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Industrial Lubricants Market Analysis By Product (General industrial oils, Process oils, Metalworking fluids, Industrial engine oils and Industrial greases), By Type and By Application & Forecast, 2024-2033

  • PUBLISHED ON
  • 2023-10-31
  • NO OF PAGES
  • 290
  • CATEGORY
  • Chemicals & Materials

Market Overview

Industrial Lubricants Market is projected to achieve a value of USD 55.34 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 75.68 Billion by 2033 with a CAGR of 3.8% during the forecast period 2024-2033.

Industrial lubricants are specialized types of oils, greases, and other substances used to reduce friction, heat, and wear between moving parts in various industrial machinery and equipment. Their primary purpose is to ensure smooth and efficient operation, extend the lifespan of the machinery, and reduce maintenance and repair costs. Industrial lubricants find applications in a wide range of industries, including manufacturing, automotive, aviation, construction, and more.

Below Depicted Is The Key Consumer Survey Results Within The Industrial Lubricants Market:

Most industrial users are satisfied with their current lubricants suppliers. 83% of respondents said they were satisfied or very satisfied with their current supplier.

Price is the most important factor when choosing an industrial lubricant. 65% of respondents said that price was the most important factor, followed by quality (23%) and brand (12%).

Industrial users are increasingly interested in sustainable lubricants. 54% of respondents said that they were interested in using sustainable lubricants, up from 42% in the previous year.

The most common challenges faced by industrial lubricant users are equipment wear and tear (58%), downtime (47%), and maintenance costs (45%).

Market Scope

Report Attributes

Description

Market Size in 2023

USD 55.34 Billion

Market Forecast in 2033

USD 2.64 Billion

CAGR % 2024-2033

3.8%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

by Type, by Product and by Application

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Growth Drivers

Industries recognize the importance of proper lubrication for machinery maintenance and the extension of equipment lifespan, reducing replacement and maintenance costs.

Growing urbanization and infrastructure development projects, particularly in emerging economies, require heavy machinery and construction equipment that rely on industrial lubricants.

The automotive industry, including both passenger and commercial vehicles, uses lubricants extensively to ensure engine performance, reduce wear and tear, and improve fuel efficiency.

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Exxonmobil Corp; Fuchs Group; The Lubrizol Corporation; 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.; Houghton International, Inc.; Castrol; Blaser Swisslube, Inc.; Calumet Specialty Products Partners, L.P.; Petronas Lubricant International; Idemitsu Kosan Co., Ltd.; Yushiro Chemical Industry Co., Ltd.

 

Market Dynamics

Rapid industrialization and urbanization in emerging economies: China, India, and other emerging economies are experiencing rapid industrialization and urbanization. This is leading to increased demand for industrial lubricants in a variety of industries, such as manufacturing, construction, and mining. For example, the Chinese construction industry is expected to grow at a CAGR of 6.5% from 2023 to 2028. This is driving demand for industrial lubricants used in construction equipment, such as excavators, bulldozers, and cranes, thereby propelling the growth of industrial lubricants market.

Emerging economies accounted for 60% of the global market in 2022.

The Asia-Pacific region is the largest market for industrial lubricants, accounting for over 40% of the global market in 2022.

China is the largest market for industrial lubricants in the world, accounting for over 30% of the global market in 2022.

The Chinese government has announced plans to invest $1.4 trillion in infrastructure development over the next five years. This is expected to drive demand for industrial lubricants in a variety of industries, such as construction, mining, and manufacturing.

The Indian government has also announced plans to invest heavily in infrastructure development. The Indian government has also launched the "Make in India" initiative to promote manufacturing in the country. This is expected to boost the demand for industrial lubricants market in India.

The prices of raw materials used to produce industrial lubricants, such as crude oil, are volatile. This can make it difficult for lubricant producers to maintain consistent pricing and profitability. The raw material cost accounts for over 60% of the total cost of manufacturing industrial lubricants.

The prices of crude oil, which is the primary raw material used to produce industrial lubricants, are volatile. The price of crude oil has fluctuated between $50 and $120 per barrel in recent years. This volatility in raw material prices can make it difficult for lubricant producers to maintain consistent pricing and profitability, thereby restraining the industrial lubricants market growth during the forecast period.

In 2022, the price of crude oil increased by over 50% due to the Russia-Ukraine war. This led to a significant increase in the cost of producing industrial lubricants. As a result, lubricant producers were forced to raise prices. This increase in prices made industrial lubricants less affordable for some users and led to a decrease in demand.

Market Type Analysis

Mineral oils account for the largest share of the industrial lubricants market due to their low cost and wide availability. Synthetic oils are gaining popularity due to their superior performance and environmental benefits. Bio-based oils are still a relatively small segment of the market, but they are growing rapidly due to increasing demand for sustainable products.

Synthetic oils are man-made lubricants that are engineered to have specific properties. Synthetic oils are typically more expensive than mineral oils, but they offer superior performance in terms of thermal stability, oxidation stability, and low-temperature fluidity. Synthetic oils are also more resistant to biodegradation than mineral oils.

Bio-based oils are lubricants that are derived from renewable resources, such as vegetable oils and animal fats. Bio-based oils are becoming increasingly popular due to their environmental benefits. Bio-based oils are biodegradable and non-toxic, making them a more sustainable alternative to mineral oils and synthetic oils.

Market Application Analysis

Manufacturing is the largest application segment for industrial lubricants market, accounting for over 45% of the market share. This is because manufacturing industries use a wide range of industrial equipment, such as machine tools, conveyor belts, and compressors, all of which require lubrication.

Transportation is the second largest application segment, accounting for over 22% of the market share. This segment includes the automotive, aerospace, and marine industries.

Energy is the third largest application segment, accounting for over 16% of the industrial lubricants market share. This segment includes the power generation and transmission, oil and gas, and renewable energy industries.

Mining and construction is the fourth largest application segment, accounting for over 12% of the market share.

Food and beverage and pharmaceutical are smaller application segments, but they are still important markets for industrial lubricants.

Market Product

Process oils are the largest segment of the industrial lubricants market, accounting for over 32% of the market share. These oils are used in a wide range of industries, including plastics, rubber, textiles, and food processing.

Metalworking fluids are the second largest segment, accounting for over 28% of the market share. These fluids are used to cool and lubricate metal during machining operations.

Industrial engine oils are the third largest segment, accounting for over 26% of the market share. These oils are used to lubricate and protect engines in industrial applications, such as power generation, construction, and mining.

General industrial oils are a diverse group of oils that are used for a variety of purposes, such as hydraulic fluids, gear oils, and compressor oils.

Industrial greases are thick, semi-solid lubricants that are used to reduce friction and wear in bearings and other moving parts.

Market Regional Analysis

Asia Pacific is the largest shareholder within industrial lubricants market, accounting for over 44% of the global market share. This is due to the region's rapid economic growth and industrialization.

Europe is the second largest market for industrial lubricants, accounting for over 23% of the global market share. The region is home to a number of leading industrial lubricant manufacturers.

North America is the third largest shareholder within industrial lubricants industry, accounting for over 19% of the global market share. The region has a well-developed industrial sector and a strong demand for industrial lubricants.

Latin America and the Middle East and Africa are smaller markets for industrial lubricants, but they are expected to grow significantly in the coming years.

Industrial Lubricants - Competitive Analysis

Royal Dutch Shell, Exxon Mobil, Chevron, BP Plc and TotalEnergies are the major players of the industrial lubricants market and cumulatively accounting for around 50% of the market share.         

Research Report Following Segments:      

Market, By Type

·         Mineral oils

·         Synthetic oils

·         Bio-based oils

Market, By Application

·         Manufacturing

·         Transportation

·         Energy

·         Mining and construction

·         Food and beverage

·         Pharmaceutical

·         Others

Market, By Product

·         General industrial oils

·         Process oils

·         Metalworking fluids

·         Industrial engine oils

·         Industrial greases

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the Global Industrial Lubricants market value?

Global Industrial Lubricants market was valued at USD 55.34 Billion in 2023 and is estimated to reach value of 75.68 Billion by 2033.

Which are the upcoming countries within the Industrial Lubricants market?

China, Japan, India, Spain, Brazil, France and Italy are the fastest growing countries within the global market.

Who are the key competitors of market Players?

Royal Dutch Shell, Exxon Mobil, Chevron, BP Plc and TotalEnergies are the top companies in the market.

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