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Global Industrial Lubricants Market Overview
The Industrial Lubricants Market Size was valued at USD 70.78 Billion in 2022. The Industrial Lubricants industry is projected to grow from USD 73.17 Billion in 2023 to USD 89.87 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.03% during the forecast period (2023 - 2030). lubricants are crucial for the efficient operation of machinery. These might be described as chemicals similar to fluids, oils, and greases. These lubricants shield dyes and complete component tooling from metal-to-metal contact. Industrial lubricants are used in machinery to conveying power, function as a sealant, cool components, decrease friction, disperse impurities, limit wear, and prevent corrosion. They are also essential for changing surface characteristics, controlling temperature, and clearing away waste. The primary drivers of the market's expansion in recent years have been the rise in demand for grease and low-viscosity fluids in the automotive sector, the expanding food industry, and the quickening industrialization in emerging nations.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Industrial Lubricants Market Trends
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Rising Adoption of Automation in Manufacturing
The market's main driver will be the growing need for automation in the industrial sector. Automated systems' machinery is used in industrial production processes. By expanding production capacity, providing predictable maintenance, and reducing costs, automation encourages greater efficiency. These benefits aid the company in creating a wide variety of product types that appeal to consumers by requiring minimal work and yielding a positive return on investment. Automation has led to a rise in the use of machinery and equipment, both of which require routine lubrication and maintenance. These tools include centrifuges, hydraulics, compressors, and industrial engines. Due to the growth in demand for automated industrial equipment.
Industrial Lubricants Market Segment Insights
Industrial Lubricants Type Insights
The market segmentation, based on Type, includes Hydraulic Lubricants, Compressor Lubricants, Gear Lubricants, Metal Working Fluids, and Others. The Hydraulic Lubricants segment may dominate the market. Hydraulic lubricants are specially formulated fluids that are used in hydraulic systems to transfer power and provide lubrication to moving parts. Hydraulic systems are widely used in various industries such as construction, mining, agriculture, and manufacturing. The growth of these industries is expected to drive the demand for hydraulic lubricants in the coming years. The increasing demand for efficient and reliable hydraulic systems, especially in emerging economies, is expected to further boost the growth of the market.
Industrial Lubricants End-User Insights
Based on End-User, the market segmentation includes Automotive, Manufacturing, Heavy Industries, Power Generation, Other. The Automotive application is holding the largest market share. This is accounted for by the rise in sales of passenger vehicles like buses, lorries, and other consumer cars. Public transportation has improved in rising economies like China, India, and Brazil as a result of economic expansion in these countries. The demand for commercial automotive lubricants is anticipated to increase as a result of this trend. Sales of commercial vehicles like heavy-duty trucks and equipment for construction such as cranes, bulldozers, and concrete mixers.
Figure 2: Industrial Lubricants Market, by End User, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Industrial Lubricants Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The largest market share in the market is held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India which are regarded as hubs of the automotive market and hence drive the market demand in this region. Moreover, increasing urbanization is another factor that creates more market demand.
Figure 3: INDUSTRIAL LUBRICANTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The second-largest market share in the market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and power generation programs creates more market demand. The presence of various major key players also drives the market demand in this region.
The third-largest market share in the market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
Industrial Lubricants Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Industrial Lubricants industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Industrial Lubricants industry to benefit customers and expand the market sector. Major market players, including Chevron Corporation, Fuchs Petrolub, ExxonMobil Corporation, Royal Dutch Shell, and others are attempting to increase market demand by funding R&D initiatives.
Chevron is a multinational oil and technology corporation. It discovers, produces, and transports crude oil and natural gas, refines, distributes, and markets transportation fuels and other energy products, and develops and sells lubricants, additives, and petrochemicals. Chevron also produces geothermal energy and coal, generates electricity, and develops energy resources such as biofuels and other renewables. The Chevron, Texaco, and Caltex brands are all owned by the firm.
The FUCHS Group, usually known as FUCHS PETROLUB, is a multinational corporation that creates, manufactures, and sells lubricants and associated products. It provides industrial lubricants, metal processing lubricants, special application lubricants, lubricating greases, automotive lubricants, and associated services. The business provides services to original equipment manufacturers (OEM), original equipment suppliers (OES), and the mining, metalworking, agricultural, forestry, aerospace, power generation, mechanical engineering, food, and glass manufacturing industries.
Key Companies in the Industrial Lubricants market include
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Petrochina Company Limited
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Total S.A
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Sinopec Limited
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LUKOIL
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BP Plc
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Fuchs Petrolub
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ExxonMobil Corporation
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Idemitsu Kosan Co Ltd
Industrial Lubricants Industry Developments
January 2022: Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, announced a marketing deal with Rock Energy in Bangladesh for its lubricant products.
December 2021: Castrol, BP, and Vietnam National Petroleum Group (Petrolimex) announced the joint venture agreement they had extended for another 20 years, from 2022 to 2042. Castrol BP Petco Co. Ltd is the name of the joint venture company.
Industrial Lubricants Market Segmentation
Industrial Lubricants Type Outlook
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Hydraulic Lubricants
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Compressor Lubricants
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Gear Lubricants
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Metal Working Fluids
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Others
Industrial Lubricants End-User Outlook
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Automotive
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Manufacturing
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Heavy Industries
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Power Generation
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Other
Industrial Lubricants Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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