May 2024
The global industrial lubricants market size was USD 71.70 billion in 2023, calculated at USD 74.21 billion in 2024 and is expected to reach around USD 104.68 billion by 2034, expanding at a CAGR of 3.5% from 2024 to 2034.
The global industrial lubricants market size accounted for USD 74.21 billion in 2024 and is expected to reach around USD 104.68 billion by 2034, expanding at a CAGR of 3.5% from 2024 to 2034.
The Asia Pacific industrial lubricants market size was estimated at USD 30.11 billion in 2023 and is predicted to be worth around USD 43.97 billion by 2034, at a CAGR of 3.7% from 2024 to 2034.
Asia Pacific led the industrial lubricants market with 42% in 2023. Asia Pacific has witnessed rapid industrialization, especially in countries like China, India, and Southeast Asian nations. The booming manufacturing sector, coupled with extensive infrastructure development, has significantly increased the demand for industrial lubricants used in machinery, automotive, construction, and other industrial applications. The automotive and manufacturing industries in Asia Pacific are among the fastest-growing in the world. As these sectors expand, the need for high-performance lubricants to ensure the efficient operation of machinery and vehicles has surged. China, in particular, is a global leader in automotive production, further driving the demand for industrial lubricants.
Report Highlights | Details |
Market Size in 2023 | USD 71.70 Billion |
Market Size in 2024 | USD 74.21 Billion |
Market Size by 2034 | USD 104.68 Billion |
Growth Rate from 2024 to 2034 | CAGR of 3.5% |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Product, Application, Region |
Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East and Africa |
In 2023, process oil holds the highest market share in the global industrial lubricants market in terms of both value and volume among other product types. The process oil segment accounted for a volume share of nearly 35% in 2023 and is estimated to retain its dominance over the forecast timeframe growing at a rate of 3.5%. The prominent growth of the segment is mainly because of its wide range of applications in different industries such as chemical, agriculture, food processing, textile production, manufacturing of leather goods, and many others. In the polymer industry, compounded polymers contain a significant amount of process oil ranging from 20% to 50% that significantly affects the properties of the polymer such as strength, hardness, and stability.
Apart from this, process oil is also prominently used in the food processing industry as an important component in the production of anti-foaming agents. Hence, the oil is effectively used in vegetable preparation as well as added as an additive in various food oils. Further, it has significant applications in the production of crop protection oils, pesticide carrier fluids, grain de-dusting agents, and fertilizers that are extensively used in agriculture.
Chemical manufacturing emerged as the largest application segment in the year 2023 due to increased demand for chemical oils in the production of fertilizer, pharmaceutical & cosmetics products, and industrial gas. The chemical industry seeks healthy demand for basic as well as specialty chemicals over the coming years owing to their high application in construction, pharmaceutical, agriculture, and many other industries.
Energy is the other important application segment in the global market for industrial lubricants. The equipment used in the energy sector relies prominently on their performance and lubrication plays an important role in enhancing their efficiency. Further, the shifting trend towards renewable generation also triggers the demand for gear oils as they are extensively used in wind power generation in gearboxes.
The metalworking application segment is likely to register rapid growth over the upcoming years on account of rising industrial activities along with the demand for metal products in applications such as building and machinery. Moreover, extensive demand for metalworking processes that include welding, cutting, and forming across a wide range of applications such as ships, foundries, milling, aircraft, and industrial machinery is expected to drive the growth of the segment in the coming years.
The global industrial lubricants market is highly fragmented due to the presence of numerous market players on both global and regional levels. Further, these market players are significantly investing in the R&D sector to gain a competitive advantage over others.
Segments Covered in the Report
By Product
By Application
By Regional Outlook
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