General Industrial Oils Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
General Industrial Oils Market Analysis
The market for general industrial oils is anticipated to register a CAGR of over 2% during the forecast period. These oils include various types and are engineered to enhance the performance and running cycles of different industrial machinery.
- Increasing electricity production in countries, like China, India, and Japan, islikely to drive the market for general industrial oils. Additionally, a rise in the manufacturing of food and beverage productsis, in turn, resulting in the increasing usage of industrial oils, such as hydraulic fluids and greases.
- Usage of electric drives as an alternative to steam and gas turbines is increasing, thus, lowering the usage of general industrial oils in turbines. This electrification of mechanical drives also lowers emissions and reduces environmental taxes.
- Increasing capacity of wind turbines worldwideand growing automobile production are projected to act as opportunities for the market in the future.
General Industrial Oils Market Trends
This section covers the major market trends shaping the General Industrial Oils Market according to our research experts:
Increasing Demand from Power Generation
- General industrial oils are used in steam turbines, boiler feed pumps, rod, and bowl mills for power generation. Industrial oils are employed in various energy generation sectors, such as coal, nuclear, solar, and wind, as they help in enhancing equipment reliability and uptime.
- Industrial oils have various advantages: these oils increase coal and gas power plant’s productivity, help trouble-free working in the hydroelectric sector, by making these equipment to operate at maximum efficiency.
- According to BP’s statistical review of world energy, the power sector is considered to be one of the biggest markets for energy, adopting over 40% of primary energy, through renewables and electrification.Renewables and nuclear power met the majority of the growth in demand, as per IEA.
- According to IEA,World electricity demand grew by 4%from 3.1%, with coal and gas-fired power plants growing considerably.
- All the aforementioned factors are expected to drive the global industrial oils market, during the forecast period.
South Africa Country to Dominate the African Region
- The South African economy has been in a crisis since 2016, with depreciation in its currency value and high unemployment rate, which have caused the shrinkage of the economic growth. South Africa is the largest recipient of FDI from the United Kingdom. As a result, the United Kingdom’s exit from the European Union has had a negative effect on the South African economy.
- However, the government is planning on improving new businesses, promoting investments, and building up consumer confidence.
- With rising demand for electricity from the industrial and domestic sectors, the need for power generation is increasing drastically, thereby, augmenting the growth of the lubricant oil market in the country.
- In the recent times, a slight decline has been observed in commercial and passenger aviation in South Africa, owing to slow economic growth and higher operational costs involved.
- Global players, such as Airbus and Boeing, are expecting strong growth rates in the commercial aviation segment in the coming years in the African region, and are looking forward for partnerships and joint ventures as viable options for expanding their footprints in the market.
- Though the South African building and construction industry has been witnessing a sluggish growth, it remains a vital industry, as it fulfils a major role in economic growth and infrastructure development. The industry is expected to rebound when economic conditions improve and investment in the industry increases.
- Moreover, with the rising chemical manufacturing in the country, the consumption of general industrial oils is further likely to increase in the coming years.
- The growth in these industries is expected to provide growth opportunities to the general industrial oils market during the forecast period.
General Industrial Oils Industry Overview
The general industrial oils market is fragmented in nature. In terms of market share, few of the major players currently dominate the market. Key players in the general industrial oils market include Exxon Mobil Corporation, Royal Dutch Shell Plc, Chevron USA Inc., Castrol Limited, and China Petrochemical Corporation (Sinopec), among others.
General Industrial Oils Market Leaders
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Exxon Mobil Corporation
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Chevron USA Inc.
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Royal Dutch Shell Plc
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Castrol Limited
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China Petroleum & Chemical Corporation (Sinopec)
*Disclaimer: Major Players sorted in no particular order
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General Industrial Oils Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand for Turbine Oil from Power Generation and Aviation Industries
- 4.1.2 Increase in the Manufacturing of Food and Beverages Industry
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4.2 Restraints
- 4.2.1 Usage of Electric Drives as an Alternative to Turbines
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Product Type
- 5.1.1 Turbine Oil
- 5.1.2 Refrigeration Oil
- 5.1.3 Compressor Oil
- 5.1.4 Electrical Oil
- 5.1.5 Heat Transfer Oil
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5.2 End-user Industry
- 5.2.1 Power Generation
- 5.2.2 Automotive & Other Transportation
- 5.2.3 Heavy Equipment
- 5.2.4 Food & Beverage
- 5.2.5 Metallurgy & Metal Working
- 5.2.6 Chemical Manufacturing
- 5.2.7 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Mexico
- 5.3.2.3 Canada
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 Iran
- 5.3.5.3 United Arab Emirates
- 5.3.5.4 Rest of Middle East
- 5.3.6 Africa
- 5.3.6.1 Egypt
- 5.3.6.2 South Africa
- 5.3.6.3 Morocco
- 5.3.6.4 Rest of Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Lubrita
- 6.4.2 Paras Lubricants Ltd
- 6.4.3 Apar Industries Ltd
- 6.4.4 Eastern Petroleum
- 6.4.5 Repsol
- 6.4.6 Castrol Limited
- 6.4.7 Exxon Mobil Corporation
- 6.4.8 Royal Dutch Shell Plc
- 6.4.9 Arabol Lubricants
- 6.4.10 Arabian Petroleum Ltd
- 6.4.11 HP Lubricants
- 6.4.12 Aarna Lube Pvt Ltd
- 6.4.13 Tashoil Company Pvt Ltd
- 6.4.14 China Petrochemical Corporation (Sinopec)
- 6.4.15 Chevron USA Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Augmenting usage of Wind Power Energy
- 7.2 Increasing Automobile Production
General Industrial Oils Industry Segmentation
The general industrial oils market report includes:
| Product Type | Turbine Oil | |
| Refrigeration Oil | ||
| Compressor Oil | ||
| Electrical Oil | ||
| Heat Transfer Oil | ||
| End-user Industry | Power Generation | |
| Automotive & Other Transportation | ||
| Heavy Equipment | ||
| Food & Beverage | ||
| Metallurgy & Metal Working | ||
| Chemical Manufacturing | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Mexico | ||
| Canada | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East | Saudi Arabia |
| Iran | ||
| United Arab Emirates | ||
| Rest of Middle East | ||
| Geography | Africa | Egypt |
| South Africa | ||
| Morocco | ||
| Rest of Africa |
General Industrial Oils Market Research FAQs
What is the current General Industrial Oils Market size?
The General Industrial Oils Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in General Industrial Oils Market?
Exxon Mobil Corporation, Chevron USA Inc., Royal Dutch Shell Plc, Castrol Limited and China Petroleum & Chemical Corporation (Sinopec) are the major companies operating in the General Industrial Oils Market.
Which is the fastest growing region in General Industrial Oils Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in General Industrial Oils Market?
In 2024, the Asia Pacific accounts for the largest market share in General Industrial Oils Market.
What years does this General Industrial Oils Market cover?
The report covers the General Industrial Oils Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the General Industrial Oils Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
General Industrial Oils Industry Report
Statistics for the 2024 General Industrial Oils market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. General Industrial Oils analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
