The report "Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region - Global Forecast to 2024" The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024, at a CAGR of 3.1% from USD 62.8 billion in 2019. Industrial lubricants are a mixture of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in liquid, semi-solid, and solid states. They are primarily used in industrial machinery and equipment. Industrial lubricants are utilized to reduce friction between moving surfaces.
Lubrication is an important process and it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Industrial lubricants are manufactured using base oils, which are categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, and bio-based oils are sourced from vegetable oil. The major driving factors of the industrial lubricants market are massive industrialization, the increasing disposable income, and rapid urbanization in emerging countries.
The APAC region is the largest market for industrial lubricants in 2019, in terms of both volume and value. It is also projected to be the largest market during the forecast period. The increasing population in the region and the increased expenditure in the construction sector in emerging markets of China, India, and Indonesia are some of the major factors projected to drive the demand for industrial lubricants. This increased demand is expected to consequently drive the growth of the industrial lubricants market in the region. Furthermore, improved lifestyle, increase in employment rate, rise in disposable income of the people, and increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for industrial lubricants manufacturers.
The key market players profiled in the report include Royal Dutch Shell (the Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others.
