Industrial Lubricants Market by Type (Dry lubricants, Fluids, Grease Form), Base Oil (Bio-based Oil, Mineral Oil, Synthetic Oil), Product Type, End-User - Global Forecast 2024-2030
Description
Industrial Lubricants Market by Type (Dry lubricants, Fluids, Grease Form), Base Oil (Bio-based Oil, Mineral Oil, Synthetic Oil), Product Type, End-User - Global Forecast 2024-2030
The Industrial Lubricants Market size was estimated at USD 91.29 billion in 2023 and expected to reach USD 94.76 billion in 2024, at a CAGR 3.88% to reach USD 119.18 billion by 2030.
Industrial lubricants are substances introduced between two surfaces in motion to reduce friction, thereby lessening wear and producing a smoother operation. These specialized lubricants are engineered to perform under rigorous conditions such as extreme temperatures, heavy loads, and environments prone to contamination and wear. Their composition can vary significantly, incorporating a mix of base oils, additives, and performance-enhancing substances, which determine their characteristics and suitability for specific industrial applications. Meanwhile, global growth in manufacturing and construction industries drives the demand for industrial lubricants. However, the issues associated with the fluctuation in the prices of raw materials and environmental concerns are significant challenges faced by the manufacturers and end users. Companies are continuously focusing on building a strong supply chain channel and adhering to international and national regulations to remain agile within the landscapes. Moreover, the advancements in novel lubricant additives, such as bio-based lubricants, present a significant opportunity for manufacturers. Concurrently, government sustainability initiatives are spurring the development of biodegradable lubricants, which propels the demand for industrial lubricants for custom formulations to meet unique industrial needs.
Regional Insights
In the Americas, the United States and Canada witnessed a strong market for industrial lubricants, with well-established brands focusing on high-performance, durable lubricants. Consumer needs in the Americas are geared towards energy-efficient and long-life lubricants. There is an increasing trend in purchasing environmentally friendly and sustainable products, which has prompted a rise in research and development (R&D) spending to improve the environmental footprint of lubricants, as seen in the latest patents filed in this region. On the other hand, Europe has a well-regulated and highly competitive lubricant market with a strong emphasis on sustainability. The European Union’s (EU) stringent environmental standards drive demand for eco-friendly lubricants, compelling manufacturers to innovate in the realm of biodegradable and non-toxic products. In the Middle East, the industrial lubricant landscape is fueled by vast petrochemical industries, with a consumer preference for high-quality and performance-based lubricants. At the same time, Africa is a diverse and growing market with varying degrees of industrialization. Countries with significant mining and industrial activities show an increased need for heavy-duty lubricants in this region. Moreover, the Asia Pacific region is witnessing substantial growth in industrial lubricant demand, significantly driven by the rapid industrialization in countries such as China, India, and Southeast Asia. China continues to present a significant share in the industrial lubricant landscape, with a robust manufacturing sector requiring a consistent supply of high-quality lubricants for machinery maintenance and operation. The latest patents in this region align with innovation to improve lubricant performance under extreme conditions and enhance biodegradability in response to stringent environmental regulations.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Industrial Lubricants Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Surge in the Usage of High-Performance Lubricants
- Growing Adoption of Industrial Lubricants from the Wind Energy Sector
- Surge in Mechanization in Manufacturing Sector
- Market Restraints
- Fluctuating Crude Oil Prices and High Cost of Industrial Lubricants
- Market Opportunities
- Growing Use of Bio-Based Lubricants and Development of Novel Lubricant Additives
- Improvements in Predictive Maintenance for Lubrication
- Market Challenges
- Performance Issues Related to Bio-Based Lubricants
- Market Segmentation Analysis
- Type: Increasing uses of fluid and grease form lubricants in manufacturing processes to enhance performance, viscosity, and thermal stability
- End-User: Growing popularity of bio-based lubricants in food processing and agricultural sector to ensure environmental parameters
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Lubricants Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Lubricants Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- AMSOIL INC. Acquires Benz Oil, Expanding AMSOIL Industrial Business Unit
AMSOIL INC., a key player in synthesizing advanced lubricants, strategically expanded its product range by acquiring Benz Oil, a Milwaukee-based company renowned for its innovative development and distribution of industrial and metalworking fluids. This acquisition underscores AMSOIL's commitment to providing comprehensive lubrication solutions across various industrial applications, fortifying its reputation as a significant player in synthetic lubricant technology.
ExxonMobil to Build Lubricant Manufacturing Plant in India
ExxonMobil announced an investment of approximately INR 900 Crore (USD 110 million) in constructing a new lubricant production facility within the Maharashtra Industrial Development Corporation's Isambe Industrial Area in Raigad. The state-of-the-art plant is poised to bolster its production capabilities with an impressive annual output of 159,000 kiloliters of high-quality finished lubricants.
Shell and Wärtsilä Extend Strategic Partnership for Engine Lubricant Solutions
Shell and Wärtsilä have fortified their strategic partnership to focus on lubricant solutions tailored to Wärtsilä's diverse engine portfolio. This agreement is a progression of their ongoing partnership, reinforcing their commitment to assist partners in the power and marine sectors to meet the challenges of demanding operational environments. This synergy aligns with their vision of delivering superior, reliable performance even under the most severe conditions, optimizing the value and longevity of engine assets for their clients.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Lubricants Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Industrial Lubricants Market, highlighting leading vendors and their innovative profiles. These include Amsoil Inc., BASF SE, Beacon Lubricants, Inc., BP PLC, Buhmwoo Chemical Co., Ltd., Chevron Corporation, China National Petroleum Corp., ENEOS Corporation, Environmental Lubricants Manufacturing, Inc., Exxon Mobil Corporation, Fuchs Petrolub SE, Gulf Oil International Ltd., Idemitsu Kosan Co., Ltd., Indian Oil Corporation Limited, Kluber Lubrication, Lanxess AG, Molylub Industrial Lubricants, Morris Lubricants, Petrofer Chemie H. R. Fischer GmbH + Co. KG, Petronas Lubricants International, Petróleo Brasileiro S.A., Phillips 66, PJSC Lukoil Oil Company, Quaker Chemical Corporation, Rock Valley Oil & Chemical Co., SABIC, Shell PLC, Sinopec Corp., Sintek Group JSC, TotalEnergies SE, Valvoline Inc., and WD-40 Company.
Market Segmentation & Coverage
This research report categorizes the Industrial Lubricants Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Dry lubricants
- Fluids
- Grease Form
- Base Oil
- Bio-based Oil
- Mineral Oil
- Synthetic Oil
- Esters
- Group III
- Polyalkylene Glycol
- Polyalphaolefins
- Product Type
- Compressor Oil
- Gear Oil
- Grease
- Hydraulic fluid
- Metalworking fluid
- Refrigeration Oil
- Textile Machinery Lubricants
- Transformer Oil
- Turbine Oil
- End-User
- Agriculture
- Automotive (Vehicle Manufacturing)
- Cement Production
- Chemical
- Construction
- Food Processing
- Marine (Deck Manufacturing)
- Metal & Mining
- Oil & Gas
- Power Generation
- Pulp & Paper
- Textile
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
Table of Contents
195 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Surge in the Usage of High-Performance Lubricants
- 5.1.1.2. Growing Adoption of Industrial Lubricants from the Wind Energy Sector
- 5.1.1.3. Surge in Mechanization in Manufacturing Sector
- 5.1.2. Restraints
- 5.1.2.1. Fluctuating Crude Oil Prices and High Cost of Industrial Lubricants
- 5.1.3. Opportunities
- 5.1.3.1. Growing Use of Bio-Based Lubricants and Development of Novel Lubricant Additives
- 5.1.3.2. Improvements in Predictive Maintenance for Lubrication
- 5.1.4. Challenges
- 5.1.4.1. Performance Issues Related to Bio-Based Lubricants
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing uses of fluid and grease form lubricants in manufacturing processes to enhance performance, viscosity, and thermal stability
- 5.2.2. End-User: Growing popularity of bio-based lubricants in food processing and agricultural sector to ensure environmental parameters
- 5.3. Market Trend Analysis
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 5.9. Client Customization
- 6. Industrial Lubricants Market, by Type
- 6.1. Introduction
- 6.2. Dry lubricants
- 6.3. Fluids
- 6.4. Grease Form
- 7. Industrial Lubricants Market, by Base Oil
- 7.1. Introduction
- 7.2. Bio-based Oil
- 7.3. Mineral Oil
- 7.4. Synthetic Oil
- 8. Industrial Lubricants Market, by Product Type
- 8.1. Introduction
- 8.2. Compressor Oil
- 8.3. Gear Oil
- 8.4. Grease
- 8.5. Hydraulic fluid
- 8.6. Metalworking fluid
- 8.7. Refrigeration Oil
- 8.8. Textile Machinery Lubricants
- 8.9. Transformer Oil
- 8.10. Turbine Oil
- 9. Industrial Lubricants Market, by End-User
- 9.1. Introduction
- 9.2. Agriculture
- 9.3. Automotive (Vehicle Manufacturing)
- 9.4. Cement Production
- 9.5. Chemical
- 9.6. Construction
- 9.7. Food Processing
- 9.8. Marine (Deck Manufacturing)
- 9.9. Metal & Mining
- 9.10. Oil & Gas
- 9.11. Power Generation
- 9.12. Pulp & Paper
- 9.13. Textile
- 10. Americas Industrial Lubricants Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Industrial Lubricants Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Industrial Lubricants Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. AMSOIL INC. Acquires Benz Oil, Expanding AMSOIL Industrial Business Unit
- 13.3.2. ExxonMobil to Build Lubricant Manufacturing Plant in India
- 13.3.3. Shell and Wärtsilä Extend Strategic Partnership for Engine Lubricant Solutions
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
Pricing
Currency Rates
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