Global Industrial Lubricants Market: Size, Opportunities, Top Companies Analysis, Growth, Trends, Regional Insights

Posted by Jack Martin on June 6th, 2024

In terms of value, the global industrial 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 demand for industrial lubricants in end-use industries such as construction and food processing is increasing due to government regulations and fuel economy norms, increasing automation in end-use industries, and immense industrial development in the Middle East & Africa and Asia Pacific region.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=84594070  

Based on base oil type, the industrial lubricants market is segmented as mineral oil, synthetic oil, and bio-based oil. From them, mineral oil accounted for largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production costs. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for largest share of industrial lubricants market.

Based on end-use industry, the industrial lubricants market is segmented into ten key sub-segments as construction, cement production, metal & mining production, oil & gas, power generation, textile, food processing, chemical, automotive (vehicle manufacturing) and others. The construction end-use industry sub-segment is accounted for the largest share in terms of value, in 2023. This is mainly due to the rising construction activities around the world as the worlds populations is increasing rapidly. Therefore, construction end-use industry sub-segment is accounted for the largest share.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=84594070 

Based on region, Asia Pacific is the largest market industrial lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and  favorable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for industrial lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastesst growing market, in terms of value, during the forecast period 2024 to 2029.

Inquire Now: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=84594070 

The key players profiled in the report include Shell plc (UK), Exxon Mobil 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. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.