Industrial Lubricants Market by Type (Hydraulic Oil, Metalworking Fluid, Gear Oil, Compressor Oil, Grease) and Industry (Construction and Mining, Metal Production, Cement and Chemicals, Power Generation, Oil and Gas) - Global Forecast to 2025

The Industrial Lubricants Market is expected to grow at a CAGR of 6.4% from 2019 to reach $29.79 billion by 2025. Moreover, in terms of volume, the overall market is expected to grow at a CAGR of 2.3% from 2019 to reach 18,473.5 thousand tons by 2025. Industrial lubricants are used to protect equipment and associated parts from wear and tear, enabling smooth operation. The growth of this market is majorly driven by the growing automation in end use industries and strong industrial growth in emerging economies, such as China, India, and Brazil. Moreover, increasing demand for eco-friendly lubricants is further boosting the growth of industrial lubricants Industry.

Strong industrial growth in emerging economies is propelling the growth of industrial lubricants market

Rapid urbanization, industrialization, and increasing technological advances in the emerging economies are the major factors supporting the growth of industrial lubricants market. According to the Civil Aviation Administration of China (CAAC), the Chinese government is planning to build airports, which is double of the current number of airports. It is estimated that the number of airports will increase from 234 in 2019 to 450 in 2035. Similarly, in 2019, the government of India is planning to set up around 5,000 compressed biogas (CBG) plants by 2023.

In addition, in November 2018, Abu Dhabi’s Supreme Petroleum Council (SPC) approved a $132 billion (AED486bn) capital investment plan to support Abu Dhabi National Oil Company’s (ADNOC) five-year growth plan. The plan is to increase the U.A. E’s oil and gas production capacity. Similarly, in November 2018, the South African government announced an investment of $1.0 billion in South Sudanese oil industry. The investment was aimed to help Sudan develop its oil sector and to provide more affordable energy for South Africa. Due to these investments and initiatives to support industrialization, the adoption of industrial lubricants is expected to increase, thereby boosting the overall market growth.

Increasing automation and demand for eco-friendly lubricants support the market growth

With increasing automation, the automated lubrication procedures also came into practice, thereby reducing improper lubrication. Over the past years, improper lubrications have been a major cause of bearing failure, which significantly impacted the productivity and imposed high bearing replacement cost on industries. However, with automated lubrication, the right amount of lubricant at right time is used, specifically when the parts need it. Also, it solved the safety issue, which has been raised continually regarding the safety of worker lubricating the equipment, as many machines are dangerous to lubricate while running.

In addition, due to increasing measures for attaining sustainability in environment, the demand for biodegradable lubricants is growing, globally. Biodegradable lubricants possess good properties, which include lower volatility, higher flash points, better viscosity indexes, and better boundary lubricant properties, compared with petroleum lubricants. Further, the adoption of biodegradable lubricants preserves the mineral oil-based sources as they are non-renewable and are getting exhausted rapidly.

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Key Findings in the Global Industrial Lubricants Market Study:

Hydraulic oil dominated the overall industrial lubricants market

Hydraulic oil segment is estimated to contribute the largest share of the overall industrial lubricants oil market in 2019 and generated large proportion of revenue as compared to other product types. The overall growth of this segment is mainly attributed to the growing demand from end user industries, specifically from construction and mining; and its low cost as compared to other types of industrial lubricants. For instance, in India, the government expenditure for the construction of highways has increased more than three times since 2013. According to the estimations, the total expenditure on highway construction was $5,317.0 million (Rs. 32,438 crores) in 2013-2014, which increased to $17,004.2 million (Rs. 1,16,324 crores) in 2017-2018. Similarly, in China, after the launch of 13th Five Year Plan in 2016, the construction activities have experienced strong growth with increase in construction of airports, water, rail, power, and roads & bridges.

Power generation industry to witness the largest demand through 2025

Power generation industry segment is estimated to command the largest share of the overall industrial lubricants Industry in 2019. This large share of this segment is mainly attributed to the growth of power generation plants, increasing urbanization and growing population, growing demand for electricity, steady economic growth, and increase in number of industries in emerging economies.

Asia-Pacific: The dominant and the fastest growing market

Asia-Pacific region is estimated to command the largest share of the overall industrial lubricants market in 2019, followed by North America and Europe. Asia-Pacific will be the fastest growing regional market due to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; and availability of cheap skilled labor. In addition, huge investments in the industrial sector by countries such as China, India, Japan, Indonesia, and Philippines further support the growth of this market in the region.

Industrial Lubricants Market Key Players:

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). The key players profiled in this market report are Shell International B.V., Exxon Mobil Corporation, BP P.L.C., Chevron Corporation, Total Lubrifiants, China National Petroleum Corporation, China Petroleum & Chemical Corporation (SINOPEC CORP.), LUKOIL, FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Klüber Lubrication, Hindustan Petroleum Corporation Limited, Eni S.P.A., The Lubrizol Corporation, and Morris Lubricants.

Scope of Industrial Lubricants Market Report:

by Type

• Hydraulic Oil
• Metalworking Fluids
• Gear Oil
• Compressor Oil
• Grease
• Turbine Oil
• Others

by Industry

• Construction & Mining
• Metal Production
• Cement & Chemical
• Power Generation
• Oil & Gas
• Food & Beverages
• General Manufacturing

by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Russia
  • Italy
  • U.K.
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Philippines
  • Rest of Asia-Pacific (RoAPAC)
• Rest of The World (RoW)
  • Latin America
  • Middle East
  • Africa
    • Egypt
    • South Africa
    • Algeria
    • Nigeria
    • Morocco
    • Rest of Africa

Key questions answered in Industrial Lubricants Market report:

Hydraulic oil accounted for the largest share of the industrial lubricants market

• What factors are contributing to the frequent usage of hydraulic oil in various industries?

• What are the advantages offered by hydraulic oil, which makes it superior to other product types?

• How is the adoption of hydraulicoil in industries differ in developing and developed nations?

The Asia-pacific industrial lubricants market favors both larger and local manufacturers that compete in multiple segments

• What are the top competitors in this market and what strategies do they employ to gain shares?

• What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?

• What strategies should new companies look to enter this market use to compete effectively?

• What are the industrial lubricants market drivers, restraints, and opportunities in the global market?

• Who are the major players in various countries and what industrial lubricants market share do they hold?

• What are the geographical trends and high growth regions/ countries?

Recent agreements, acquisitions, partnerships, collaborations, and expansions have taken place in the industrial lubricants market space.

• What companies have recently merged/acquired and how will these unions affect the industrial lubricants market competitive landscape?
• What companies have created partnerships and how will these partnerships promote a competitive advantage?
• Who are the major players in this market and what industrial lubricants market share do they hold?
• What are the local emerging players in the global industrial lubricants market and how do they compete with the global players?