Industrial Lubricants Market Size, Latest Trends, Regional Insights Dynamics By 2032
The global industrial lubricants market is expected to be worth US$ 21,832 million in 2022, with a CAGR of 4.4% to reach US$ 33,582 million by 2032. The rising use of IoT-based applications is related to the growth. The industrial lubricants market grew at a 3.1% CAGR between 2016 and 2021.
The global industrial lubricants market is primarily driven by increasing adoption of complex machinery and tools in various industries. Industrials in the manufacturing sector are constantly in a hunt to boost their output efficiency by enhancing productivity and minimizing downtime, sustaining the revenue pool of market players.
Rising stringency in regulatory framework is influencing market players to shift towards bio-based industrial lubricants that, apart from environmental benefits, offer better lubrication and viscosity.
Manufacturers are turning to sustainability measures such as reuse and recycling of industrial lubricants. Moreover, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.
Prominent players in the market includes
ExxonMobil Corp.
Fuchs Group
The Lubrizol Corp.
Royal Dutch Shell
Phillips 66
Lucas Oil Products Inc.
Amsoil, Inc.
Bel-Ray Co. Inc
Total S.A, Kluber Lubrication
Valvoline International, Inc.
Chevron Corp.
Clariant, Quaker Chemical Corp.
Zeller+Gmelin GmbH & Co KG
Houghton International, Inc.
Castrol, Blaser Swisslube, Inc.
Calumet Specialty Product Partners L.P.
Petronas Lubricant International
Global Industrial Lubricants Market – Competitive Landscape
The global industrial lubricant market is fragmented in nature. Companies are highly investing upon R&D activities to shape competitive landscape.
ExxonMobil Corp has launched FuelCell carbon capture technology that has capacity to lower emission from exhaust streams, power plants, refineries and chemical plants.
Fuchs Group has launched RENOCLEAN AIR series to control dust production in the mining sector.
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Global Industrial Lubricants Market – Segmentation
The global industrial lubricants market is segmented on the basis of following
By Base Oil
Mineral Oil
Synthetic Oil
Bio-based Oil
By Product type
Hydraulic fluid
Metalworking fluid
Gear Oil
Compressor Oil
Grease
Turbine Oil
Others
Transformer Oil
Refrigeration Oil
Textile Machinery Lubricants
By End-use Industry
Construction
Metal & Mining
Cement Production
Power Generation
Automotive (Vehicle Manufacturing)
Chemical
Oil & Gas
Global Industrial Lubricants Market – Regional Analysis
Asia Pacific (APAC) continues to hold leading share in industrial lubricants market, owing to well-established construction and automobile industries in China, Japan, and India. Further, surging manufacturing output and increasing industrialization in these are offering conducive breeding grounds for market players.
North America is also reflecting value-creation opportunities to industrial lubricant manufacturers, owing to expanding oil and gas industry in this region.
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