The global 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 market is expected to grow at a CAGR of 2.3% from 2019 to reach 18,473.5 thousand tons by 2025.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities. The factors such as growing automation in end-use industries and strong industrial growth in emerging economies are driving the growth of the global industrial lubricants market. Moreover, increasing demand for eco-friendly lubricants offers significant growth opportunities for this market. However, stringent regulations and high cost of synthetic lubricants hinder the growth of this market.
The global industrial lubricants market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025, by type (hydraulic oil, metalworking fluids, gear oil, compressor oil, grease, turbine, and others), industry (construction & mining, metal production, cement & chemicals, power generation, oil & gas, food & beverages, general manufacturing), and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.
On the basis of lubricants type, the hydraulic oil segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. The large share of this segment is mainly attributed to growing demand from end-user industries, specifically from construction and mining; and its low cost as compared to other types of industrial lubricants.
Based on industry, the power generation industry is estimated to command the largest share of the overall industrial lubricants market in 2019. This is mainly attributed to increasing urbanization and growing population, growing demand for electricity, steady economic growth, rising number of power generation plants, and an increase in the number of industries in emerging economies.
An in-depth analysis of the geographical scenario of the industrial lubricants market provides detailed qualitative and quantitative insights about the six major geographies (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) along with the coverage of major countries in each region. Asia-Pacific region commanded the largest share of the global industrial lubricants market, followed by North America, Europe, Latin America, the Middle East, and Africa. The large share of this region is mainly attributed to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost-effective manufacturing operations; availability of cheap skilled labor; and presence of a large number of lubricant manufacturers.
The key players operating in the global industrial lubricants market 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 among others.
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