Industrial Lubricants Market to Surpass Us$ 73.3 Billion by 2024
Industrial lubricants are special fluids used to reduce friction and wear between two surfaces in contact with each other, such as the mating moving parts of an engine or a machine. They help reduce energy losses, improve machine efficiency, and extend equipment life. Commonly used industrial lubricants include mineral oils and synthetic fluids, greases, and waxes. Industrial lubricants are widely used in a variety of industries, including automotive, aerospace, power generation, food processing, manufacturing, and metalworking.
The demand for industrial lubricants is driven by the increasing use of machinery and equipment in various industrial processes, as well as the need to improve operational efficiency, reduce energy losses, and extend equipment life. Growing demand from the automotive and aerospace sectors is also driving the market. Additionally, the introduction of new lubricant technologies such as nanofluids and biobased lubricants is expected to further fuel the demand for industrial lubricants. According to MarketsandMarkets™, the global industrial lubricants market size is projected to reach USD 73.3 billion by 2024, at a CAGR of 3.1% from USD 62.8 billion in 2019.
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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.
Lubrication is an important process and it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Industrial lubricants are manufactured using base oils, which are 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 driving factors of the industrial lubricants market are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries.
The automotive industry is showing significant growth in the past few years. The increasing production of vehicles and their components is expected to drive the industrial lubricants market. The automotive industry is focusing on producing efficient engines, which requires the use of lubricants to improve the efficiency of engines. This factor is contributing to the growth of the industrial lubricants market. The automotive sector is expected to show strong growth in the forecast period, which will in turn drive the industrial lubricants market.
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Mineral oil is the largest segment in the overall industrial lubricants market.
Mineral oil accounted for about 40% of the overall industrial lubricants market in 2019. It is a petroleum-derived lubricant that is used in many industries, including manufacturing, automotive, and general industrial sectors. It is relatively inexpensive, easy to find, and works well in many applications. It can be used in a variety of temperatures and conditions, and it is also biodegradable.
The hydraulic fluid segment accounts for the largest share of the industrial lubricants industry.
The hydraulic fluid segment accounted for 24.2% of the total industrial lubricants industry in 2019, making it the largest segment. This was followed by metalworking fluids with a share of 22.7%, general industrial lubricants with a share of 17.8%, and compressor oils with a share of 14.4%. The remaining segments, including gear oils, turbine oils, greases, and others, accounted for the remaining 21.0%.
Bio-based Lubricants Hold Double Digit Growth Potential
Bio-based lubricants are expected to hold a double-digit growth potential in the industrial lubricants market due to increasing consumer awareness of sustainable practices, increasing emphasis on renewable energy sources, and increased government regulations. Bio-based lubricants are made from renewable resources such as vegetable oils, animal fats, and biopolymers. They are biodegradable, non-toxic, and more efficient than synthetic lubricants, making them an attractive option for many industrial applications.
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The construction segment accounted for the largest industrial lubricants market share.
The growing construction industry, along with the demand for heavy machinery in the industry, is expected to drive the growth of the industrial lubricants market in the coming years. The construction segment is projected to account for the largest share of the industrial lubricants market in 2019. This is mainly due to the wide range of applications of industrial lubricants in the construction industry, such as in heavy-duty construction machinery, bearings, and gears. Industrial lubricants are used to reduce friction and wear, protect surfaces, and prevent corrosion and rusting, thus ensuring the smooth functioning of construction machinery.
APAC is estimated to be the largest market for industrial lubricants during the forecast period.
The APAC region is the largest consumer of industrial lubricants, accounting for nearly half of the global industrial lubricants market. Factors such as increased industrialization, expanding manufacturing sector, and growing demand for industrial lubricants from automotive, steel, and other industries in the region are driving the growth of the industrial lubricants market in APAC. Additionally, a growing number of international players are expanding their presence in the region, which is expected to drive the growth of the market in the next few years.
North America and Europe are predicted to maintain their dominance in terms of demand for the industrial lubricants market in the foreseeable future, with industrial lubricants being used in the automotive, construction, energy, and manufacturing industries in both regions. The growing demand for industrial lubricants in the US and Europe is attributed to the increasing use of industrial lubricants in various industries such as manufacturing and energy, as well as the increasing demand for lubricants in the automotive industry. Furthermore, the rising demand for environmentally friendly lubricants and the use of technologies such as advanced diagnostics and predictive maintenance are expected to drive the demand for industrial lubricants in the coming years.
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The key market players profiled in the report include Royal Dutch Shell (the Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others.
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