The global industrial lubricants market size was valued at USD 61.6 billion in 2022 and it is expected to hit around USD 89.87 billion by 2032 with a CAGR of 4% from 2023 to 2032.
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In 2022, 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 2022 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 2022 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.
North America and Europe are predicted to maintain their dominance in terms of demand for industrial lubricants despite the stagnancy in industrial growth due to the COVID-19 outbreak in early 2020. Increasing demand for oilfield chemicals because of drilling and exploration activities is expected to be a major factor that supports the industry growth in the region.
However, the Asia Pacific is 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 a competitive advantage over others.
Some of the prominent players in the industrial lubricants market include:
Report Scope of the Industrial Lubricants Market
|Market Size in 2023
|USD 63.69 Billion
|Market Size by 2032
|USD 89.87 Billion
|Growth Rate from 2023 to 2032
|CAGR of 4%
|Fastest Growing Market
|2023 to 2032
|Product, Application, Region
|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 a classification of the marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2020 to 2032. This report contains a market breakdown and its revenue estimation by classifying it on the basis of product, application, and region:
By Regional Outlook
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