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.
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.
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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 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.
| 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 |
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.
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.
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
By Application
By Regional Outlook
Industrial Lubricants Market
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
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 Landscape: Industrial Lubricants Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
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. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor 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 Revenue and Volume, By Product, 2024-2034
8.1.1 General Industrial Oils
8.1.1.1. Market Revenue and Volume Forecast (2021-2034)
8.1.2. Process Oils
8.1.2.1. Market Revenue and Volume Forecast (2021-2034)
8.1.3. Industrial Engine Oils
8.1.3.1. Market Revenue and Volume Forecast (2021-2034)
8.1.4. Metalworking Fluids
8.1.4.1. Market Revenue and Volume Forecast (2021-2034)
8.1.5. Other Industrial Lubricants
8.1.5.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 9. Global Industrial Lubricants Market, By Application
9.1. Industrial Lubricants Market Revenue and Volume, By Application, 2024-2034
9.1.1. Textiles
9.1.1.1. Market Revenue and Volume Forecast (2021-2034)
9.1.2. Metalworking
9.1.2.1. Market Revenue and Volume Forecast (2021-2034)
9.1.3. Energy
9.1.3.1. Market Revenue and Volume Forecast (2021-2034)
9.1.4. Industrial Gases
9.1.4.1. Market Revenue and Volume Forecast (2021-2034)
9.1.5. Chemical Manufacturing
9.1.5.1. Market Revenue and Volume Forecast (2021-2034)
9.1.6. Hydraulic
9.1.6.1. Market Revenue and Volume Forecast (2021-2034)
9.1.7. Food Processing
9.1.7.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 10. Global Industrial Lubricants Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.1.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.1.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.1.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.2.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.2.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.2.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.2.5.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.2.6.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.3.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.3.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.3.5.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.3.6.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.4.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.4.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.4.5.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.4.6.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.5.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.5.3.2. Market Revenue and Volume Forecast, By Application (2021-2034)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, By Product (2021-2034)
10.5.4.2. Market Revenue and Volume Forecast, By Application (2021-2034)
Chapter 11. Company Profiles
11.1. Fuchs Group
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Exxonmobil Corp
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. The Lubrizol Corporation
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Phillips 66
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Royal Dutch Shell
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Lucas Oil Products, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Bel-Ray Co., Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Amsoil, Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Kluber Lubrication
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Chevron Corp.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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