The Industrial Lubricants market size is estimated to reach US$88.4 billion by 2027 after growing at an estimated CAGR of 3.8% during the forecast period 2022-2027. Industrial lubricants such as oils, greases, fluids and others work to reduce the binding, friction, wear and moisture. The lubricants are composed of base oil such as synthetic oil (including polyalphaolefins, polyalkylene glycol and others), mineral oil and biobased oil, along with additives. Industrial lubricants product type such as hydraulic fluids, metalworking fluid, compressor oil and others offer enhanced performance and protection from degradation and improves the work-life of machinery, thereby creating a drive in the industrial lubricants market. The shift towards biobased lubricant oils owing to less environmental threat and reduced dependence on non-renewable sources is anticipated to offer market opportunities during the forecast period. The COVID-19 outbreak led to a slowdown in the industrial lubricants industry due to production halts, supply chain disruptions and various lockdown restrictions. They resulted in a fall in demand for lubricants across major industries. However, with robust recovery and flourishing demand from major end-use industries, the Industrial Lubricants market is anticipated to grow rapidly and would contribute to the growing Industrial Lubricants market size during the forecast period.
Competitive Landscape :
The top 5 players in the Industrial Lubricants Industry are –
1. ExxonMobil Corporation
2. Royal Dutch Shell
3. Chevron Chemical Corporation
4. PetroChina Company Limited
5. Hindustan Petroleum Corporation Limited
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Segmental Analysis :
1. The hydraulic fluids segment held the largest Industrial Lubricants market share in 2021 and is forecasted to grow at an estimated CAGR of 3.9% during the forecast period 2022-2027.
2. The automotive segment held a significant Industrial Lubricants market share in 2021 and is forecasted to grow at an estimated CAGR of 4.5% during the forecast period 2022-2027.
3. The Asia-Pacific region held the largest Industrial Lubricants market share (up to 39.3%) in 2021. The robust growth of industrial lubricants in this region is influenced by flourishing demand across major industries.
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Report Coverage |
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Report Attributes |
Details |
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By Form |
Liquid and Semisolid.
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By Application |
Air Compressors, Bearings, Gas Engines, Turbines, Mold Release, Metalworking |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges :
1. Robust Growth of the Building & Construction Sector: Industrial Lubricants such as hydraulic fluids, engine oil, compressor oils and others are composed of polyalphaolefins and others and have flourishing applications in the construction sector for residential sites, commercial machinery, industrial construction equipment such as excavators, bulldozers, lift trucks & scrapers and others.
2. Flourishing Demand from the Oil and Gas Industry: Industrial Lubricants composed of polyalphaolefins and others have flourishing applications in the oil & gas sector for oil drilling, fracking, mud pumps and natural gas operations.
3. Volatility in Crude Oil Prices: The mineral oil and synthetic base oil are produced through crude oil. The fluctuations in the prices of crude oil create a major challenge as it hampers production and application in the market.
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