Industrial Lubricants Market Size | Share and Trends 2024 to 2034

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.

  • Last Updated : August 2024
  • Report Code : 1152
  • Category : Chemical and Material

Industrial Lubricants Market Size and Forecast 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.

Industrial Lubricants Market Size 2024 to 2034

Industrial Lubricants Market Key Takeaways

  • Asia Pacific led the global market with the highest market share of 42% in 2023.
  • By product, the process oil segment has held the largest market share in 2023.
  • By application, the chemical manufacturing segment captured the biggest revenue share in 2023.

Asia Pacific Industrial Lubricants Market Size and Growth 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 Industrial Lubricants Market Size 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.

Industrial Lubricants Market Share, By Region, 2023 (%)

Industrial Lubricants Market Growth Factors

  • Rapid industrialization along with the significant rise in 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 the forecast timeframe. This trend is further expected to flourish the demand for industrial lubricants in hydraulics, compressors, centrifuges, industrial engines, and bearings.
  • Additionally, the significant impact of Western culture on the lifestyle in 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 on automation and robotic processing is likely to foster market growth for industrial lubricants in the coming years.

Market Scope

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

Product Insights

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.

Application Insights

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.

Industrial Lubricants Market Companies

  • Fuchs Group
  • Exxonmobil Corp
  • The Lubrizol Corporation
  • Phillips 66
  • Royal Dutch Shell
  • Lucas Oil Products, Inc.
  • Bel-Ray Co., Inc.
  • Amsoil, Inc.
  • Kluber Lubrication
  • Chevron Corp.

Key Companies 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.

Segments Covered in the Report

By Product

  • General Industrial Oils
  • Process Oils
  • Industrial Engine Oils
  • Metalworking Fluids
  • Other Industrial Lubricants

By Application

  • Textiles
    • Non-woven Textiles
    • Textile Weaving
    • Textile Composites
    • Textile Finishing
    • Other Textile Applications
  • Metalworking
    • Metal Cutting
    • Metal Forming
    • Metal Joining
    • Industrial Heat Exchangers
    • Metalworking Electronics
    • Other Metalworking Applications
  • Energy
    • Pipelines
    • Transformers
    • Ocean Energy
    • Liquefied Natural Gas (LNG)
    • Other Energy Applications
  • Industrial Gases
    • Polymers
    • Fertilizers
    • Other Chemicals Manufacturing
  • Chemical Manufacturing
  • Hydraulic
    • Bearings
    • Compressors
    • Other Hydraulic Applications
  • Food Processing
    • Frozen Food
    • Beverages
    • Canned Food
    • Bakery
    • Processed Potatoes
    • Cocoa & Chocolate
    • Other Food Applications

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

The global industrial lubricants market size was valued at USD 71.70 billion in 2023 and expected to reach USD 104.68 billion by 2034.

The global industrial lubricants market is growing at a CAGR of 3.5% during the forecast period 2024 to 2034.

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 due to its large applications in various industries .

The metalworking application segment is likely to register rapid growth over the upcoming years on account of rising demand for metal products in applications such as building and machinery.

Some of the key players operating in the market are 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. among others.

North America and Europe predicted to maintain their dominance in terms of demand volume for the industrial lubricants despite of the stagnancy in the industrial growth .

The Asia Pacific projected to be the fastest growing market during the analysis period due to well-established application industries across developing countries.

Major factors that are accounted to drive the industrial lubricants include shifting consumer preference for processed and frozen foods along with increasing demand for green energy generation methods. Hectic lifestyle as well as significant impact of western culture on eating habits has fostered the demand for frozen foods. In addition, an alarming rise in the pollution across the globe coupled with fast depletion of natural resources such as coal and petroleum expected to thrive the demand for green energy, thereby propel the growth of industrial lubricants over the upcoming years. Additionally, significant growth in the industry automation across various part of the world that has notably fostered the replacement and upgradation of machine parts expected to drive the market for industri

Lubricants are the important part of a machine that ensures smooth functioning of different parts of a machine. Lubricants are generally explained as compounds such as greases, oils, and fluids that provide friction between machine parts. Their main function is to avoid metal-to-metal contact in dyes as well as finished component tooling. Further, the lubricants used in the industries expected to reduce friction, cool parts, minimize wear, disperse contaminants, transmit power, prevent corrosion, and act as a sealant.

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