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% between 2019 and 2024. Industrial lubricants are a mixture of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in liquid, semi-solid, and solid states. They are primarily used in industrial machinery and equipment. Industrial lubricants are utilized to reduce friction between moving surfaces.
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Lubrication is an important process for an industry. It helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Industrial lubricants are manufactured using base oil, categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from Petroleum crude, and bio-based oils are sourced from vegetable oil. The major factors driving the industrial lubricants market are massive industrialization, the increasing disposable income, and rapid urbanization in emerging countries.
Based on base oil, the industrial lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment is expected to witness the highest growth between 2019 and 2024. Synthetic-oil based industrial lubricants can be customized according to the requirement so that it can have a controlled molecular structure with predictable properties. Furthermore, they have better properties than mineral oil-based industrial lubricants.
Based on product type, the industrial lubricants market is segmented into hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others. Metalworking fluid is expected to be the fastest-growing segment in terms of both volume and value, from 2019 to 2024. These fluids are crucial to the iron and steel industries along with various metal-bound industries. These fluids help in the reduction of heat, provide lubrication, and remove small metal chips during cutting and grinding of metal pieces. The growing number of end use industries of metalworking fluid is expected to drive its demand in the coming years, which is consequently expected to fuel the growth of the industrial lubricants market.
Based on end-use industry, the industrial lubricants market is segmented into construction, metal & mining, power generation, cement production, automotive (vehicle manufacturing), chemical, oil & gas, textile, food processing, and others. Power generation is expected to be the fastest-growing segment in terms of both volume and value, from 2019 to 2024. Power generation plants require industrial lubricants for compressors, gas turbines, steam turbines, generators, main gears, and bearings. The use of industrial lubricants such as compressor oil, turbine oil, hydraulic fluid, and grease in these applications ensures the highest efficiency and operating reliability. Power plants need special grades of industrial lubricants that can provide superior performance and water resistance along with high corrosion inhibition.
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APAC is estimated to be the largest market for industrial lubricants during the forecast period, in terms of value and volume. Improved lifestyle, increasing income, growing population, and growth of the construction industry in China and India are projected to propel the industrial lubricants market growth in the region. The presence of major manufacturers, such as PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), and JXTG Group (Japan), is expected to further fuel the growth of the industrial lubricants market in APAC.
Royal Dutch Shell (the Netherlands), 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), and Gazprom Neft (Russia) are the leading players in the industrial lubricants industry. These players have a strong foothold in the global industrial lubricants market as well as a strong distribution network across the globe.
