Industrial Lubricants Market By Product Type (Hydraulic Fluid, Metalworking Fluid, Grease, Engine Oil), By End-User Industry (Metalworking, Textiles, Energy, Chemical Manufacturing, Food Processing), By Base Oil Type (Mineral Oil, Synthetic Oil, Bio-based Oil), And Region for 2024-2031
Report ID: 22372|No. of Pages: 202
Industrial Lubricants Market By Product Type (Hydraulic Fluid, Metalworking Fluid, Grease, Engine Oil), By End-User Industry (Metalworking, Textiles, Energy, Chemical Manufacturing, Food Processing), By Base Oil Type (Mineral Oil, Synthetic Oil, Bio-based Oil), And Region for 2024-2031
Industrial Lubricants Market Valuation – 2024-2031
Increasing need for lubricants that offer superior protection, extended equipment life, and improved operational efficiency. This demand is driven by advancements in industrial technologies and the push for higher productivity in manufacturing processes. Thus, the growing need for lubricants for superior protection surged the growth of market size surpassing USD 70.43 Billion in 2023 to reach a valuation of USD 87.29 Billion by 2031.
Globalization has profoundly impacted manufacturing operations, driving companies to set up facilities across diverse regions to reduce costs, access new markets, and manage risks more effectively. Thus, the global expansion of manufacturing footprints has, in turn, led to a substantial rise in demand for industrial lubricants enabling the market to grow at a CAGR of 3% from 2024 to 2031.
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Industrial Lubricants Market: Definition/ Overview
Industrial lubricants play a critical role in enhancing the efficiency and performance of industrial machinery and equipment. These lubricants are specifically formulated to reduce friction, wear, and degradation, thereby extending the service life and improving the reliability of machinery. By minimizing the risk of damage and prolonging maintenance intervals, industrial lubricants contribute to increased productivity and consistent operational performance across various industries.
A wide range of specialized industrial fluids are available to meet the demands of specific applications, including high-temperature, heavy-load, and continuous-operation environments. These formulations are particularly valuable in sectors such as power generation, metalworking, mining, and food and beverage processing, where they help prevent breakdowns and ensure smoother mechanical functions. For example, lubricants used in turbine machines must handle high speeds and temperatures, while those in the food and beverage industry must meet strict safety standards to avoid contamination.
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How does the Rapid Industrialization in Developing Economies Surge the Growth of the Industrial Lubricants Market?
Rapid industrialization and a notable increase in trade activities, especially in developing countries, are anticipated to drive demand for industrial lubricants in the coming years. Growing investments in research and development (R&D), along with the expansion of various industrial processes, are further fueling the growth of companies within the industrial lubricants sector. Global industrial production increased by 3.5% in 2022 compared to 2021. Manufacturing value added (MVA) in developing economies grew by 3.9% in 2022. China’s industrial lubricant consumption reached approximately 6.2 million tons in 2022, representing a 4.2% increase from 2021. In addition, the increasing automotive manufacturing sector globally contributes to the growth of the market. Global automotive production increased by 5.7% in 2022, reaching 85.4 million vehicles (International Organization of Motor Vehicle Manufacturers, 2023). The automotive lubricants segment accounted for approximately 40% of the total Industrial Lubricants Market in 2022. Electric vehicle manufacturing drove demand for specialized lubricants, with EV production growing by 65% in 2022 compared to 2021.
The increasing power generation activities foster the growth of the Industrial Lubricants Market. Global electricity demand grew by 2.5% in 2022 (International Energy Agency, 2023). Renewable energy installations increased by 295 GW in 2022, requiring specialized lubricants for wind turbines and other equipment. The power generation sector consumed approximately 1.8 million tons of industrial lubricants in 2022. Mining operations increased by 4.2% globally in 2022 compared to 2021. Heavy-duty equipment in mining operations requires approximately 28% more lubricants compared to standard industrial machinery
How does the Fluctuation in Raw Material Prices Impede the Growth of the Industrial Lubricants Market?
The volatile prices of raw materials. Mineral and synthetic base oils, essential for producing lubricants, are largely derived from crude oil, and ongoing fluctuations in crude oil prices create significant cost challenges for manufacturers. Base oil prices increased by 45% between 2020 and 2022. Crude oil price fluctuations led to a 28% increase in production costs for industrial lubricants in 2022. Supply chain disruptions caused raw material costs to surge by 35% in Q2 2022. Additives used in industrial lubricants saw price increases of 25-30% during 2021-2022. The increasing adoption of electric vehicles and automation globally has highly contributed to the growth of industrial lubricants. 30% reduction in traditional lubricant demand due to EV adoption in manufacturing sectors.
Stringent environmental regulations aimed at reducing pollution and global warming are impacting market growth. These regulations restrict activities like mining and mandate control over CO? emissions from factories and production facilities. Approximately 40% of all lubricants worldwide end up polluting the environment through spills, leakage, and improper disposal (EPA Environmental Report, 2022). Industrial facilities reported 2,867 cases of lubricant-related environmental incidents in 2022. Environmental cleanup costs related to industrial lubricant spills averaged $150,000 per incident in 2022. New EPA regulations require a 32% reduction in harmful emissions from industrial lubricant manufacturing by 2025.
Category-Wise Acumens
How the High-Performance Machinery and Transmission of Power Surge the Growth of Hydraulic Fluids Segment?
The hydraulic fluids segment holds a dominant share in the Industrial Lubricants Market owing to its widespread application across various industries requiring high-performance machinery. Hydraulic fluids are crucial in heavy equipment and machinery such as excavators, cranes, and loaders, commonly used in construction, mining, and manufacturing sectors. These fluids efficiently transmit power, allowing for precise control and high-force transmission essential for these demanding operations.
High demand for finished goods has led to an expansion in production capabilities, pushing manufacturers to rely increasingly on automated machinery. This, in turn, drives the demand for hydraulic fluids, which support intensive, high-speed production activities. Meanwhile, metalworking fluids, another important segment, are used in manufacturing to extend tool life and optimize machine performance. As the demand for metal-based machinery in production grows, it is anticipated that both hydraulic and metalworking fluids will continue to see strong market growth.
How the Wide Availability and High-Volume Lubricants Needs Surge the Growth of Mineral Oil Segment?
The mineral oil segment leads the Industrial Lubricants Market, driven by its cost-effectiveness and wide availability. Derived from crude petroleum, mineral oils are widely used as base fluids across various industrial sectors, making them a popular choice in applications requiring reliable, economical lubrication solutions. Their favorable pricing and established market presence contribute to their dominance within the base oil sector, especially among industries with high-volume lubricant needs.
While mineral oils currently hold the largest market share, synthetic oils are expected to see the fastest growth over the forecast period. This growth is attributed to the increasing use of heavy-duty machinery in industries like steam and turbine power plants, compression facilities, and wind energy installations, where high-performance synthetic oils are favored for their durability and efficiency under extreme conditions.
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Country/Region-wise Acumens
How does the Rapid Manufacturing Sector Growth Accelerate the Growth of the Industrial Lubricants Market in Asia Pacific?
Asia Pacific substantially dominates the Industrial Lubricants Market driven by the robust manufacturing sector and growing industrialization. A growing economy and accelerating industrialization are boosting demand for industrial lubricants, particularly in countries like China, Japan, and India, which specialize in manufacturing a wide range of products for various end-use industries. Increasing awareness of the improved operating efficiency of industrial equipment with lubricant application is further expected to drive this demand. China’s manufacturing sector grew by 3.6% in 2022, contributing to 27.2% of GDP. India’s manufacturing sector expanded by 7.8% in FY 2022-23. ASEAN manufacturing production increased by 5.2% in 2022.
In addition, the infrastructure development and booming construction sector surge the growth of industrial lubricants in the region. Asia Pacific infrastructure spending reached USD 1.7 trillion in 2022. China’s Belt and Road Initiative invested USD 59.5 Billion in 2022. India allocated USD 1.4 trillion for infrastructure development (2019-2023). Construction equipment sales grew by 26% in 2022. Infrastructure projects increased lubricant demand by 32% in Southeast Asia. Urban development projects in APAC required 45% more industrial lubricants YoY. Asia Pacific power generation capacity increased by 8.2% in 2022. Renewable energy installations grew by 75% between 2020-2022. Industrial power consumption rose by 5.8% in 2022. Power plant lubricant demand increased by 15% YoY. Wind energy installations require 35% more specialized lubricants. Energy sector maintenance spending on lubricants grew by 22%.
How did the Infrastructure Modernization and Construction Boom Escalate the Growth of the Industrial Lubricants Market in North America?
North America is anticipated to witness the fastest growth in the Industrial Lubricants Market during the forecast period owing to the region’s advanced industrial infrastructure, robust manufacturing sector, and strong focus on technological innovation. The industrial sector in the United States is particularly diverse, spanning automotive, aerospace, and machinery manufacturing, all of which create substantial demand for high-performance lubricants. The US Infrastructure Investment and Jobs Act allocated USD 1.2 Trillion in 2021. Construction spending reached USD 1.79 Trillion in 2022, up 10.2% from 2021. Commercial construction projects increased by 15.3% in 2022. Heavy equipment lubricant demand grew by 18.5% YoY. Infrastructure projects consumed 2.8 million tons of industrial lubricants in 2022.
The increase in renovation projects and commercial sector development is driving demand for high-end construction equipment, which in turn boosts the need for industrial lubricants. US manufacturing reshoring initiatives created 350,000 jobs in 2022. Manufacturing capital investment reached USD 168 Billion in 2022. Canada’s manufacturing sector grew by 4.5% in 2022. New manufacturing facilities increased lubricant demand by 25% YoY. Advanced manufacturing equipment required 32% more specialized lubricants. Industrial automation spending grew by 28%, driving precision lubricant demand. Reshoring created 264 new manufacturing facilities requiring industrial lubricants.
Competitive Landscape
The Industrial Lubricants Market is a highly competitive landscape with numerous global and regional players. These companies compete based on factors such as brand reputation, product quality, technological innovation, distribution networks, and customer service.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Industrial Lubricants Market include:
Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, BP plc, Fuchs Petrolub AG, TotalEnergies SE, Idemitsu Kosan Co., Ltd., Lukoil, Petronas, Honeywell International, Inc., SK Lubricants Co., Ltd.
Latest Developments:
- In August 2024, Energizer joined forces with Assurance International and announced to launch of new vehicle oil products in India, including filters, batteries, and lubricants for automotive uses. The agreement aims to add new technologies to Assurance International’s product portfolio, with a 50% growth target.
- In December 2023, FUCHS invested USD 11.5 million to increase production capacity at Isando, South Africa. The investment is intended to enhance the plant’s capacity by 40 percent. This move is part of the company’s ongoing strategic objective to expand capacity to meet rising market demand.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~3% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Industrial Lubricants Market, By Category
Product Type:
- Hydraulic Fluid
- Metalworking Fluid
- Grease
- Engine Oil
End-User Industry:
- Textiles
- Energy
- Chemical Manufacturing
- Food Processing
Base Oil Type:
- Mineral Oil
- Synthetic Oil
- Oil-based Oil
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Customization of the Report
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1 INTRODUCTION OF GLOBAL INDUSTRIAL LUBRICANTS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL INDUSTRIAL LUBRICANTS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL INDUSTRIAL LUBRICANTS MARKET, BY PRODUCT TYPE
5.1 Overview
5.2 Hydraulic Fluid
5.3 Metalworking Fluid
5.4 Grease
5.5 Engine Oil
6 GLOBAL INDUSTRIAL LUBRICANTS MARKET, BY END-USER INDUSTRY
6.1 Overview
6.2 Textiles
6.3 Energy
6.4 Chemical Manufacturing
6.5 Food Processing
7 GLOBAL INDUSTRIAL LUBRICANTS MARKET, BY BASE OIL TYPE
7.1 Overview
7.2 Mineral Oil
7.3 Synthetic Oil
7.4 Bio-based Oil
8 GLOBAL INDUSTRIAL LUBRICANTS MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East
9 GLOBAL INDUSTRIAL LUBRICANTS MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Royal Dutch Shell plc
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Exxon Mobil Corporation
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Chevron Corporation
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 BP plc
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Fuchs Petrolub AG
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 TotalEnergies SE
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Idemitsu Kosan Co., Ltd.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Lukoil
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Petronas
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Honeywell International Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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