“Global industrial lubricants market projected to grow at a CAGR of 2.5% during the forecast period.”
The global industrial lubricants market is expected to reach USD 64.4 billion by 2031, at a CAGR of 2.5% from 2022 to 2031.
The growth is primarily due to the massive industrial growth in Asia-Pacific and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of synthetic and bio-based industrial lubricants.
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“Hydraulic oil to be the largest type segment in the global industrial lubricants market.”
Hydraulic oil wathe largest segment in the global industrial lubricants market, by type in. Its low cost mainly drives the hydraulic oil as compared to other types coupled with the rising demand from the construction & mining industry. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is majorly attributed to the rising demand for the metal in the automotive industry.
“Mineral oil was the largest segment of the industrial lubricants market”
Mineral oil was the largest segment in the global industrial lubricants market in 2022. The easy availability and low cost of mineral oil based industrial lubricants are expected to drive the industrial lubricants market in the apparel application. Moreover, this segment is driven by the growing demand from Asia-Pacific and the Middle East & Africa. However, the mineral oil based lubricants segment in North America and Europe will register low growth due to the slow economic growth and change in demand patterns
“Construction & mining was the largest end-use industry in the global industrial lubricants market.”
The need for industrial lubricants is high in the construction & mining industry. The rising construction activities especially in the residential sector of China and the increasing infrastructural developments in India are expected to fuel the demand for industrial lubricants in the construction & mining industry.
“Asia-Pacific is expected to be the highest-growing market for industrial lubricants during the forecast period”
Asia-Pacific is the largest industrial lubricants market. The high growth of the emerging economies and the increasing disposable income in the region make Asia-Pacific an attractive market for industrial lubricants. The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of industrial lubricants.
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Breakdown of profiles of primary interviews for the report
• By Company Type – Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
• By Designation – C Level – 43%, Director Level – 30%, and Others – 27%
• By Region – North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), 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), Idemitsu Kosan Co. Ltd (Japan), and others.
The market is segmented on the basis of type, base oil, end-use industry, and region. The major types covered in this report are hydraulic oil (HL hydraulic oil, HLP hydraulic oil, HLP-D hydraulic oil, and fire-resistant hydraulic oil), metalworking fluid (removal, forming, treating and protecting), gear oil (rust & corrosion inhibited gear oil, compounded gear oil, and extreme pressure gear oil), compressor oil, grease (metallic soap thickener, non-soap thickener, and inorganic thickener), turbine oil, and others (transformer oil, refrigeration oil, and textile machinery lubricants). The base oil includes mineral oil, synthetic oil (PAO, PAG, esters, and group III), and bio-based oil. Based on end-use industry, the market has been segmented into construction & mining, metal production (transport equipment, primary ferrous products, and primary non-ferrous products), cement production, power generation, general manufacturing (automotive, chemical, marine, oil & gas, textile, others), and food processing (food, beverage, pharmaceuticals & cosmetics, and others). The market is also segmented on the basis of regions, such as Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
This report covers the following studies:
• Market segmentation based on type, base oil, end-use industry, and region
• Market dynamics including drivers, restraints, and opportunities
• Value chain analysis
• Porter’s Five Forces Analysis with respect to the global industrial lubricants market
• Profile of the key market players in the global industrial lubricants market
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For more information, please contact:Lauren Brown
Shibuya Data Count
Tel: + 81 50 50509159
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