Industrial Lubricants Market (By Product: General Industrial Oils, Process Oils, Industrial Engine Oils, Metalworking Fluids, and Other Industrial Lubricants; By Application: Textiles, Metalworking, Energy, Industrial Gases, Chemical Manufacturing, Hydraulic, and Food Processing) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032
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.
| Report Highlights | Details |
| 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% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| 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 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 Product
By Application
By Regional Outlook
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions& Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Industrial Lubricants Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Industrial Lubricants Market
5.1. Covid-19: Industrial Lubricants Industry Impact
5.2. Industrial Lubricants Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Industrial Lubricants Opportunities in the COVID-19 Landscape for Major Markets
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Industrial Lubricants Manufacturers to deal with Covid-19 Pandemic Scenario
Chapter 6. Industrial Lubricants Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.1.1. Increase in Automation across Various Industries
6.1.1.2. Increasing Demand for Processed Food
6.1.2. Market Restraints
6.1.2.1. Reduced Application of Metal Parts by Auto Makers
6.1.2.2. High Cost of Bio-based Lubricants
6.1.3. Market Opportunities
6.1.3.1. Increasing Preference for Bio-based Lubricants
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Global Industrial Lubricants Market: Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. Industrial Lubricants Market Revenue by Manufacturer
7.1.1.2. Industrial Lubricants Market Revenue Market Share by Manufacturer
7.1.1.3. Industrial Lubricants Market Production by Manufacturer
7.1.1.4. Industrial Lubricants Market Production Market Share by Manufacturer
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio Expansion, Capacity Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Manufacturers Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Industrial Lubricants Market, By Product
8.1. Industrial Lubricants Market, by Product, 2023-2032
8.1.1. General Industrial Oils
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.1.2. Market Production and Forecast (2021-2032)
8.1.2. Process Oils
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.2.2. Market Production and Forecast (2021-2032)
8.1.3. Industrial Engine Oils
8.1.3.1. Market Revenue and Forecast (2021-2032)
8.1.3.2. Market Production and Forecast (2021-2032)
8.1.4. Metalworking Fluids
8.1.4.1. Market Revenue and Forecast (2021-2032)
8.1.4.2. Market Production and Forecast (2021-2032)
8.1.5. Other Industrial Lubricants
8.1.5.1. Market Revenue and Forecast (2021-2032)
8.1.5.2. Market Production and Forecast (2021-2032)
Chapter 9. Global Industrial Lubricants Market, By Application
9.1. Industrial Lubricants Market, by Application, 2023-2032
9.1.1. Textiles
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.1.2. Market Consumption and Forecast (2021-2032)
9.1.1.3. Non-woven Textiles
9.1.1.4. Textile Weaving
9.1.1.5. Textile Composites
9.1.1.6. Textile Finishing
9.1.1.7. Other Textile Applications
9.1.2. Metalworking
9.1.2.1. Market Revenue and Forecast (2021-2032)
9.1.2.2. Market Consumption and Forecast (2021-2032)
9.1.2.3. Metal Cutting
9.1.2.4. Metal Forming
9.1.2.5. Metal Joining
9.1.2.6. Industrial Heat Exchangers
9.1.2.7. Metalworking Electronics
9.1.2.8. Other Metalworking Applications
9.1.3. Energy
9.1.3.1. Market Revenue and Forecast (2021-2032)
9.1.3.2. Market Consumption and Forecast (2021-2032)
9.1.3.3. Pipelines
9.1.3.4. Transformers
9.1.3.5. Ocean Energy
9.1.3.6. Liquefied Natural Gas (LNG)
9.1.3.7. Other Energy Applications
9.1.4. Industrial Gases
9.1.4.1. Market Revenue and Forecast (2021-2032)
9.1.4.2. Market Consumption and Forecast (2021-2032)
9.1.4.3. Polymers
9.1.4.4. Fertilizers
9.1.4.5. Other Chemicals Manufacturing
9.1.5. Chemical Manufacturing
9.1.5.1. Market Revenue and Forecast (2021-2032)
9.1.5.2. Market Consumption and Forecast (2021-2032)
9.1.6. Hydraulic
9.1.6.1. Market Revenue and Forecast (2021-2032)
9.1.6.2. Market Consumption and Forecast (2021-2032)
9.1.6.3. Bearings
9.1.6.4. Compressors
9.1.6.5. Other Hydraulic Applications
9.1.7. Food Processing
9.1.7.1. Market Revenue and Forecast (2021-2032)
9.1.7.2. Market Consumption and Forecast (2021-2032)
9.1.7.3. Frozen Food
9.1.7.4. Beverages
9.1.7.5. Canned Food
9.1.7.6. Bakery
9.1.7.7. Processed Potatoes
9.1.7.8. Cocoa & Chocolate
9.1.7.9. Other Food Applications
Chapter 10. Global Industrial Lubricants Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Production Forecast by Product (2021-2032)
10.1.2. Market Revenue and Consumption Forecast by Application (2021-2032)
10.1.3. U.S
10.1.3.1. Market Revenue and Production Forecast (2021-2032)
10.1.3.2. Market Revenue and Consumption Forecast (2021-2032)
10.1.4. Canada
10.1.4.1. Market Revenue and Production Forecast (2021-2032)
10.1.4.2. Market Revenue and Consumption Forecast (2021-2032)
10.2. Europe
10.2.1. Market Revenue and Production Forecast by Product (2021-2032)
10.2.2. Market Revenue and Consumption Forecast by Application (2021-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Production Forecast (2021-2032)
10.2.3.2. Market Revenue and Consumption Forecast (2021-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Production Forecast (2021-2032)
10.2.4.2. Market Revenue and Consumption Forecast (2021-2032)
10.2.5. France
10.2.5.1. Market Revenue and Production Forecast (2021-2032)
10.2.5.2. Market Revenue and Consumption Forecast (2021-2032)
10.2.6. Rest of EU
10.2.6.1. Market Revenue and Production Forecast (2021-2032)
10.2.6.2. Market Revenue and Consumption Forecast (2021-2032)
10.3. Asia Pacific (APAC)
10.3.1. Market Revenue and Production Forecast by Product (2021-2032)
10.3.2. Market Revenue and Consumption Forecast by Application (2021-2032)
10.3.3. China
10.3.3.1. Market Revenue and Production Forecast (2021-2032)
10.3.3.2. Market Revenue and Consumption Forecast (2021-2032)
10.3.4. India
10.3.4.1. Market Revenue and Production Forecast (2021-2032)
10.3.4.2. Market Revenue and Consumption Forecast (2021-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Production Forecast (2021-2032)
10.3.5.2. Market Revenue and Consumption Forecast (2021-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Production Forecast (2021-2032)
10.3.6.2. Market Revenue and Consumption Forecast (2021-2032)
10.4. LATAM
10.4.1. Market Revenue and Production Forecast by Product (2021-2032)
10.4.2. Market Revenue and Consumption Forecast by Application (2021-2032)
10.4.3. Brazil
10.4.3.1. Market Revenue and Production Forecast (2021-2032)
10.4.3.2. Market Revenue and Consumption Forecast (2021-2032)
10.4.4. Rest of LATAM
10.4.4.1. Market Revenue and Production Forecast (2021-2032)
10.4.4.2. Market Revenue and Consumption Forecast (2021-2032)
10.5. Middle East and Africa (MEA)
10.5.1. Market Revenue and Production Forecast by Product (2021-2032)
10.5.2. Market Revenue and Consumption Forecast by Application (2021-2032)
10.5.3. GCC
10.5.3.1. Market Revenue and Production Forecast (2021-2032)
10.5.3.2. Market Revenue and Consumption Forecast (2021-2032)
10.5.4. North Africa
10.5.4.1. Market Revenue and Production Forecast (2021-2032)
10.5.4.2. Market Revenue and Consumption Forecast (2021-2032)
10.5.5. South Africa
10.5.5.1. Market Revenue and Production Forecast (2021-2032)
10.5.5.2. Market Revenue and Consumption Forecast (2021-2032)
10.5.6. Rest of MEA
10.5.6.1. Market Revenue and Production Forecast (2021-2032)
10.5.6.2. Market Revenue and Consumption Forecast (2021-2032)
Chapter 11. Company Profiles
11.1. Fuchs Group
11.1.1. Company Overview, Business Information, Regional Presence
11.1.2. Product Portfolio Analysis
11.1.2.1. Product Details, Specification, Application
11.1.3. Revenue, Production Capacity, Price, and Gross Margin
11.1.4. Recent Developments and Strategies
11.2. Exxonmobil Corp
11.2.1. Company Overview, Business Information, Regional Presence
11.2.2. Product Portfolio Analysis
11.2.2.1. Product Details, Specification, Application
11.2.3. Revenue, Production Capacity, Price, and Gross Margin
11.2.4. Recent Developments and Strategies
11.3. The Lubrizol Corporation
11.3.1. Company Overview, Business Information, Regional Presence
11.3.2. Product Portfolio Analysis
11.3.2.1. Product Details, Specification, Application
11.3.3. Revenue, Production Capacity, Price, and Gross Margin
11.3.4. Recent Developments and Strategies
11.4. Phillips 66
11.4.1. Company Overview, Business Information, Regional Presence
11.4.2. Product Portfolio Analysis
11.4.2.1. Product Details, Specification, Application
11.4.3. Revenue, Production Capacity, Price, and Gross Margin
11.4.4. Recent Developments and Strategies
11.5. Royal Dutch Shell
11.5.1. Company Overview, Business Information, Regional Presence
11.5.2. Product Portfolio Analysis
11.5.2.1. Product Details, Specification, Application
11.5.3. Revenue, Production Capacity, Price, and Gross Margin
11.5.4. Recent Developments and Strategies
11.6. Lucas Oil Products, Inc.
11.6.1. Company Overview, Business Information, Regional Presence
11.6.2. Product Portfolio Analysis
11.6.2.1. Product Details, Specification, Application
11.6.3. Revenue, Production Capacity, Price, and Gross Margin
11.6.4. Recent Developments and Strategies
11.7. Bel-Ray Co., Inc.
11.7.1. Company Overview, Business Information, Regional Presence
11.7.2. Product Portfolio Analysis
11.7.2.1. Product Details, Specification, Application
11.7.3. Revenue, Production Capacity, Price, and Gross Margin
11.7.4. Recent Developments and Strategies
11.8. Amsoil, Inc.
11.8.1. Company Overview, Business Information, Regional Presence
11.8.2. Product Portfolio Analysis
11.8.2.1. Product Details, Specification, Application
11.8.3. Revenue, Production Capacity, Price, and Gross Margin
11.8.4. Recent Developments and Strategies
11.9. Kluber Lubrication
11.9.1. Company Overview, Business Information, Regional Presence
11.9.2. Product Portfolio Analysis
11.9.2.1. Product Details, Specification, Application
11.9.3. Revenue, Production Capacity, Price, and Gross Margin
11.9.4. Recent Developments and Strategies
11.10. Chevron Corp.
11.10.1. Company Overview, Business Information, Regional Presence
11.10.2. Product Portfolio Analysis
11.10.2.1. Product Details, Specification, Application
11.10.3. Revenue, Production Capacity, Price, and Gross Margin
11.10.4. Recent Developments and Strategies
Chapter 12. Appendix
12.1. About Us
12.2. Glossary of Terms
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