Global Industrial Lubricants Market Report and Forecast 2024-2032

Global Industrial Lubricants Market Outlook

The global industrial lubricants market size reached a value of approximately USD 68.58 billion in 2023. The market is expected to grow at a CAGR of 3.60% between 2024 and 2032, reaching a value of USD 93.65 billion by 2032.

Key Trends in the Market

Industrial lubricants are substances that are applied to moving machine parts in order to reduce the wear and tear and friction between them. These lubricants are used for industrial applications as a boundary layer between two machine parts in order to allow smooth movement of a machine.

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• Industrial lubricants offer various advantages such as reduced production cost, reduced time, and less requirement of maintenance which makes operations streamlined, more reliable and efficient resulting in increased demand for the industrial lubricants market.

• Increasing demand for vehicles with longer overall lifespan and durable machineries and bearings are bolstering the need for suitable industrial lubricants. This is further supported by the expansion of the automotive sector globally.

• Rising focus of the companies towards creating eco-friendly industrial lubricants using biodegradable raw materials is creating opportunities for the market for industrial lubricants to grow rapidly.

Global Industrial Lubricants Market Analysis

Based on product, the market is divided into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, and process oil, among others. On the basis of end user, the industrial lubricants market segmentation is power generation, heavy equipment, food and beverage, metallurgy and metalworking, and chemical manufacturing, among others. By region, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global industrial lubricants market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Amsoil, Inc

• BP p.l.c.

• Carl Bechem GmbH

• Chevron Corporation

• Repsol S.A.

• Eni S.p.A.

• Exxon Mobil Corporation

• Fuchs Petrolub SE

• Gulf Oil International Ltd

• Bharat Petroleum Corporation Limited

• Others

Global Industrial Lubricants Market Share by Product

By product, transmission and hydraulic fluid are anticipated to observe a rapid growth in the global industrial lubricants market owing to their comparatively lower cost and rising demand from the construction industry. Moreover, the non-compressibility, fire resistant property, durability, anti-wearability, and non-corrosive nature of transmission and hydraulic fluid are further increasing their demand globally, helping in the further growth of the market. The ability of these industrial lubricants to aid in moving heavy loads and providing greater force is also subjected to contribute to the growth of the overall market.

Global Industrial Lubricants Market Share by Region

The Asia Pacific is expected to hold a sizable share of the market for industrial lubricants, supported by the widespread industrial development in the region and numerous manufacturing plants in countries like China. The increased spending by the government on the construction activities in countries such as China, Indonesia, and India are resulting in an increased demand for the industrial lubricants in the region. Meanwhile, North America is anticipated to observe a significant growth in the market during the forecast period owing to the increasing renovation activities and development of the commercial sector.

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Competitive Landscape

Amsoil, Inc was founded in 1969 and is headquartered in Wisconsin, United States. It is a commercial company that primarily formulates synthetic lubricants, filters, and fuel additives for its customers.

BP p.l.c. is an oil industry company that was founded in 1909 and is based in London, United Kingdom. The company specialises in the supply chain of oil and natural gas, from exploration to marketing of energy products.

Carl Bechem GmbH was established in 1834 and has its headquarters located in North Rhine-Westphalia, Germany. This chemical manufacturing company produces high quality lubricants and metal working fluids for consumers globally.

Other market players include Chevron Corporation, Repsol S.A., Eni S.p.A., Exxon Mobil Corporation, Fuchs Petrolub SE, Gulf Oil International Ltd, and Bharat Petroleum Corporation Limited, among others.

Key Highlights of the Report