CHICAGO, May 17, 2024 /PRNewswire/ -- The report "Industrial Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid, Grease), End-use Industry (Construction, Power Generation, Food Processing), Region - Global Forecast to 2029", size was USD 63.9 billion in 2024 and is projected to reach USD 74.3 billion by 2029, at a CAGR of 3.1%, between 2024 and 2029.
The market is projected to grow because of growing demand for processed foods, mounting demand from construction, agriculture, mining and marine industries and growing automation in end-use industries. These industrial lubricants play a crucial role in various applications in various end-use industries such as construction, power generation and others. In addition, due to the increasing population, increasing demand for renewable energy, technological advancements and changing consumer preferences the demand for industrial lubricants can increase due to various applications.
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388 - Tables
59 - Figures
343 - Pages
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Metalworking fluid product type are projected to register the third-highest CAGR, in terms of value, of the global industrial lubricants market during the forecast period.
The metalworking fluids market is set to grow significantly during the forecast period. This growth is driven by increased manufacturing activities worldwide, advancements in technology, and a higher demand for precision in metalworking. Also, environmental regulations and a push for more efficient production processes are also encouraging the use of advanced, eco-friendly metalworking fluids. Manufacturing sectors like automotive and aerospace, which heavily depend on these fluids, are expanding, further boosting demand. Additionally, the trend towards customized solutions for specific manufacturing needs is supporting market growth. In essence, a combination of technological innovation, regulatory compliance, and sector-specific demands is propelling the metalworking fluids market forward.
Synthetic oil is estimated to be the second-largest base oil type of industrial lubricants market, in terms of value, during the forecast period.
Synthetic oil based lubricants are the second-largest base oil type in the industrial lubricants market because they perform better than traditional mineral oils, especially under extreme conditions. They last longer, work efficiently at both high and low temperatures, and offer better protection for machinery. Although they cost more upfront, their ability to extend service intervals and reduce wear on expensive equipment makes them a cost-effective choice for businesses in the automotive, aerospace, and industrial sectors. This blend of high performance and long-term savings drives their popularity and widespread use. Consequently, the synthetic oil based lubricants stands composed for sustained growth, driven by the imperative for complete solutions that address these multifaceted challenges while prioritizing natural and sustainable lubricants.
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Europe is estimated to be the second-largest market for the lubricants market, in terms of value, during the forecast period.
Europe holds the position as the second-largest consumer region for industrial lubricants, largely due to its robust industrial sectors. The region boasts a significant manufacturing base, including automotive, aerospace, and machinery industries, all of which require high-quality lubricants to ensure smooth operation and longevity of equipment. Additionally, Europe's strong emphasis on environmental sustainability and high standards for energy efficiency have led to an increased demand for advanced, eco-friendly lubricants.
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Market Players
The key players profiled in the industrial lubricants market report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.
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Synthetic Lubricants Market - Global Forecast to 2028
Construction Lubricants Market - Global Forecast to 2027
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