The industrial lubricants market is expected to be valued at USD 75.23 Billion in 2027 from USD 58.22 Billion in 2019, registering a CAGR of 3.2% through the forecast period. Rising the number of different trade activities and surging industrialization, especially in emerging countries, are foreseen to fuel the industry’s growth during the commenced period.
Industrial lubricants are majorly used for reducing friction between two plains or surfaces. They aid machines in working without any glitches and extend the affected part’s life by minimizing the tear and wear. Several industrial lubricants comprise an organic base, including petroleum fraction or mineral oil. Additionally, rising investments in the activities of R&D are further boosting the market’s growth over the projected timeline.
Industrial lubricants are widely used in a broad array of industries for smoothly carrying out businesses. Manufacturing companies are the primary consumer of industrial lubricants for evading corrosion. Replacing the corroded parts is cost-effective, especially the iron and steel parts. Additionally, industrial lubricants are majorly used in the removal of waste particles, followed by their transportation to a filter. These lubricants are mostly used with different detergent additives for reducing contaminants.
Key Highlights of Report
- In December 2020, a leading company, Nyara Energy, collaborated with Shell—a renowned energy company, for selling the industrial lubricants via its fuel stations’ network in India. In India, Nyara Energy holds above 5,900 fuel stations, and it is planning to build a few more new stations (targeting 7,300 stations) in 2022.
- Hydraulic fluids provide an effective lubricating film, reducing the tear and wear of an equipment’s moving parts. The film’s effectiveness is dependent on the balance between the lubricant’s viscosity, fluid stability, and sliding loads and speeds.
- Synthetic oil exhibits outstanding flow performance at low-temperature. It offers superior thermal stability and oxidation, along with showcasing outstanding wear protection. This oil is higher in terms of purity and quality than several mineral oils.
- The construction sub-segment accounted for the largest market share in the year 2019, owing to rising construction activities in India, China. All construction equipment, including the draglines and dump trucks, bulldozers, and shovels, and scrapers, are subjected to extreme and harsh conditions; thus, the demand for lubricants is surging.
- The region of Asia Pacific held the highest industry share, owing to the high demand in the nation, China. The country is seeing a steadfast growth in the area of construction, oil and gas, and power generation sectors.
- Leading companies in the sector include ExxonMobil Corp, The Lubrizol Corporation, Royal Dutch Shell, Valvoline International, Inc., Quaker Chemical Corp. Amsoil, Inc., Kluber Lubrication, Chevron Corp., Clariant, and Petronas Lubricant International.
For the purpose of this report, Emergen Research has segmented the global industrial lubricants market based on product type, base oil, end-use industry, and region:
Product Type Outlook (Revenue, USD Billion; 2017–2027)
- Hydraulic Fluid
- Metalworking Fluid
- Gear Oil
- Compressor Oil
- Turbine Oil
- Transformer Oil
- Refrigeration Oil
- Textile Machinery Lubricants
Base Oil Outlook (Revenue, USD Billion; 2017–2027)
- Mineral Oil
- Synthetic Oil
- Polyalphaolefins (PAO)
- Polyalkylene Glycol (PAG)
- Group iii (Hydrocracking)
- Bio-based Oil
End-use Industry Outlook (Revenue, USD Billion; 2017–2027)
- Metal & Mining
- Cement Production
- Power Generation
- Automotive (Vehicle Manufacturing)
- Oil & Gas
- Food Processing
- Pulp & Paper
- Marine (Deck Manufacturing)
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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