Industrial Lubricants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (General Oil, Application Oil, Engine Oil, Gear Oil, Transmission & Hydraulic Fluids, Others), By Base Oil (Bio-Based Oil, Mineral Oil, Synthetic Oil, Others), By Application (Textile, Chemical Manufacturing, Energy, Others), By Region and Competition 2018-2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndustrial Lubricants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product (General Oil, Application Oil, Engine Oil, Gear Oil, Transmission & Hydraulic Fluids, Others), By Base Oil (Bio-Based Oil, Mineral Oil, Synthetic Oil, Others), By Application (Textile, Chemical Manufacturing, Energy, Others), By Region and Competition 2018-2028
In 2019, the per capita demand for lubricants in North America was approximately 18.2 kilograms.
Global Industrial Lubricants market is expected to expand during the projected period due to rising adoption of automation in manufacturing as automation provides higher efficiency by increasing manufacturing capacity using machine and equipment which require regular maintenance and lubrication. A chemical used on surfaces with relative movement between them is known as a lubricant. Lubricant lessens wear between surfaces and decreases friction. A lubricant can serve other responsibilities including those of a sealing agent, a heat transfer agent, and a corrosion prevention agent. Lubricant products are made from a mixture of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 70-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. Rapid industrialization and the significant rise in trade activities, particularly in developing countries, are expected to propel the demand for industrial lubricants in the upcoming years.
Furthermore, other factors, such as the rising mining operations and robust construction industry growth, are likely to provide opportunities for the market during the forecast period.
Rising Adoption of Automation in Manufacturing
The term automation identifies technology that uses control systems (such as logic circuits or processors) to manage machines and processes, reducing the need for human intervention. It is used for executing repetitive or complex operations, where safety or certainty are required, or simply for greater convenience. Production procedures in manufacturing employ machinery from automated systems. Automation promotes higher efficiency by increasing manufacturing capacity, ensuring predictable maintenance, and lowering costs. With the development of automation, machines are also able to operate faster and with an even higher level of precision, which has a positive influence on the quality and processing time of products such as CNC machines (computer numerical control). Industrial machines such as presses, lathes, milling machines, bending machines, and sheet metal cutting machines enable numerical control through an external CNC computer, which enables them to work at high levels of precision by repeating the task in series. By requiring little effort and producing a favorable return on investment, these advantages also assist the organization in developing a wide range of product kinds to appeal to consumers. Automation has increased reliance on machinery and equipment, which need regular maintenance and lubrication. These devices include bearings, hydraulics, compressors, industrial engines, and centrifuges. The market is expanding due to the surge in demand for automated industrial equipment.
For instance,
Furthermore, automation processes are used in various end-user industries including automobile, textile, and chemical.
For instance, Cotmac Electronics Pvt. Ltd. provides process automation solutions to the textile, pharmaceutical & chemical industries.
Download Free Sample ReportEmerging Countries Turns Towards Bio-Based Oils
Recently, there has been a trend toward enhancing and expanding the usage of base oils derived from biodegradable feedstocks and bio-based lubricants. Vegetable oils are used as bio-based industrial lubricants' degradable basic ingredients, to reduce their reliance on petroleum and other non-renewable raw material sources, businesses are putting more and more effort into developing ecologically friendly base oils. The increase in restrictions on using conventional lubricants is more evidence of this.
For instance, Cargill, Incorporated produces Agri-Pure series of bio-based oil which is used in a variety of applications within the lubricants category.
Additionally, the use of bio-based lubricants in the food processing sector and the expansion of environmental regulations in the food and beverage sectors are expanding the market for bio-based products.
For instance, Renewable Lubricants, Inc. produces Bio-Penetrating Lubricant (BPL) food grade which is used in various food & beverage industries.
The demand for goods with high biodegradability and low toxicity has also increased due to recent developments in the healthcare sector. As a result of all the contributing factors, the industrial lubricants market has developed potential in the forecast period.
Electricity Production Dominates The Market
One of the most significant areas of the global economy is electricity production, without which practically all manufacturing processes risk ceasing. The opening of several new facilities due to improvements in manufacturing technology is raising the demand for energy across a range of end-user sectors. Electricity is produced from different sources, i.e., thermal, wind, water, solar, and others use turbines, pumps, fans, and gears as key devices. A large amount of heat is emitted from a turbine during electricity production. So, properly running these devices requires proper maintenance, which is fulfilled by using adequate lubricants so that the efficiency of the power plant increases. Thus, all such factors and trends are expected to drive the demand for lubricants in the upcoming years.
For instance, TotalEnergies provide industrial lubricants for energy production which are used in turbines, gas engines, pumps, and gears.
Additionally, the building and construction industry experiences major growth due to the rise in government projects for infrastructure development, housing schemes and flourishing residential housing development activities which require industrial construction equipment such as excavators, bulldozers, lift trucks & scrapers and others. For proper and efficient working of these equipment’s there is regular and proper maintenance and lubrication of equipment is necessary which increase the demand of lubricants result in propelling the growth of Global Industrial Lubricants market in the projected period.
For instance, Shell Global produces lubricants and greases which help to protect construction equipment, improve equipment performance, reduce environmental impacts.
However, advanced machinery operates at higher temperatures and pressures, with greater precision and efficiency than older equipment which increases the complexity of machinery and equipment. This complexity requires lubricants that can withstand higher demands, with advanced properties such as improved oxidation stability, higher load-carrying capacity, and water resistance. Developing lubricants with these advanced properties can be challenging and requires significant investment in research and development. Along with this, the fluctuating cost of raw materials such as the cost of base oils and additives, which are essential ingredients in lubricants is fluctuating, this trend can lead to fluctuation in the prices for lubricants, which can affect the affordability of products and impact the overall demand for lubricants which restraint the growth of the market. Moreover, various regulations govern the production and use of lubricants, including those related to sustainability, environmental impact, health, and safety. This led the industry to develop lubricants that are biodegradable, renewable, and have a lower carbon footprint to meet the growing demand for sustainable products. But developing these lubricants can be challenging, as they must also meet performance standards and be cost-effective. In addition, consumers in developed and developing countries are choosing electric vehicles, owing to the high prices of crude oil as well as due to constant technological development, electric vehicles offer many advantages. Thus, increasing the adoption of electric vehicles may hamper the growth of the fuel-based automotive sector which slow down the growth of the market.
Recent Developments
- In January2022, Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation,announced a marketing deal with Rock Energy in Bangladesh for its lubricantproducts.
- Afurther 20 years, from 2022 to 2042, were added to the joint venture agreementbetween Castrol, BP, and Vietnam National Petroleum Group (Petrolimex) inDecember 2021. The joint venture organization is known as Castrol BP Petco Co.Ltd.
- In Oct 2020, MAKLubricants launched MAK Titanium CK4 engine oils for heavy-duty commercialvehicles to enhance engine protection.
- In Jan 2019,Castrol India invested USD 0.19 million at its Silvassa plant to enhance itsproduction capacity by 50% to meet the rising demand for lubricant products.
Market Segmentation
Global Industrial Lubricants Market
Market Players
Shell PLC, Grauer & Weil (India) Limited, Castrol India Limited, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Fuchs Petrolub SE, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies SE are some of the key players of Global Industrial Lubricants Market.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, Volume in Metric Tonnes, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Product Base Oil Application |
| Regional scope | North America, Europe, Asia Pacific, South America, Middle East & Africa |
| Country scope | United States; Mexico; Canada; France; Germany; United Kingdom; Italy; Spain; China; India; South Korea; Japan; Indonesia; Vietnam; Brazil; Argentina; South Africa; Saudi Arabia; UAE; Iran; Iraq |
| Key companies profiled | Shell PLC, Grauer & Weil (India) Limited, Castrol India Limited, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Fuchs Petrolub SE, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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