Industrial Lubricants Market

Industrial Lubricants Market

Growth Factors of Industrial Lubricants Market

The industrial lubricants market size was valued at USD 71.55 billion in 2023, and the market is now projected to grow from USD 74.05 billion in 2024 to USD 96.93 billion by 2032, exhibiting a CAGR of 3.3% during the forecast period of 2024-2032.

The COVID-19 occurrence strictly impacted the market as a consequence of the temporary closure of manufacturing services. This affected a dropping demand for the product for industrial uses as machinery and equipment were not being used. The execution of isolation and prohibition on import and export had resulted in automobiles and marine vessels not being used, dropping product demand.

The growth in demand for automation in the manufacturing segment is motivating the industrial lubricants market growth during the estimate period. In manufacturing, the equipment is used from programmed systems for making processes. Automation offers better efficiency by rising making capacity, probable maintenance, and condensed costs. These benefits also help the business in generating an extensive range of product types to appeal customers by having low investment and yielding a progressive return on investment.

There has been a latest shift toward refining and growing the use of bio-based lubricants that use ecological feedstock-based base oils. Ecological raw materials embrace use of plant oils for making bio-based industrial lubricants. Businesses are progressively aiming towards generating an ecologically friendly base oil to diminish necessity on petroleum and other non-renewable raw material sources. This is further supported by the upsurge in guidelines over use of traditional lubricants.

Comprehensive Analysis of Industrial Lubricants Market

The market can be segmented in various ways, depending on the focus of analysis such as by base oil, and by application. Based on base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. Based on application, the market is categorized into hydraulic fluid, metal working fluid, gear oil, grease, and others.

Asia Pacific region is dominating the industrial lubricants market share due to growing economy and growing industrialization. Furthermore, growth in middle class expenses in developing nations where customers are becoming more prosperous and use consumer goods products is supporting the market development.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include FUCHS (Germany), Repsol (Spain), Exxon Mobil (U.S.), BP plc (U.K.), Shell (Netherlands), Petrobras (Brazil), Hindustan Petroleum Corporation Limited (India), Indian Oil Corporation Ltd. (India), Gazprom Neft PJSC (Russia), PT Pertamina Lubricants (Indonesia) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In December 2023, FUCHS invested USD 11.5 million to enlarge its making capability in Isando, South Africa. The deal is expected to upsurge the plant’s size by 40%. This move is part of the corporation’s continuing strategic plan to surge capacity to meet the rising market demand.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 3.3% (2024-2032)

Unit Value (USD Billion), Volume (Million Ton)

Segmentation By Base Oil

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

By Product Type

• Hydraulic Fluid
• Metal Working Fluid
• Gear Oil
• Grease
• Others

By Geography

• North America (By Base Oil, By Product Type, By Country)
• U.S. (By Product Type)
• Canada (By Product Type)
• Europe (By Base Oil, By Product Type, By Country)
• Germany (By Product Type)
• U.K. (By Product Type)
• France (By Product Type)
• Italy (By Product Type)
• Spain (By Product Type)
• Rest of Europe (By Product Type)
• Asia Pacific (By Base Oil, By Product Type, By Country)
• China (By Product Type)
• India (By Product Type)
• Japan (By Product Type)
• South Korea (By Product Type)
• Rest of Asia Pacific (By Product Type)
• Latin America (By Base Oil, By Product Type, By Country)
• Brazil (By Product Type)
• Rest of Latin America (By Product Type)
• Middle East & Africa (By Base Oil, By Product Type, By Country)
• Iran (By Product Type)
• Saudi Arabia (By Product Type)
• Rest of Middle East & Africa (By Product Type)

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