“The global industrial lubricants market is projected to record a CAGR of 3.1% during the forecast period.”
The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1%. The growth is primarily due to the massive industrial growth in APAC and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of synthetic and bio-based industrial lubricants.
“Mineral oil was the largest segment of the industrial lubricants market.”
Mineral oil was the largest segment in the global industrial lubricants industry in 2018. The easy availability and low cost of mineral oil-based industrial lubricants are expected to drive the industrial lubricants market in the apparel application. Moreover, this segment is driven by the growing demand from APAC and the Middle East & Africa. However, the mineral oil-based lubricants segment in North America and Europe will register low growth due to the slow economic growth and change in demand patterns.
“Hydraulic fluid to be the largest type segment in the global industrial lubricants market.”
Hydraulic fluid was the largest segment in the global industrial lubricants industry, by product type in 2018. Its low cost mainly increases the demand for hydraulic fluids as compared to other product types, coupled with the rising demand from the construction industry. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is majorly attributed to the rising demand for metal in the automotive industry.
“Construction was the largest end-use industry in the global industrial lubricants market.”
The need for industrial lubricants is high in the construction industry. The rising construction activities, especially in the residential sector of China and the increasing infrastructural developments in India, are expected to fuel the demand for industrial lubricants in the construction industry.
“APAC is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.”
APAC is the largest industrial lubricants market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for industrial lubricants. The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of industrial lubricants.
This is driving the industrial lubricants market.
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
- By Region: North America - 32%, Europe - 21%, APAC - 28%, South America - 12%, Middle East & Africa - 7%
The key players profiled in the report include as Royal Dutch Shell (theNetherlands), ExxonMobil (US), BP p.l.c. (UK), Chevron Corporation (US), Total S.A. (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (US), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), Pertamina (Indonesia), and others.
- This report segments the market for industrial lubricants based on base oil, product type, end-use industry, and region, and provides estimations for the overall market size across various regions.
- A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies associated with the market for industrial lubricants.
Reasons To Buy this Report
- This research report is focused on various levels of analysis industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the industrial lubricants market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on industrial lubricants offered by top players in the global market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for industrial lubricants across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global industrial lubricants market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the industrial lubricants market