company Royal Dutch Shell has seen a huge loss due to the pandemic period.
The factors causing the industrial lubricants market growth are growing demand for food processing and increasing automation increase across different end-user industries. Also, the rising acceptance of difficult machinery and tools in various industries. In developing countries, the lubricants market growth owes to rising manufacturing activity and stringent environmental and health guidelines.
Growing lifestyle changes and rising adoption of western living standards escalates the growing demand for processed food and frozen foods.
• High Cost
The cost of synthetic lubricants is expensive and the growing drain intervals are the two factors limiting the industrial lubricants market growth globally and across the timeline period.
In countries like the U.S and China, the decline in automotive production has affected the increasing demand for industrial lubricants market globally.
Synthetic oils are the major cause of environmental pollution. Rising issues over contamination and pollution about the use, disposal, and recycling of lubricants hamper the industrial lubricants market growth.
Market Size Available
2022 – 2030
2022 – 2030
North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), Latin America
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The research report on the global Industrial Lubricants Market is segmented and sub-segmented based on base oil, product type, and end-user industry.
• Mineral Oil
• Synthetic Oil
• Bio-based Oil
• Engine Oil
• Hydraulic fluid
• Metalworking fluid
• Gear Oil
• Compressor oil
• Turbine Oil
The hydraulic fluid product type dominates the industrial lubricants market throughout the timeline period. The segment is expected to dominate across the market globally. The growth of the segment depends on factors like less cost and increasing demand from the construction sector.
The engine oil segment is the second leading segment in the industrial lubricants market. The segment is widely used for internal combustion engines over different types of automobiles. The engine oil growth is due to extensive use over the transportation sector, particularly from construction vehicles.
The metalworking fluid segment is experiencing quick growth owing to increasing industrial activities and the need for metal in applications involving machinery and building.
Transportation segment is leading the industrial lubricants market globally. In the transportation segment, the demand for lubricants is high due to the increase in demand for lubricants with the growing number of vehicles moving on the road.
North America is expected to have a lion's share in the industrial lubricants market with the largest CAGR rate throughout the forecast period. The United States and Canada are the major contributors to the lubricants market. Petro-Canada Lubricants and international manufacturer of lubricants.
Europe is scheduled as the second-largest region with a maximum share in the industrial lubricants market. The Union of European Industry Lubricants (UEIL) depicts the activities of the lubricants industry in Europe. Germany is the largest producer of lubricants industry in Europe. Germany owns a continuous economy. Italy is a considerable existence in the industrial lubricant with a volume of more than 400 thousand tones. Germany and the UK have the largest demand for lubricants over the European countries.
However, the industrial lubricants market in Asia-Pacific is expected to hold the major share in terms of revenue and is likely to continue to have the quickest growth with the highest CAGR value. In developing economies like India, Indonesia, Thailand, and Malaysia, the demand is increasing from the end-user industries.
The demand for industrial lubricants in Latin America is projected to exhibit consequential growth over the timeline period. Mexico is likely to boost the rising demand for the industrial lubricants market. Increasing manufacturing and many of the key players involved in the market are boosting the growth of the market.
The Middle East & African industrial lubricants market is at its nascent stage and is anticipated to grow further over the upcoming years. UAE, Africa are major countries dominating the market. The UAE market is likely to grow with a CAGR 0f 3% due to expansion in the construction sector. Dubai is considered as the quickest-growing in the MEA globally. The growth in the country is due to rising government initiatives to upgrade construction and infrastructure. The government of the UAE unveiled its decision to connect the gap between the supply and demand of housing units. In Saudi Arabia, the industrial lubricants market is said to grow with a CAGR of 3% throughout the forecast period. The power sector is the main factor for market growth. Augments in synthetic and bio-based lubricants in Africa are some opportunities for the market to grow further.
Key Market Players
Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan) are some major companies involved in the industrial lubricants market. Of these companies, Royal Dutch Shell is the leading player in the lubricants market globally.
Air BP, decided to provide free jet fuel to be used by many UK helicopters that are used as air ambulance services to combat the new virus (coronavirus).
Recent Happenings in the Industrial Lubricants Market
• On August 25, 2022, ExxonMobil Affiliate has decided to produce new renewable diesel in Edmonton, Canada. The construction is to diminish emissions in the Canadian transportation sector.
• On August 24, 2022, Chevron Corporation has disclosed its venture with Brightmark LLC to develop a low-carbon strategy.
• On September 01, 2017, Total SA SEO said it has decided to figure out retailing and invest in enlarging LPG infrastructure across India in association with a local partner.
• On October 07, 2022, FUCHS and DMG MORI have become lubricant partners and the company will be certified and will supply cooling lubricants.
• On February 01, 2022, Russia's oil producer Lukoil, has launched a new complex and high-viscosity index production at the Volgograd refinery.
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