Industrial Lubricants Market Overview to 2023:
Industrial lubricants reduce friction between objects, regulate temperature, modify surface properties and remove debris. The global industrial lubricants market is estimated to see better profitability and expand at a CAGR of 2.4% during the assessment period of 2017-2022, asserts Market Research Future (MRFR) in an in-depth study. The global industrial lubricants market stood at USD 56.87 Bn in 2016.
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Industrial lubricants are used to ensure smooth machinery functioning and reduce maintenance across various industry verticals. Industrial lubricants market is likely to be driven robustly by expansion in key end-use industries such as chemicals manufacturing, food processing, and electronics.
Automotive lubricants account for the majority demand of industrial lubricants market. Expanding automotive industry and an increase in total vehicle population has fostered market growth. Additionally, the burgeoning manufacturing industry driven by heightened demand for manufactured goods has generated high demand for industrial lubricants.
Acceleration in mining and infrastructural activities across the globe are also likely to push the sales of industrial lubricants further. Consolidation of online sales channels has aided lubricant producers to find a viable retail platform which boosts the growth of the market. Furthermore, product development such as bio-based lubricants which offer superior environmental benefits is likely to augment the growth of the market. There is a growing emphasis on the reduction of carbon footprint on a global scale which has prompted the adoption of sustainable products and, in turn, induced greater demand for bio-based industrial lubricants.
Other possible bottlenecks include frequent changes in tax policies, and the introduction of new generation, smaller, and more efficient, durable vehicles which are less likely to consume much lubricants. Adulteration of lubricants and the high cost of bio-based and synthetic industrial lubricants might undermine the growth of the market. Furthermore, the industrial lubricants market is subject to scrutiny by various regulatory bodies pertaining to their handling, storage, and disposal. Meanwhile, much R&D activities are underway to develop better and improved lubricants and considerably reduce their environmental footprint.
Competitive landscape
- BP p.l.c.
- PetroChina Company Limited
- LUKOIL
- Fuchs Petrolub AG
- Royal Dutch Shell Plc.
- Idemitsu Kosan Co. Ltd
- Total S.A.
- Chevron Corporation
- ExxonMobil Corporation
- Sinopec Limited
Industry Updates
February 2019- researchers at the University of Delaware have created a strategy to make renewable lubricant base oils from non-food biomass such as wood, switch grass and other sustainable, organic waste. This would help to considerably reduce the environmental footprint of industrial lubricants.
Industry Segmentation:
The global industrial lubricants market has been segmented based on type and end user.
By type, the global industrial lubricants market has been segmented into hydraulic lubricants, gear lubricants, compressor lubricants, metalworking fluids, and others. The hydraulic lubricants segment is dominating the market. Continuous demand from the mining and construction industry due to the cost advantage it provides over other lubricants is driving the growth of the segment. However, due to rising metal consumption in the automotive industry, the metalworking fluids segment is expected to showcase the highest CAGR over the forecast period.
By end user, the global industrial lubricants market has been segmented into automotive, manufacturing, power generation, heavy industries, and others. The automotive segment is leading the market while the power generation segment is expected to showcase the highest CAGR over the forecast period. The growth of the power generation segment can be credited to towering energy demands across the globe.
Regional Analysis
By region, the global industrial lubricants market has been segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
APAC is the largest market for industrial lubricants and is likely to showcase maximum growth over the forecast period. Rapid level of industrialization in the region is the foremost driver of the industrial lubricants market in APAC. In addition, the prolific growth of the automotive industry and the shift of the global manufacturing base in APAC has created a huge market for industrial lubricants. Besides, the rising sale of cars due to growing disposable income is likely to spur demand for automotive lubricants in the region. China, Japan, India, Australia, and Indonesia are the key country-specific markets within the APAC market.
North America is a significant market for industrial lubricants driven by the shale gas exploration activities in the region. Industrial activities are also expanding at a moderate pace which is generating continuous demand for industrial lubricants.
The expanding automotive industry spurs Europe industrial lubricants market .Germany, the UK, and France are the key contributors to the Europe market.
In RoW, the Middle East is generating substantial demand for industrial lubricants on account of oil exploration and refining activities in the region.
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