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
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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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