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Description
The global industrial lubricants market is projected to grow at a CAGR of 2.7% from 2023 to 2029, reaching over USD 70.51 billion in 2029. Industrial lubricants protect machinery, minimize downtime, extend service intervals, and reduce maintenance costs. These lubricants are classified into different types and consist of base oils and additives. They aim to prevent damage, increase machine uptime, enhance productivity, and ensure operational reliability.
Governments globally are implementing strict emission regulations to address greenhouse gas impacts. This creates an opportunity for manufacturers to develop eco-friendly lubricants. Bio-based lubricants, derived from vegetable oil and synthetic esters, meet these demands. North America and Europe are major consumers of bio-based lubricants. The BRICS nations (Brazil, Russia, India, China, South Africa) have emerging economies and significant market demand driven by population, infrastructure investment, and rising incomes. Improper disposal of used lubricants causes pollution, so recycling is recommended. Direct combustion without pre-treatment is not advised due to toxic residues. Various processes, such as reprocessing and re-refining, can be used for lubricant retreatment.
The report covers market size and growth, segmentation, regional breakdowns, competitive landscape, trends and strategies for global industrial lubricants market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors' approaches.
Market Segmentation
The market is segmented based on various factors, including product type, end-user, and geography.
Product: hydraulic fluid, metalworking fluid, gear oil, grease, compressor oil, turbine oil, others
Base oil: mineral oil, synthetic oil, bio-based oil
End user: automotive (vehicle manufacturing), cement production, chemical, construction, food processing, metal and mining, oil and gas, power generation, textile, others
Segmentation by Geography
North America - US, Canada
Europe - Germany, France, UK, Italy, Spain, Russia, Rest of Europe
APAC - China, Japan, India, South Korea, Australia, Rest of APAC
Latin America - Brazil, Mexico, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of the Middle East & Africa
This industry report offers market estimates and forecasts of the global market, followed by a detailed analysis of the product, base oil, end user, and region. The global market for industrial lubricants can be segmented by product: hydraulic fluid, metalworking fluid, gear oil, grease, compressor oil, turbine oil, others. The hydraulic fluid segment captured the largest share of the market in 2022. Industrial lubricants market is further segmented by base oil: mineral oil, synthetic oil, bio-based oil. The mineral oil segment held the largest share of the global industrial lubricants market in 2022 and is anticipated to hold its share during the forecast period. Based on end user, the industrial lubricants market is segmented into: automotive (vehicle manufacturing), cement production, chemical, construction, food processing, metal and mining, oil and gas, power generation, textile, others. In 2022, the construction segment made up the largest share of revenue generated by the industrial lubricants market. On the basis of region, the industrial lubricants market also can be divided into: Asia-Pacific, Europe, North America, MEA (Middle East and Africa), Latin America. Among these, Asia-Pacific was accounted for the highest revenue generator in 2022.
Competitive Landscape
The global industrial lubricants market is becoming more competitive due to the significant investment required to establish manufacturing plants and develop a robust supply chain in this industry. The production process for industrial lubricants, which involves crude oil and other additives, is complex. The market analysis covers the years 2023 to 2029, with 2022 as the base year. The segmentation of the market considers factors such as type, end-user, and geography. The report provides customers with effective tools to analyze the industrial lubricants market and takes a comprehensive approach to the industry. Key companies profiled in the report include Castrol Limited, Chevron Corporation, China Petroleum & Chemical Corporation (Sinopec), Clariant AG, ENEOS Holdings, Inc., Eni S.p.A., Exxon Mobil Corporation, Fuchs Petrolub SE, Gazprom Neft PJSC, Gulf Oil Lubricants India Ltd., Hindustan Petroleum Corporation Limited (HPCL), Idemitsu Kosan Company, Ltd., Indian Oil Corporation Limited (IOCL), Kluber Lubrication München GmbH & Co. KG, Morris Lubricants Limited, Motul S.A., Petro-Canada Lubricants Inc., PetroChina Company Limited, Petroleo Brasileiro S.A., Petroliam Nasional Berhad (Petronas), Phillips 66 Company, PJSC Lukoil, PT Pertamina (Persero), Repsol S.A., RN-Lubricants LLC, Royal Dutch Shell plc, The Phillips 66 Company, TotalEnergies SE, Valvoline Inc., among others.
Scope of the Report
To analyze and forecast the market size of the global industrial lubricants market.
To classify and forecast the global industrial lubricants market based on product, base oil, end user, region.
To identify drivers and challenges for the global industrial lubricants market.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global industrial lubricants market.
To identify and analyze the profile of leading players operating in the global industrial lubricants market.
Why Choose This Report
Gain a reliable outlook of the global industrial lubricants market forecasts from 2023 to 2029 across scenarios.
Identify growth segments for investment.
Stay ahead of competitors through company profiles and market data.
The market estimate for ease of analysis across scenarios in Excel format.
Strategy consulting and research support for three months.
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