According to Future Market Insights (FMI), the global industrial oil market is expected to reach $90,491.1 million by the end of 2032. The development of the industrial sector and the increasing sales of automobiles are expected to influence growth. in the industrial oil market in the next decade.
Increasing demand for oil to lubricate industrial equipment and machinery in manufacturing, turbines, power generation, car engines, and other parts are major drivers in the industrial oil market. In addition, growing demand for improved equipment performance and protection of machinery and vehicle engines from wear and tear will boost industrial oil sales.
In addition, a significant development in the manufacturing, construction, n and automotive sectors, particularly in developing countries such as India and China, is expected to create growth opportunities for oil market players in the coming years.
Industrial Oil Market Segmentation
- Crude Oil
- Synthetic and Semi-Synthetic
- Power Generation
- Chemical Manufacturing
- Food and Beverages
- Automotive and Other Transport
- Paints and Coatings
- Cosmetics and Personal Care Products
The industrial oil market is expected to be consolidated, with the major players expected to represent an important portion of the market. Some of the major market players in the Industrial Oils business are Exxon Mobil Corporation, Chevron USA Inc., Royal Dutch Shell Plc, Chempoint, Panolin AG Castrol Limited, China Petroleum and Chemical Corporation, Lubrication Engineer, Fuchs, Shell, and others.
These key players invest in expanding their strategies by expanding their geographic footprint and establishing manufacturing units and sales offices in developing countries. Also, top players are acquiring mid-tier players or collaborating with other major manufacturers to expand their customer base. In addition, key players are focusing on shifting their focus towards sustainable development by also producing oil from bio-sources and bio-waste.