Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid, Grease), End-use Industry (Construction, Power Generation, Food Processing), Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
In terms of value, the worldwide lubricants market is estimated to grow from USD 63.9 billion in 2024 to USD 74.3 billion by 2029, at a CAGR of 3.1%.
The rising industrial growth in the Middle East & Africa and Asia-Pacific, growing automating in end-use industries, mounting demand from for processed foods are driving the industrial lubricants market. Also, as individuals become more conscious of the potential health hazards linked to mineral oil based lubricants, there is an escalating desire for synthetic and bio-based lubricant alternatives. 
This report segments the market for industrial lubricants based on base oil type, product type, end-use industry, and region and provides estimations of volume (Kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for industrial lubricants.
The key players profiled in the report include Shell plc (UK), ExxonMobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co. Ltd. (Japan), and others.
Hydraulic fluid was the largest product type, in terms of value, in 2023
Hydraulic fluid is the most used product type in the industrial lubricants market, mainly due to its widespread use in the most of the end-use industries. It's crucial for hydraulic systems to transmit power efficiently by reducing friction, dispersing heat, and preventing wear and corrosion. Technological advancements have enhanced its formulations, making it more efficient and in-demand. Overall, hydraulic fluids dominance is attributed to its essential role in industrial machineries, equipment.
Construction was the largest end-use industry, in terms of value, in 2023
Construction stands as the largest end-user industry in the industrial lubricants market due to its extensive reliance on various lubricants for smooth operation and maintenance of construction equipment and machinery. This is mainly due to the construction industry is heavily relies on various heavy machinery and equipment, which require constant lubrication to operate efficiently in harsh conditions. With continuous operations, safety concerns, and a global construction boom driving demand, construction remains a dominant sector for industrial lubricant usage.
Middle East & Africa projected to be the second fastest-growing region, in terms of value, during the forecast period
The Middle East & Africa region is expected to see significant growth in the lubricants market due to several factors. The region's strong economic growth and rapid industrialization are driving increased demand for industrial lubricants across various sectors like automotive manufacturing, and construction. Additionally, investments in infrastructure development and the oil & gas industry further contribute to this growth. With the Middle East being a major oil-producing region, there's a steady supply of base oils, a crucial ingredient in lubricant production, ensuring market stability. Moreover, the expanding automotive aftermarket and rising vehicle ownership rates in Africa add to the region's growth potential. Overall, the Middle East & Africa's favorable economic conditions and infrastructure investments make it a promising market for industrial lubricants.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 328 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $63.9 Billion |
| Forecasted Market Value (USD) by 2029 | $74.3 Billion |
| Compound Annual Growth Rate | 3.1% |
| Regions Covered | Global |
Premium Insights
- Industrial Lubricants Market to Witness Steady Growth During Forecast Period
- China Led Asia-Pacific Industrial Lubricants Market in 2023
- Asia-Pacific to be Largest Market for Industrial Lubricants During Forecast Period
- Hydraulic Fluid Accounted for Largest Market Share in 2023
- China Projected to be Fastest-Growing Market During Forecast Period
Market Dynamics
- Drivers
- Strong Industrial Growth in Asia-Pacific and Middle East & Africa
- Rise in Automation in Various End-use Industries
- Growing Demand for Processed Food
- Growing Demand from Mining, Construction, Agriculture, and Marine Industries
- Restraints
- Shift Toward Synthetic Lubricants
- High Cost of Synthetic and Bio-based Lubricants
- Reduction in Use of Metal Parts by Automakers
- Stringent Environmental Regulations
- Opportunities
- Growing Demand for Renewable Energy
- Increasing Demand for Bio-based Lubricants
- Challenges
- Volatile Raw Material Prices
Supply Chain Analysis
- Raw Materials Supplier
- Manufacturer
- Distribution Network
- End-use Industries
Case Study Analysis
- A Case Study on Compressor Oil
- A Case Study on Synthetic Lubricant
- A Case Study on Hydraulic Fluids
- A Case Study on Compressor Oil
Technology Analysis
- Key Technologies
- Re-Refining Technology
- So2 Scrubbing System Technology
- Complementary Technologies
- Nanotechnology in Lubricants
Trade Data Statistics
- Import Data
- Export Data
Pricing Analysis
- Average Selling Price Trend of Key Players, by Base Oil
- Average Selling Price Trend, by Region
Patent Analysis
- Approach
- Document Type
- Top Applicants
- Jurisdiction Analysis
Companies Featured
- ExxonMobil Corporation
- TotalEnergies SE
- Shell PLC
- Chevron Corporation
- BP PLC
- PetroChina Company Limited
- China Petroleum & Chemical Corporation
- ENEOS Holdings, Inc.
- Idemitsu Kosan Co. Ltd.
- Fuchs SE
- Petroliam Nasional Berhad (Petronas)
- Enoc Company
- Petroleo Brasileiro SA (Petrobras)
- PJSC Lukoil
- Pt Pertamina (Persero)
- Eni S.p.A.
- PJSC Rosneft Oil Company
- Gazpromneft-Sm LLC
- Gulf Oil International Ltd.
- Phillips
- Indian Oil Corporation Limited
- Cosmo Oil Lubricants Co. Ltd.
- Kluber Lubrication
- Hindustan Petroleum Corporation Limited (HPCL)
- Motul SA
For more information about this report visit https://www.researchandmarkets.com/r/keqeo
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