According to IMARC Group’s latest research report, titled “Industrial Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the industrial lubricants market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global industrial lubricants market size reached US$ 65.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.
Industrial Lubricants Market Overview:
Industrial lubricants refer to numerous products, including oils, fluids, and greases, used in industries to improve efficiency and enhance the performance of machinery and equipment. They are made using crude oil, tight oil, and several additives, such as antioxidants, viscosity index improvers, detergents, dispersants, anti-wear agents, and extreme pressure additives. Industrial lubricants are widely used in engines, turbines, air compressors, bearings, mold release, metalworking, gears, auxiliary equipment, hydraulics, food machinery, and heat transfer systems. As a result, they find wide applications across the energy generation, automotive, food processing, textile, and manufacturing industries.
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Industrial Lubricants Market Trends:
The rising product utilization in coal, steam, and gas power plants to enhance equipment reliability, lower operating costs, extend machine life, and protect turbines, generators, boiler feed pumps, and mills from extreme conditions is among the key factors driving the industrial lubricants market. Moreover, the growing usage of these lubricants in renewable energy generation, including wind, hydroelectric, and nuclear power plants, is also stimulating the market growth. Besides this, the widespread product adoption in the automotive industry to protect and improve the functionality of brakes, transmission, engine, gears, wheels, and other components in passenger cars, buses, trucks, cranes, bulldozers, concrete mixers, and commercial vehicles, is acting as another significant growth-inducing factor.
Furthermore, the introduction of bio-based industrial lubricants manufactured from biodegradable feedstocks that reduce adverse environmental impact, decrease dependency on petroleum-based raw materials, and offer superior viscosity, low volatility, and high-pressure performance, is further propelling the global market. Apart from this, rising industrialization and increasing infrastructural development activities are positively influencing the market growth. Additionally, the launch of various government initiatives to promote the adoption of bio-based lubricants is anticipated to fuel the industrial lubricants market over the forecasted period.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Bharat Petroleum Corporation Limited
- BP p.l.c
- Chevron Corporation
- China Petrochemical Corporation
- Clariant AG
- ExxonMobil Corporation
- Fuchs Petrolub SE
- Gulf Oil International Ltd (Hinduja Group)
- Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation)
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corporation Ltd.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66 Company
- Shell plc
- TotalEnergies SE
Product Type Insights:
- Hydraulic Fluid
- Metal Working Fluid
- Gear Oil
Base Oil Insights:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
End-Use Industry Insights:
- Metal & Mining
- Cement Production
- Power Generation
- Chemical Production
- Oil & Gas
- Textile Manufacturing
- Food Processing
- Pulp & Paper
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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