The global industrial lubricants market size exceeded at USD 55.11 billion in 2019 and expected to hit USD 80.20 billion by 2027 with a CAGR of 4.8% from 2020 to 2027.
Rapid industrialization along with significant rise in the trade activities particularly in the developing countries expected to fuel the demand for industrial lubricants in the upcoming years. Increasing investments in Research & Development (R&D) sector coupled with expansion of various industrial process contributes towards the growth of these industry participants. Some of the industries for example mining, chemicals, and unconventional energy are analyzed to register substantial growth over forecast timeframe. This trend is further expected to flourish the demand for the industrial lubricants in hydraulics, compressors, centrifuges, industrial engines, and bearings.
Additionally, significant impact of western culture on the lifestyle in the developing nations has propelled the demand for frozen and processed foods over the recent past. This in turn expected to boost the growth of industrial lubricants as several packaging industries are deploying Artificial Intelligence (AI) and automation processes for increasing their productivity. Thus, increasing emphasis towards automation and robotic processing are likely to foster the market growth for industrial lubricants in the coming years.
In 2019, 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 segment accounted for a volume share of nearly 35% in 2019 and 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 polymer industry, compounded polymers contain 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 agent. 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 2019 due to increased demand for chemical oils in production of fertilizer, pharmaceutical & cosmetics products, and industrial gas. Chemical industry seeks healthy demand for basic as well as specialty chemicals over the coming years owing to its 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, shifting trend towards renewable generation also triggers the demand for gear oils as they are extensively used in the wind power generation in gear boxes.
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 wide range of applications such as ships, foundry, milling, aircraft, and industrial machinery expected to drive the growth of the segment in the coming years.
North America and Europe predicted to maintain their dominance in terms of demand for the industrial lubricants despite of the stagnancy in the industrial growth due to COVID-19 outbreak in the early 2020. Increasing demand for oilfield chemicals because of drilling and exploration activities expected to be a major factor that supports the industry growth in the region.
However, the Asia Pacific projected to be the fastest growing market during the analysis period due to well-established application industries across developing countries.
Key Companies & Market Share Insights
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 competitive advantage over others.
Some of the prominent players in the industrial lubricants market include:
Report Scope of the Industrial Lubricants Market
|Market Size||USD 80.20 Billion by 2027|
|Growth Rate||CAGR of 4.8% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Fuchs Group, Exxonmobil Corp, The Lubrizol Corporation, Phillips 66, Royal Dutch Shell, Lucas Oil Products, Inc., Bel-Ray Co., Inc., Amsoil, Inc., Kluber Lubrication, and Chevron Corp.|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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