Market Research Report
Industrial Lubricants Market Forecasts to 2028 - Global Analysis By Product (Compressor Oil, Engine Oil, Gear Oil, General Industrial Oil), Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil) and By Geography
|Industrial Lubricants Market Forecasts to 2028 - Global Analysis By Product (Compressor Oil, Engine Oil, Gear Oil, General Industrial Oil), Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil) and By Geography|
Published: June 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Industrial Lubricants Market is accounted for $69.36 billion in 2021 and is expected to reach $98.26 billion by 2028 growing at a CAGR of 5.1% during the forecast period. Lubricants are a vital part that is important for the smooth functioning of numerous segments of machines in many industry verticals. They are mainly defined as compounds like oils, greases, and fluids. Their main function is to avoid metal-to-metal contact in dyes and finished component tooling. Industrial lubricants are likely to cool parts, reduce friction, disperse contaminants, minimize wear, prevent corrosion, transmit power and act as a sealant.
Increase demand in construction industry
The construction sector is the foremost consumer of industrial lubricants. The increasing infrastructural development in developing economies is projected to fuel the industrial lubricants sales. Hydraulic fluid is the main product type used in the construction industry in the lubrication of heavy load equipment, as it is relative cheaper compared to other lubricants.
Industrial Lubrication is additional and can be an important cost in the maintenance of machinery. Depending on the size and function of the machinery requiring lubrication, lubricants itself is a maintenance chore that comes with costs and some skill requirement, which means a factory will need to hire and train the appropriate personnel to do the job properly, on top of paying for the lubricants themselves. These are some of the factors that restrain the market growth.
Increasing demand for biodegradable lubricants and growing automation
With automated lubrication, the right amount of lubricant at right time is used, especially when the parts need it. Besides, it solved the safety issue, which has been raised frequently regarding the safety of workers lubricating the equipment, as many machines are dangerous to lubricate while running. Biodegradable lubricants possess good properties, which include higher flash points, lower volatility, better viscosity indexes, and better boundary lubricant properties, compared with petroleum lubricants. The implementation of biodegradable lubricants conserves the mineral oil-based sources as they are non-renewable and are getting drained rapidly.
Stringent environmental regulations
The majority of industrial lubricants are by-products of petrochemicals, disposal of which leads to water pollution. Synthetic lubricants are the foremost hazard to the atmosphere; as such administrations in numerous nations are daunting prohibitions on their usage. Furthermore, the decline in automotive production in countries such as the US, and China is likely to affect the demand growth of the market shortly.
Bio-Based Oil segment is expected to be the largest during the forecast period
The Bio-Based Oil segment is expected to be the largest during the forecast period, as it provides environmental advantages, coupled with better lubrication, superior viscosity/pressure performance, and lower volatility. Biodegradable sources such as edible oils are used to manufacture bio-based oil. Additionally, rising fuel economy, as well as emission regulations for synthetic lubricants across the world, are projected to bolster bio-based oil demand.
The Process Oil segment is expected to have the highest CAGR during the forecast period
Process oil dominated the market in the product segment and is predictable to grow over the forecast period due to its growing demand from the textile business. The expansion in rubber oil application for the manufacturing of tubes, belting, and hoses will further contribute to its major market share over the coming years.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, due to the demand from end-use industries across emerging economies such as Indonesia, India, Malaysia, and Thailand. Foremost manufacturing firms are concentrating on achieving higher efficiency and lower downtime, which can be obtained through industrial lubricants, and therefore it acts as a key driver for rising market demand in the province.
Region with highest CAGR:
Europe is projected to have the highest CAGR. Chemical manufacturing in Europe is growing due to the existence of numerous players and the increasing demand for chemicals from the personal care industry in the province. This is likely to have a positive impact on the demand for industrial lubricants in Europe over the forecast period. Growing manufacturing in countries such as Argentina, Brazil, and Mexico is anticipated to complement market growth.
Key players in the market:
Some of the key players profiled in the Industrial Lubricants Market include Amsoil, Inc., BASF SE, Bel-Ray Co. Inc, BP Plc, Chevron Corporation, China Petrochemical Group Co. Ltd. (Sinopec Group), Clariant, Quaker Chemical Corp., Exxon Mobil Corporation, Fuchs Group, Houghton International, Inc., Idemitsu Kosan Co. Ltd., Lucas Oil Products Inc., Lukoil Oil Co., PetroChina Co. Ltd., Phillips 66, Royal Dutch Shell Plc, The Lubrizol Corp., Total S.A, Kluber Lubrication, Valvoline International, Inc., Zeller+Gmelin GmbH & Co KG, MAK Lubricants, Indian Oil Corporation.
In February 2021: ExxonMobil Corp has launched FuelCell carbon capture technology that has capacity to lower emission from exhaust streams, power plants, refineries and chemical plants
In October 2020: MAK Lubricants launched MAK Titanium CK4 engine oils for heavy-duty commercial vehicles to enhance engine protection. Premium engine oil designed with synthetic technology for ultra-low emission diesel engines meeting BS VI emission norms and fitted with after treatment devices such as DPF, SCR, EGR etc.
In October 2018: Fuchs Group has launched RENOCLEAN AIR series to control dust production in the mining sector. The new RENOCLEAN AIR range dissolves into water to offer a complete dust control solution for every step of the mining process
Base Oils Covered:
End Users Covered:
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Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.