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The Industrial Lubricants Market was valued at USD 71.85 billion in 2023 and is expected to reach USD 96.57 billion by 2032 and grow at a CAGR of 3.34% over the forecast period 2024-2032.
Lubricants are used to guarantee that the machines in an industry run smoothly. Industrial lubricants are made up of compounds that are used to keep the machinery running smoothly. Industrial lubricants also help to keep machinery from rusting and reduce friction between components.
The main cause of the market's rapid rise is an increase in demand for lubricants for automotive applications. Rising industrialization, combined with increased demand for grease from various industries to ensure efficient machine operation, would have a direct and beneficial impact on the market's development rate. The high use of general industrial oils will help to propel the market forward.
Opportunities:
The demand for hybrid electric vehicles.
Drivers:
Increased use of grease in industries.
Working smooth.
Increases the productivity.
Restraints
The smoothening degree is less.
Witnessing the emergence of probable market.
Since its debut in 2019-2020, the pandemic has had a significant impact on the industrial lubricants market revenue. Due to the pandemic, global industries and prominent markets have come to a halt as a result of the lockdown, which was followed by the announcement of strict import and export bans, as well as the suspension of international flights, limiting global opportunities for market growth in 2020 and beyond.
As a result, worldwide market players have been experiencing an increasing requirement for dependable investment quantum, which will lead to new product and service research and development, as well as mergers, acquisitions, and partnerships among established companies throughout the world over the term.
By Product Type Hydraulic lubricants, metalworking lubricants, gear lubricants, compressor lubricants, and other types of lubricants have been segmented into the global market. Hydraulic lubricants have the biggest market share due to rising demand in the mining and construction industries. During the review period, however, metalworking lubricant is predicted to increase at a quicker rate.
By End Use The market has been divided all across the globe based on the end-user into power generation sector, automotive manufacturing sector, heavy industries sector, and others. The bigger market share is held by the automotive industry.
By Oil Type
Mineral Oil
Synthetic Oil
Polyalphaolefins (PAO)
Polyalkylene Glycol (PAG)
Esters
Group III (Hydro cracking)
Bio-based Oil
By End-Use Industry
Construction
Metal & Mining
Cement Production
Power Generation
Automotive (Vehicle Manufacturing)
Chemical
Oil & Gas
Textile
Food Processing
Others
By Product Type
Hydraulic fluid
Metalworking fluid
Gear Oil
Compressor Oil
Grease
Turbine Oil
Others
The industrial lubricants market has been segmented into North American, Asia-Pacific, European, Latin American, and Middle East and African regions depending on region. The Asia-Pacific region, as the fastest-emerging area, has the biggest market share in the global market, owing to the existence of nations such as South Korea, Japan, China, and India, which are regarded as automotive market hubs and hence drive market demand in this region. Furthermore, rising urbanisation is another aspect driving up market demand.
The North American area holds the second-largest market share in the global market, owing to the existence of countries such as the United States, Canada, and Mexico, which drive market demand in this region.
The European area holds the third-largest market share in the global market, owing to the presence of a well-established technologically advanced infrastructure that necessitates more power generation and hence generates more growth prospects in this region.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are ExxonMobil, Chevron Corporation, Total S.A., Idemitsu Kosan Co. Ltd., Fuchs Petrolub AG, Valvoline, Lukoil, Petronas, Gazprom Neft, Pertamina,Royal Dutch Shell, BP p.l.c., PetroChina Company Limited, Sinopec Limited & Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 71.85 Billion |
| Market Size by 2032 | US$ 96.57 Billion |
| CAGR | CAGR of 3.34% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By oil (Mineral Oil, Synthetic Oil, Bio-based Oil) • By End-Use Industry (Construction, Metal & Mining, Cement Production, Power Generation, Automotive, Chemical, Oil & Gas, Textile, Food Processing, Others) • By Product Type (Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ExxonMobil, Chevron Corporation, Total S.A., Idemitsu Kosan Co. Ltd., Fuchs Petrolub AG, Valvoline, Lukoil, Petronas, Gazprom Neft, Pertamina,Royal Dutch Shell, BP p.l.c., PetroChina Company Limited, Sinopec Limited |
| DRIVERS | • Increased use of grease in industries. • Working smooth. • Increases the productivity. |
| RESTRAINTS | • The demand for hybrid electric vehicles. |
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: The Asia-Pacific region, as the fastest-emerging area, has the biggest market share in the global market
Ans: By oil, By end-use industry, By product type are segments of the global sheet metal market.
Ans: The smoothening degree is less and Witnessing the emergence of probable market are the restraints for the Global Industrial Lubricants Market
Ans: Industrial Lubricants Market was valued at USD 71.85 billion in 2023 and is expected to reach USD 96.57 billion by 2032, and grow at a CAGR of 3.34% over the forecast period 2024-2032.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Industrial Lubricants Market Segment, By oil Type
8.1 Mineral Oil
8.2 Synthetic Oil
8.2.1 Polyalphaolefins (PAO)
8.2.2 Polyalkylene Glycol (PAG)
8.2.3 Esters
8.2.4 Group III (Hydro cracking)
8.3 Bio-based Oil
9. Global Industrial Lubricants Market Segment, By end-use industry
9.1 Construction
9.2 Metal & Mining
9.3 Cement Production
9.4 Power Generation
9.5 Automotive (Vehicle Manufacturing)
9.6 Chemical
9.7 Oil & Gas
9.8 Textile
9.9 Food Processing
9.10 Others
10. Global Industrial Lubricants Market Segment, By product type
10.1 Hydraulic fluid
10.2 Metalworking fluid
10.3 Gear Oil
10.4 Compressor Oil
10.5 Grease
10.6 Turbine Oil
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1Royal Dutch Shell
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 ExxonMobil
12.3 BP p.l.c.
12.4 Chevron Corporation
12.5 Total S.A.
12.6 PetroChina Company Limited
12.7 Idemitsu Kosan Co. Ltd.
12.8 Sinopec Limited
12.9 Fuchs Petrolub AG
12.10 Valvoline
12.11 Lukoil
12.12 Petronas
12.13 Gazprom Neft
12.14 Pertamina
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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