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Global Industrial Oils Market Share, Trends, Forecast: By Product Type: Turbine Oil, Refrigeration Oil, Compressor Oil, Electrical Oil, Heat Transfer Oil; By End Use: Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy & Metal Working, Other; Regional Analysis; Competitive Landscape; 2024-2032
Global Industrial Oils Market Outlook
The global industrial oils market attained a value of USD 69.37 billion in 2023. The industrial oils market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.5% to reach USD 112.65 billion by 2032.
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The industrial oils market is expected to be driven by the rising industrial sector in the Asia Pacific region. The market in the Asia Pacific is being driven by the thriving biodiesel, chemical, and cosmetics industries in the emerging economies in the regions like India and China. In the forecast period, countries like the United States, India, and China are expected to grow at the highest CAGR.
Properties and Applications
Industrial oils are utilised in homes and industries for the lubrication of machines and instruments. Based on product type, the market for industrial oils can be divided into:
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- Turbine Oil
- Refrigeration Oil
- Compressor Oil
- Electrical Oil
- Heat Transfer Oil
The industrial oils market can be broadly categorised based on its end-use segments into:
- Power Generation
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metal Working
- Chemical Manufacturing
- Other
The EMR report looks into the regional industrial oils markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The industrial oils market is being driven by the growing biodiesel industry, especially in Indonesia and Malaysia. The rapid industrialisation taking place in the emerging economies of Latin America and the Asia Pacific is expected to propel the industry further. The growing pharmaceutical and cosmetics and personal care industries are projected to support the market growth in the coming years. The industrial oils market is also expected to be catalysed by the technological advancements taking place in the industry.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global industrial oils market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- LUBRITA Europe B.V.
- Paras Lubricants Ltd.
- Apar Industries Ltd.
- Eastern Petroleum
- Repsol
- Castrol Limited
- Exxon Mobil Corporation
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by End Use |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Industrial Oils Market Analysis
8.1 Key Industry Highlights
8.2 Global Industrial Oils Historical Market (2018-2023)
8.3 Global Industrial Oils Market Forecast (2024-20327)
8.4 Global Industrial Oils Market by Product Type
8.4.1 Turbine Oil
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-20327)
8.4.2 Refrigeration Oil
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-20327)
8.4.3 Compressor Oil
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-20327)
8.4.4 Electrical Oil
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-20327)
8.4.5 Heat Transfer Oil
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-20327)
8.5 Global Industrial Oils Market by End Use
8.5.1 Power Generation
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-20327)
8.5.2 Automotive and Other Transportation
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-20327)
8.5.3 Heavy Equipment
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-20327)
8.5.4 Food and Beverage
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-20327)
8.5.5 Metallurgy and Metal Working
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-20327)
8.5.6 Chemical Manufacturing
8.5.6.1 Historical Trend (2018-2023)
8.5.6.2 Forecast Trend (2024-20327)
8.5.7 Other
8.6 Global Industrial Oils Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Industrial Oils Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Industrial Oils Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Industrial Oils Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Industrial Oils Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Industrial Oils Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 LUBRITA Europe B.V.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Paras Lubricants Ltd.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Apar Lubricants Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Eastern Petroleum
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Repsol
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Castrol Limited
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Exxon Mobil Corporation
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Industrial Oils Market: Key Industry Highlights, 2018 and 2032
2. Global Industrial Oils Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Industrial Oils Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Industrial Oils Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global Industrial Oils Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global Industrial Oils Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Industrial Oils Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Industrial Oils Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Industrial Oils Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Industrial Oils Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Industrial Oils Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Industrial Oils Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Industrial Oils Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Industrial Oils Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Industrial Oils Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Industrial Oils Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Industrial Oils Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Industrial Oils Market Structure
Key Questions Answered in the Report
In 2023, the global industrial oils market attained a value of nearly USD 69.37 billion.
The market is projected to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 112.65 billion by 2032.
The major drivers of the market include the growing pharmaceutical and cosmetics and personal care industries, technological advancements, and the rising industrial sector.
The growing biodiesel sector and rapid industrialisation are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant product types of industrial oils considered in the market report are turbine oil, refrigeration oil, compressor oil, electrical oil, and heat transfer oil.
The various end uses of industrial oils include power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metal working, and chemical manufacturing, among others.
The major players in the market are LUBRITA Europe B.V., Paras Lubricants Ltd., Apar Lubricants Ltd., Eastern Petroleum, Repsol, Castrol Limited, and Exxon Mobil Corporation, among others.
Analyst Review
The global industrial oils market attained a value of nearly USD 69.37 billion in 2023, driven by the growing biodiesel industry. Aided by technological advancements and the rising industrial sector, the market is expected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 5.5%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market is divided based on product types into turbine oil, refrigeration oil, compressor oil, electrical oil, and heat transfer oil. The industrial oils market can be broadly categorised based on its end use segments into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metal working, and chemical manufacturing, among others. The major regional markets for industrial oils are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The major players in the industry are LUBRITA Europe B.V., Paras Lubricants Ltd., Apar Lubricants Ltd., Eastern Petroleum, Repsol, Castrol Limited, and Exxon Mobil Corporation, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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