Chicago, Aug. 10, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, industrial lubricants market is expected to grow at a CAGR of around 4% during 2022-2027. The demand for industrial lubricants is high in Brazil, Russia, India, China, South Africa (BRICS) countries. Industrialization is a major advantage for emerging economies as it contributes significantly to their development. The rise in industrial production across these countries is expected to accelerate the demand for lubricants during the forecast period.
Industrial Lubricants Market Report Scope
|MARKET SIZE (2027)||$71 Billion|
|MARKET SIZE (2021)||$57.4 Billion|
|CAGR (2022-2027)||Around 4%|
|MARKET SIZE BY VOLUME (2027)||23 thousand Kilotons|
|MARKET SEGMENTS||Product Type, End-Use, and Geography|
|GEOGRAPHIC ANALYSIS||North America, Europe, APAC, Latin America, and Middle East & Africa|
|COUNTRIES COVERED||US, Canada, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, UAE, Rest of the Middle East & Africa, China, India, Japan, Australia, South Korea, Rest of APAC, Germany, UK, France, Italy, Spain, Russia, and Rest of Europe|
The competition in the industrial lubricants market will increase due to technological advances and expansion of the product line during the forecast period. Top industrial lubricant manufacturers focus on innovation and product diversification to enter new markets. An increase in sustainability standards is expected to drive the growth of the global industrial lubricants market. However, the US is expected to have stable demand for industrial lubricants as it is a developed economy with a well-established industrial lubricants market in terms of consumption, manufacturing cost, and infrastructure. The growth in the construction and power generation industries could increase the demand for industrial lubricants in the coming years.
- The rise in the demand for enhanced productivity in industries forces companies to adopt modern industrial IoT, AI, and machine learning. Thus, the adoption of new technologies would increase industrial efficiency and boost the automation of industrial processes.
- Extreme environments pose a significant challenge for industries to keep machines and equipment well lubricated. For example, in steam turbines, camshafts, valve lifts, anti-friction bushings, and gears work under heavy loads and varying temperatures. Therefore, they should be well lubricated to maintain efficiency. This will increase the demand for industrial lubricants during the forecast period.
Why APAC Dominating the Industrial Lubricants Market?
The sale of industrial lubricants market in APAC is expected to cross 9 million tons by 2027.
APAC is known as the global manufacturing hub. China, India, Japan, and South Korea have extensive manufacturing facilities. In China, there is high growth in manufacturing activities due to various policies, such as the Chinese Manufacturing 2025 strategy that focuses on the development of aerospace, high-speed rail, ocean shipping, and wind power. China’s manufacturing industry transformed from simple to smart manufacturing through technological developments in manufacturing general and core parts.
In India, the manufacturing, construction, and agricultural industries drive the high demand for industrial lubricants. The Make in India initiative focuses on making India a global manufacturing hub and will likely increase the demand volume. The growth of the automotive and other OEM industries boosts the manufacturing sector in the country. The construction industry in this country witnesses high growth due to urbanization, large infrastructure projects, and various government policies.
In 2021, Australia accounted for a 6.00% revenue share of the APAC industrial lubricants market. Australia is the 13th largest economy globally in terms of nominal GDP. Mining, manufacturing, and construction industries are Australia’s main end-users of industrial lubricants. The mining industry is one of the major contributors to the GDP of Australia.
- Market Size & Forecast by Revenue | 2022−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, end-user, and geography
- Competitive Landscape – 5 Key Company Profiles and 20 Other Prominent Vendors
The competition in the market will increase due to technological advances and an expansion of the product line during the forecast period. Top industrial lubricant manufacturers focus on innovation and product diversification to enter new markets. An increase in sustainability standards is expected to drive the growth of the global industrial lubricants market. However, the US is expected to have stable demand for industrial lubricants as it is a developed economy with a well-established industrial lubricants market in terms of consumption, manufacturing cost, and infrastructure. The growth in the construction and power generation industries could increase the demand for industrial lubricants in the coming years.
- Industrial Oil
- Metalworking Fluid
- Process Oil
- Power Generation
- Metal & Mining
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Castrol Limited
- Chevron Corporation
- Shell plc
- Total Energies
Other Prominent Vendors
- Eneos Corporation
- Gazpromneft – Lubricants Ltd
- Gulf Oil Lubricants India Ltd
- Hindustan Petroleum Corporation Limited
- Idemitsu Kosan Co. Ltd
- Indian Oil Corporation limited
- Klüber Lubrication
- Morris lubricants
- Petronas Lubricants International
- Petro Canada Lubricants
- Philips 666
- Rosneft lubricants
- Sinopec Corporation
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