Industrial Lubricants Market is Set to Reach USD 80.81 Billion by 2032, with a 2.98% CAGR
Research Reports
Jul 17, 2024
Industrial Lubricants Market Overview
The Industrial Lubricants Market Size was valued at USD 70.78 Billion in 2022. The Industrial Lubricants industry is projected to grow from USD 73.17 Billion in 2023 to USD 89.87 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.03% during the forecast period (2023 – 2030).
Market Synopsis
Lubricants facilitate machines’ smooth functioning and are used across several industries. They are also known as compounds such as greases, fluids, and oils. Lubricants don’t allow metal-to-metal contact in finished component tooling and dyes.
Industrial lubricants help in cooling the parts, reducing friction, dispersing contaminants, minimizing wear, preventing corrosion, transmitting power, and acting as a sealant in various machineries. They also help modify temperature regulation, surface properties, and debris removal. The surging demand for low-viscosity fluids and grease in the automotive industry and also in the burgeoning food sector along with the rapid industrialization rate in emerging countries will foster the market size in the years to come.
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Market Competitive Landscape:
Petrochina Company Limited
Total S.A
Sinopec Limited
LUKOIL
BP Plc
Chevron Corporation
Fuchs Petrolub
ExxonMobil Corporation
Royal Dutch Shell
Idemitsu Kosan Co Ltd
The industrial lubricants industry is extremely fragmented given the presence of several players on international as well as regional levels. Also, these companies are spending significantly on research and development to have a competitive edge over others.
Acquisitions and mergers, collaborations, joint ventures, partnerships, development of new product lines, advances in the existing product lines, forming innovative production processes are a few other strategies employed by these players to broaden their customer bases.
September 2022
Gulf Oil Lubricants has partnered with Piaggio Vehicles Pvt Ltd (PVPL) as well as Switch Mobility for the supply of a series of EV fluids.
This alliance entails Gulf Oil supplying EV fluid range to Piaggio Vehicles as well as Switch Mobility’s range of electric vehicles for higher performance and efficiency.
Market Drivers:
The fast industrialization rate coupled with the substantial increase in trade activities, especially in emerging countries will enhance the demand for industrial lubricants in the forthcoming years. increased spending on the research & development (R&D) sector combined with the growth of several industrial processes also contribute toward market expansion.
Some major end-use industries are chemicals, energy, and mining, all of which are seeing exponential development worldwide. This trend will be bolstering the demand for industrial lubricants in compressors, hydraulics, industrial engines, bearings, and centrifuges.
Furthermore, the strong impact of western culture on people living in emerging nations has spurred the demand for processed and frozen foods over the years. This should foster the need for industrial lubricants in the packaging sector. Other than this, most industries are deploying automation processes and Artificial Intelligence (AI) to elevate their productivity. Therefore, the rising emphasis on automation as well as robotic processing will most likely benefit the industrial lubricants market in the upcoming years.
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Market Restraints:
The industrial lubricants industry can experience restraints in the form of fluctuating costs. A traditional lubricant is available in the market at a 45% hiked price. The shortage of cost-effective industrial lubricants will be a huge challenge for prominent companies in the market.
COVID 19 Analysis
The lubricants market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing lubricants along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Type
The various types of industrial lubricants in the market include gear lubricants, hydraulic lubricants, compressor lubricants, metalworking lubricants, and others.
Given the extensive demand in the construction and mining industry, hydraulic lubricants have garnered the highest position in the market share. But metalworking lubricant will be the fastest growing segment in the review period.
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By End-User
The leading end-users in the market are heavy industries sector, automotive manufacturing sector, power generation sector, and more. The largest share of the worldwide market belongs to the automotive industry.
Regional Insights
As the fastest-developing region, the market leader is the Asia Pacific, thanks to the presence of economies like South Korea, China, India, and Japan, all of which have attractive automotive sectors. As a result, the demand for lubricants is extremely high in these countries. In addition to this, the fast-paced urbanization and industrial rates in the region also foster the industry size.
The second position belongs to the North American market, thanks to the contributions from highly developed economies like the US, Canada, as well as Mexico. High investment in numerous power generation and construction projects fosters market demand.
Europe will be another successful market, on account of the well-established technologically innovative infrastructure present in the region, which requires a high level of power generation. Also, the significant level of spending on R&D combined with the surging expenditure in numerous power generation projects will further enhance the market growth rate.
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