Industrial Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.38 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Lubricants Market Analysis
The Industrial Lubricants Market size is estimated at 22.07 Billion liters in 2024, and is expected to reach 26.06 Billion liters by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. However, the pandemic positively affected the automation process in industrial activities on a large scale. The limited availability of manpower due to the pandemic and the use of various personal protective equipment has accelerated the adoption of automation throughout industries. Moreover, the increase in productivity also increased the run time of the machinery and the speed of the equipment. It increased the importance of adequate lubrication for the equipment, thus enhancing the demand.
- Over the short term, increasing demand from the wind energy sector is expected to drive the market's growth.
- However, the detrimental effects of lubricants on the environment are likely to hinder the growth of the market studied.
- Nevertheless, the growing prominence of bio-lubricants and the development of low-viscosity lubricants are likely to act as opportunities for the growth of the market studied.
- Asia-Pacific dominates the market across the world, with the most substantial consumption from countries like China, India, and Indonesia.
Industrial Lubricants Market Trends
Power Generation End-user Industry Dominated the Market
- Power generation is one of the most important end-user industries of the global economy, without which almost all manufacturing operations may cease. Advancements in manufacturing technologies are resulting in the building of various new plants, increasing the demand for electricity across end-user industries.
- Turbines play a key role in the energy sector for generating electricity. Irrespective of the source of electricity, i.e., wind, solar, hydro, thermal, and others, turbines are widely used for power generation. In general, other than turbines, the major components used in the power generation sector include pumps, bearings, fans, compressors, gears, and hydraulic systems. Wind turbines are subjected to many factors, such as humidity, high pressure, high loads, vibrations, and temperature. Gear and turbine oils are widely used in this sector for lubrication purposes.
- In general, the cost of lubricants accounts for less than 5% of a power generation company's total operational expenditure. According to an industry survey, about 58% of the companies recognized that lubricant selection could help reduce costs by 5% or more. Still, fewer than 1 in 10 (8%) companies realized that the impact of lubrication could be up to six times more.
- In hydroelectric power generation, lubricants are used for air compressors, gears, turbines, circulating oil systems, hydraulics, and bearings, among other purposes. The lubricants consumed include greases, general lubricating oils, transmission oils, turbine oils, and hydraulic oils, among others. In nuclear power plants, lubricants (turbine oils) are used mainly for steam turbines for better efficiency.
- In coal-fired power plants, lubricants are used for air compressors, hydraulics, turbines, mobile equipment, bearings, and gears. Coal excavator systems also consume different types of lubricants, including gear oils, greases, transmission oils, and hydraulic oils. Coal-fired power plants consume high-temperature and heavy-duty lubricants.
- Moreover, according to the International Energy Agency, in 2023, the volume of renewable electricity generated globally through hydropower and wind increased by about 17.5 gigawatts (GW) and 107.8 gigawatts (GW), respectively, over 2022. Such growth trends are expected to continue during the forecast period because of the growing investment in renewable energy generation. It will substantially boost the demand for industrial lubricants from the power generation end-user industry in the future and help it maintain its market dominance.
- Hence, all such factors and trends are expected to drive the demand for lubricants in the power generation end-user industry.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific was found to be the major market for the consumption of industrial lubricants. It is owing to increasing consumption from countries such as China, India, and Indonesia.
- China is the largest consumer of lubricants and greases in the current scenario. The vast manufacturing activities pertaining to different sectors and the rapid growth in the industrial and automotive sectors pushed the country to stand among the major lubricant consumers and producers in the global landscape.
- Moreover, according to Safeguard Global, China, Japan, South Korea, India, and Indonesia were among the top 10 countries with the highest manufacturing output in 2023.
- In addition, China is focusing on new infrastructure, with construction being the majority type of fixed assets, in the near future. Such growth in construction activity is expected to be witnessed in the future, owing to increased expenditure and the government's focus on infrastructure growth.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), China, Japan, India, and South Korea were among the top 5 largest manufacturers of vehicles in the world. Therefore, the vast size of Asia-Pacific's automotive industry also plays a significant role in the region accounting for such high demand for industrial lubricants compared to other regions worldwide.
- Moreover, according to Invest India, the auto components industry in India is expected to grow to USD 200 billion by 2026, and the aftermarket turnover in FY 2022-23 of the industry stood at USD 10.6 billion as compared to USD 10 billion in the previous year. Such growth trends in India and developing economies of the Asia-Pacific are estimated to significantly boost the industrial lubricants market growth in the region.
- India is the second-largest lubricant consumer in the region and the third-largest in the world, after the United States and China. The country accounts for about 7% of the demand in the global lubricants market. While the industrial lubricants market is fragmented in nature, the Indian grease market is highly consolidated in nature, with the top five players accounting for more than 75% of the market share.
- Favorable government policies, such as the extension of the FAME-II scheme until 2024, the enhancement of incentives for two-wheelers, the launch of the production-linked incentive (PLI) scheme for the auto and auto component sector (worth INR 26,000 crore (~USD 3.20 billion)), and the PLI for advanced chemistry cell worth INR 18,000 crore (~USD 2.22 trillion), are likely to provide significant support to the sector due to the adoption of advanced technologies.
- Indonesia is among the potential lubricants markets in recent years on account of its huge population, high urbanization, and rapidly rising middle class. Sectors such as mining, textile, and infrastructure is driving the consumption of industrial lubricants in the recent past.
- According to FocusEconomics, in 2022, manufacturing growth in Indonesia was 4.9%, up from the 3.4% witnessed in the prior year. Moreover, according to Statistics Indonesia (BPS), the food and beverage industry increased by 4.9% on an annual basis in 2022 to USD 52.1 million as the demand and production increased.
- Indonesia is expected to invest and attract foreign direct investment across industries to boost its exports and, thus, its economic state. Additionally, the country started working with Taiwan to develop its food and beverage industry because Taiwan is quite developed in the field of automated food machine technology and catering services.
- Therefore, all the factors above are likely to significantly impact the market studied in the future.
Industrial Lubricants Industry Overview
The industrial lubricants market is fragmented in nature. Some of the key players in the market (not in any particular order) include Royal Dutch Shell PLC, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, and BP PLC (Castrol), among other companies.
Industrial Lubricants Market Leaders
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BP PLC (Castrol)
-
Exxon Mobil Corporation
-
Royal Dutch Shell PLC
-
China National Petroleum Corporation
-
China Petroleum & Chemical Corporation
*Disclaimer: Major Players sorted in no particular order
Industrial Lubricants Market News
- Jan 2024: Shell plc's subsidiary, Shell Lubricants, completes the acquisition of the United Kingdom-based MIDEL and MIVOLT from Manchester-based M&I Materials Ltd to manufacture, distribute, and market the MIDEL and MIVOLT product lines as part of Shell’s global lubricants portfolio.
- Oct 2023: Hindustan Petroleum Corporation Limited (HPCL) and Chevron Brands International LLC, a subsidiary of Chevron Corporation, entered into a long-term agreement encompassing the licensing, production, distribution, and marketing of Chevron’s lubricant products. It is under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant products in India.
- May 2023: AMSOIL INC. acquired Milwaukee-based Benz Oil to boost its capabilities and expertise with industrial fluids. The Milwaukee-based Benz's facilities in Milwaukee will be rebranded as AMSOIL, and the sales, laboratory operations, production, and distribution will continue on-site.
- Mar 2023: Exxon Mobil Corporation announced that it is investing nearly USD 110 million to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad, India.
Industrial Lubricants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand from the Wind Energy Sector
- 4.1.2 Other Drivers
-
4.2 Restraints
- 4.2.1 Detrimental Effects of Lubricants on the Environment
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
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 (Market Size in Volume)
-
5.1 Product Type
- 5.1.1 Engine Oil
- 5.1.2 Transmission and Hydraulic Fluid
- 5.1.3 Metalworking Fluid
- 5.1.4 General Industrial Oil
- 5.1.5 Gear Oil
- 5.1.6 Grease
- 5.1.7 Process Oil
- 5.1.8 Other Product Types
-
5.2 End-user Industry
- 5.2.1 Power Generation
- 5.2.2 Heavy Equipment
- 5.2.3 Food and Beverage
- 5.2.4 Metallurgy and Metalworking
- 5.2.5 Chemical Manufacturing
- 5.2.6 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 Phillipines
- 5.3.1.6 Indonesia
- 5.3.1.7 Malaysia
- 5.3.1.8 Thailand
- 5.3.1.9 Vietnam
- 5.3.1.10 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.2.4 Rest of North America
- 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 Russia
- 5.3.3.6 Turkey
- 5.3.3.7 Spain
- 5.3.3.8 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Chile
- 5.3.4.5 Rest of South America
- 5.3.5 Middle East
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 Iran
- 5.3.5.3 Iraq
- 5.3.5.4 United Arab Emirates
- 5.3.5.5 Kuwait
- 5.3.5.6 Rest of Middle East
- 5.3.6 Africa
- 5.3.6.1 Egypt
- 5.3.6.2 South Africa
- 5.3.6.3 Nigeria
- 5.3.6.4 Algeria
- 5.3.6.5 Morocco
- 5.3.6.6 Rest of Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AMSOIL INC.
- 6.4.2 Bharat Petroleum Corporation Limited
- 6.4.3 Blaser Swisslube AG
- 6.4.4 BP p.l.c.
- 6.4.5 Carl Bechem GmbH
- 6.4.6 Chevron Corporation
- 6.4.7 China National Petroleum Corporation (PetroChina)
- 6.4.8 China Petroleum & Chemical Corporation (SINOPEC Group)
- 6.4.9 Eni SpA
- 6.4.10 Exxon Mobil Corporation
- 6.4.11 FUCHS
- 6.4.12 Gazprom Neft PJSC
- 6.4.13 Gulf Oil International
- 6.4.14 Hindustan Petroleum Corporation Limited
- 6.4.15 Idemitsu Kosan Co. Ltd
- 6.4.16 Indian Oil Corporation Ltd.
- 6.4.17 ROCOL
- 6.4.18 ENEOS Corporation
- 6.4.19 Kluber Lubrication
- 6.4.20 LUKOIL
- 6.4.21 PT Pertamina(Persero)
- 6.4.22 Petrobras
- 6.4.23 Petronas Lubricants International
- 6.4.24 Phillips 66 Company
- 6.4.25 Repsol
- 6.4.26 Shell PLC
- 6.4.27 Tide Water Oil Co. (India) Ltd.
- 6.4.28 TotalEnergies
- 6.4.29 Valvoline
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Prominence for Bio-Lubricants
- 7.2 Development of Low Viscosity Lubricants
Industrial Lubricants Industry Segmentation
A lubricant is a substance that is applied to surfaces with relative motion between them as it reduces friction and wear between surfaces. However, in addition to these primary functions, a lubricant can include other functions or roles, such as sealing agent, heat transfer agent, and corrosion prevention agent. Lubricants can be found in many forms, from liquid, semi-solid, dry, and gaseous lubricants. The most common lubricants are oils and gases.
The industrial lubricants market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industry is segmented into power generation, heavy equipment, food and beverage, metallurgy and metal working, chemical manufacturing, and other end-user industries. The report also covers the market size and forecasts for the industrial lubricants market in 33 countries across major regions. For each segment, the market sizing and forecasts are done on the basis of volume (liters).
| Product Type | Engine Oil | |
| Transmission and Hydraulic Fluid | ||
| Metalworking Fluid | ||
| General Industrial Oil | ||
| Gear Oil | ||
| Grease | ||
| Process Oil | ||
| Other Product Types | ||
| End-user Industry | Power Generation | |
| Heavy Equipment | ||
| Food and Beverage | ||
| Metallurgy and Metalworking | ||
| Chemical Manufacturing | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Phillipines | ||
| Indonesia | ||
| Malaysia | ||
| Thailand | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Russia | ||
| Turkey | ||
| Spain | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Chile | ||
| Rest of South America | ||
| Geography | Middle East | Saudi Arabia |
| Iran | ||
| Iraq | ||
| United Arab Emirates | ||
| Kuwait | ||
| Rest of Middle East | ||
| Geography | Africa | Egypt |
| South Africa | ||
| Nigeria | ||
| Algeria | ||
| Morocco | ||
| Rest of Africa |
Industrial Lubricants Market Research FAQs
How big is the Industrial Lubricants Market?
The Industrial Lubricants Market size is expected to reach 22.07 billion liters in 2024 and grow at a CAGR of 3.38% to reach 26.06 billion liters by 2029.
What is the current Industrial Lubricants Market size?
In 2024, the Industrial Lubricants Market size is expected to reach 22.07 billion liters.
Who are the key players in Industrial Lubricants Market?
BP PLC (Castrol), Exxon Mobil Corporation, Royal Dutch Shell PLC, China National Petroleum Corporation and China Petroleum & Chemical Corporation are the major companies operating in the Industrial Lubricants Market.
Which is the fastest growing region in Industrial Lubricants Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Lubricants Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Lubricants Market.
What years does this Industrial Lubricants Market cover, and what was the market size in 2023?
In 2023, the Industrial Lubricants Market size was estimated at 21.32 billion liters. The report covers the Industrial Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Lubricants Industry Report
The Industrial Lubricants Market Report provides a comprehensive industry analysis, focusing on various segments such as product type and end-user industry. The market overview highlights the segmentation by product types including engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industries covered in the report include power generation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries. The report offers detailed market data, including market size and growth statistics.
The industry outlook is positive, with a market forecast extending to 2029. The growth rate and market growth are analyzed, providing insights into future trends and market predictions. The market segmentation helps in understanding the distribution of market share across different segments and regions, including Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. The industry trends and market trends are discussed to give a clear picture of the evolving landscape of industrial lubricants.
The report also includes an in-depth industry profile and market review, offering valuable industry information and market value. The market leaders and their strategies are examined, providing insights into the competitive landscape. The report pdf is available for download, offering a detailed report example for further reference.
Furthermore, the industry research and industry reports provide a historical overview and a market forecast outlook, ensuring that stakeholders have access to comprehensive industry data. The industry size, industry sales, and industry statistics are meticulously documented, ensuring a thorough understanding of the market dynamics. The report also includes a market outlook and market predictions, helping stakeholders make informed decisions.
In summary, the Industrial Lubricants Market Report is an essential resource for understanding the market structure, market segmentation, and market trends. It provides a detailed analysis of the industry, including growth statistics, market forecast, and industry analysis. The report is a valuable tool for market leaders and research companies looking to gain insights into the industrial lubricants market.
