Industrial Lubricants Market Outlook
According to the report by Expert Market Research (EMR), The Global Industrial Lubricants Market Size, Share, Analysis, Report and Forecast 2024-2032″, industrial lubricants market reached a value of USD 66.2 billion in 2023. Aided by the escalating demand for high-performance machinery and the expansion of applications of industrial lubricants in numerous sectors, the market is projected to further grow at a CAGR of 3.60% between 2024 and 2032 to reach a value of USD 81.3 billion by 2032.
Industrial lubricants are essential compounds that reduce friction between surfaces in mutual contact, thus minimising the generated heat, wear, and material fatigue. They find usage in a wide array of applications including engines, hydraulics, turbines, and gearboxes in numerous industries such as manufacturing, mining, and construction. Besides their primary function of mitigating wear and tear, industrial lubricants exhibit excellent thermal stability, corrosion resistance, and high boiling points, making them invaluable in multiple industrial applications.
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The burgeoning demand for high-performance machinery in various industries is a significant driver for the global industrial lubricants market growth. With industries striving for improved efficiency, reduced downtime, and lower operational costs, the focus on high-quality lubricants has heightened. This shift is leading to a surge in demand for industrial lubricant-based products. Moreover, the growing trends of automation and digitalisation have amplified the demand for advanced machinery, which, in turn, is contributing to the burgeoning popularity of industrial lubricants.
The broadening applications of industrial lubricants in numerous industries further boost the industrial lubricants market expansion. In the automotive sector, lubricants are essential for the smooth operation of vehicles and increasing their lifespan. The construction industry relies on industrial lubricants for the efficient functioning of heavy-duty machinery. Further, in sectors like power generation, wind turbines extensively use lubricants to ensure longevity and optimal performance. Additionally, the food and beverage industry utilises food-grade lubricants, adding to the overall industrial lubricants market development.
Further, the increasing focus on sustainable and environmentally friendly solutions in the industrial sector has led to a heightened emphasis on bio-based industrial lubricants. With environmental concerns gaining global attention and stricter regulations being imposed on industries regarding emissions and waste, bio-based lubricants have emerged as a key trend in the industrial lubricants market. These products, made from natural and renewable sources, offer similar or superior performance compared to conventional lubricants while having a lower environmental impact.
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Industrial Lubricants Market Segmentation
The market can be divided based on product, end user, and region.
Market Breakup by Product
- Engine Oil
- Transmission and Hydraulic Fluid
- Metalworking Fluid
- General Industrial Oil
- Gear Oil
- Grease
- Process Oil
- Others
Market Breakup by End User
- Power Generation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metalworking
- Chemical Manufacturing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Industrial Lubricants Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial lubricants companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Amsoil, Inc
- BP p.l.c.
- Carl Bechem Gmbh
- Chevron Corporation
- Repsol S.A.
- Eni S.p.A.
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Gulf Oil International Ltd
- Bharat Petroleum Corporation Limited
- Others
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