Published Date : 18 Oct 2023
The global industrial lubricants market revenue was evaluated at USD 61.6 billion in 2022 and is expected to attain around USD 89.87 billion by 2032, growing at a CAGR of 4% from 2023 to 2032.
Lubricants primarily act as a boundary layer between two surfaces, which enables smooth and efficient movement of machinery. Lubrication is crucial for the seamless functioning of any machinery with moving parts and to keep the machinery in good condition is to make it properly lubricated. Industrial lubricants are oils, greases, and other mixtures applied to moving machine parts, such as gears or bearings, that reduce moisture, binding, wear, and friction.
Industrial lubricants significantly contribute to saving maintenance costs, extend machine life, enhance productivity, and reduce energy consumption Industrial lubricants play a crucial role in generating and transmitting energy and generating cooling or compressed air. In the world of advanced industrial machinery and equipment, proper lubrication ensures the uninterrupted and efficient running of machinery and equipment across various industries such as the automotive industry, manufacturing and processing, power generation, mining and construction, engineering, medical, and others.
The rising focus on renewable energy sources is expected to boost the growth of the Industrial lubricant market. Industrial lubricants are widely used in renewable energy plants, such as wind, hydroelectric, and solar power plants. Lubricants increase efficiency which results in less power loss, less breakdown time, and low maintenance cost.
The global industrial lubricant market is driven by several factors including technological advancements, rapid industrialization, rising demand from the wind energy sector, increasing consumption of industrial oils, and increasing usage of heavy equipment. In addition, the significant growth of several industries such as automotive, oil & gas, manufacturing & processing, chemicals, energy, mining, and construction is expected to fuel the demand for industrial lubricants.
|Market Revenue in 2023||USD 63.69 Billion|
|Projected Forecast Revenue by 2032||USD 89.87 Billion|
|Growth Rate from 2023 to 2032||CAGR of 4%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
North America is expected to hold the largest market share owing to the rapid growth of the automotive, manufacturing, oil & gas, construction, and renewable energy sectors. The United States is the largest industry for industrial lubricants in the region, particularly the southern region which consists of major manufacturing states such as North Carolina, Texas, and Florida. After the United States, Mexico is likely to be the fastest-growing industrial lubricant market during the forecast period.
Significant technological advancements, rising environmental concerns, stringent governmental regulations, and increasing demand for bio-based lubricants support the growth of the industrial lubricants market in the region. Industrial lubricants are used to protect machines and equipment from friction & wear, offer cooling effects to machinery, and prevent corrosion which lowers maintenance costs. The presence of prominent market players such as Aerospace Lubricant, CITGO Petroleum Corporation, Valvoline Inc., ExxonMobil Corporation, Specialty Lubricants Corp, Chevron Corporation, JAX Inc., Hasco Oil, and AMSOIL Inc. and their contribution is expected to boost the market in the region.
The significant growth in wind energy infrastructure increases the demand for industrial lubricants, such as gear oils, grease, and others which is expected to boost the market’s growth during the forecast period. For instance, In May 2023, Bharat Petroleum Corporation Limited (BPCL), a leading oil and gas company in India, announced its plans to enhance renewable energy footprints in India, the company is aiming to set up two 50 MW wind power plants in Madhya Pradesh and Maharashtra for captive consumption at Bina and Mumbai Refineries with a total project cost of nearly Rs. 978 Crore (Rs. 489 Crore for each project), these wind power plants will be contributing to a greener and more eco-friendly operation.
Mining operations and construction activities require sophisticated machinery. Industrial lubricants are crucial for the maintenance of heavy machinery such as bulldozers, excavators, loaders, and others. Proper lubrication helps withstand severe weather conditions, resist contaminants, and boost the performance and shelf life of equipment. Thereby, the rising rate of mining operations and construction activities, especially in developing countries create a significant requirement for industrial lubricants while promoting the growth of the market.
In recent years, multiple governments and regulatory bodies are seen imposing various regulations on the production of industrial products. The production as well as application of lubricants can cause serious environmental impacts including, impacts on soil and groundwater. Imposed regulations can limit the production of industrial lubricants by restraining the entry of new players in the industry. Thereby, the factor is observed to pose a major restraint for the market’s expansion.
The increasing demand for Industrial lubricants in the automotive industry is expected to offer a plethora of opportunities for the market. Industrial lubricants are extensively used in engines, transmissions, and several other components to reduce friction, enhance fuel efficiency, and ensure optimal performance of vehicles. For instance, In September 2023, TotalEnergies signed a partnership agreement with Automotive Parts Services Group (The Group), a leading provider of automotive aftermarket parts and services with the aim of delivering enhanced value to their customers. Through this partnership, TotalEnergies Marketing USA will provide a range of high-quality lubricants and technical support to The Group's extensive network of over 5,500 locations across North America.
The emergence of bio-lubricants is observed to support the market’s expansion in the upcoming years. Rising environmental concerns have resulted in the demand for sustainable and eco-friendly lubricants. Bio-lubricants are mainly derived from vegetable oils and animal fats. Bio-lubricants offer an eco-friendly alternative to petroleum-based lubricants. Stringent regulations on the development of lubricants is observed to promote the application of bio-lubricants.
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