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The global industrial lubricants market size is anticipated to value at USD 68.41 billion by 2024. The market is subject to witness significant growth due to the adoption of the latest trends in manufacturing processes across the different regions across the globe and constant demand from industry sectors such as chemicals, automobiles, clothing, power & energy, and the metal mining sector. The key factor responsible for the growth of the market is rising consciousness among industry players with the use of lubricants for maintenance purposes, this allows for enhancement in operational time and improves the efficiency of industrial processes. Lubricants are considered an essential part of the industrial process for the maintenance of machinery and their efficient operations.
With recent development in the production of industrial lubricants to improve overall performance by adding several additives to enhance their life span and sustainability. Globally, the industrial lubricants market is predicted to grow at a CAGR of 3.0% in the forecast period, providing numerous opportunities for market players to invest in research and development in the industrial lubricants industry.
In the manufacturing processes, governmental norms and regulations play a major role during the selection of the lubricant to limit the emission of hazardous gases into the environment. The selection of the lubricant is performed based on the feedstock usage, machine functionality, and emissions during the entire life span of the lubricants. Such activities give birth to the R&D activities, future business tactics, and current market status; due to which the lubricant industry segment is shifting towards the more environmentally viable system, as numerous industry players are actively participating in environment-friendly feedstock, complying with governmental regulations while enhancing the overall performance of the manufacturing processes.
The recent development in the industry lubricant is offering less amount of the industrial byproducts and emissions. Numerous programs are adopted by the market players to achieve required objectives in different regions across the globe, ultimately driving the growth of the industrial lubricants industry over the forecast period. One of the key segments of the industrial lubricants market is process oil, which is expected to hold the largest market share in the forecast period. Process oils are utilized in several industrial processes for enhancing operational efficiency, decreasing energy consummation, and functionality as well maintenance costs. The process oil segment is also expected to grow at a significant CAGR in upcoming years. Additionally, application of the industrial engine oils is favored among different industrial sectors such as mining industries, water-irrigation plants, diesel generators, construction sites, and industrial engines.
Industry lubricants are majorly utilized in the power generation sector, with the growing demand for electricity around the globe, the industrial lubricants industry is expected to further grow in the power generation sector. In the power generation sector, standard grades of industrial lubricant are used to meet the specific demands to achieve consistent performance levels and resistance to humidity and chemicals with high corrosion rates.
Industrial lubricants are mainly classified into compressor lubricants, turbine lubricants, and hydraulic greases. A different set of industrial lubricants is utilized in the power generation industry to enable superior efficiency and functional reliability. The growing use of industrial lubricants in textiles, power generation, and metalworking are key contributors to the growth of the industry.
The industrial lubricants market is divided into regional market segments such as North America, Europe, Asia-Pacific, Latin America, and Africa. North America has shown major growth in recent years owing to the rise implementation of the latest technologies and the existence of well-established multinational organizations. Asia-Pacific region is predicted to hold a major market share in the industrial lubricants industry with massive growth in the forecast period. Countries such as India, China, and Singapore are leading the Asia-Pacific market with the growing consummation of industrial lubricants and numerous opportunities available to market players in the region.
The key players are The Lubrizol Co., Royal Dutch Shell Inc., Lucas Oil Products Incorporations., Amsoil Incorporations, Bel-Ray Corporations, Total S.A., Kluber Lubrication. Valvoline Incorporations, and Chevron Co.
Market Segment:
Industrial Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Process Oils
• General Industrial Oils
• Metalworking Fluids
• Industrial Engine Oils
• Others
Industrial Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Metalworking
• Metal Forming
• Aluminum
• Copper
• Others
• Metal Cutting
• Aluminum
• Copper
• Others
• Metal Joining
• Fastening
• Others
• Electronics
• Industrial Heat Engines
• Others
• Textiles
• Textile Weaving
• Non-woven Textiles
• Textile Finishing
• Composites
• Others
• Energy
• Transformer Oil
• Pipelines
• Liquefied Natural Gas
• Ocean Energy
• Others
• Chemicals Manufacturing
• Industrial Gases
• Fertilizers
• Polymers
• Others
• Food Processing
• Beverages
• Frozen Food
• Canned Food
• Processed Potatoes
• Bakery
• Cocoa & Chocolate
• Others
• Hydraulic
• Compressors
• Bearings
• Others
• Other Industrial Applications
Industrial Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• North America
• the U.S.
• Canada
• Mexico
• Europe
• Germany
• the U.K.
• France
• the Asia Pacific
• China
• India
• Japan
• Southeast Asia
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia
• UAE
Research Support Specialist, USA