Industrial lubricants market to grow by USD 12.49 billion from 2022 to 2027; The mineral oil lubricants segment is estimated to witness significant growth during the forecast period - Technavio
NEW YORK, Nov. 20, 2023
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The industrial lubricants market size is expected to grow by USD 12.49 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of 3.73% during the forecast period. Increasing demand from end-user industries is notably driving the industrial lubricants market. However, factors such as fluctuations in crude oil prices may impede market growth. The market is segmented by product (mineral oil lubricants, synthetic lubricants, and bio-based lubricants), type (hydraulic fluid, metal working fluid, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format
Key Segment Analysis
The mineral oil lubricants segment is estimated to witness significant growth during the forecast period. There is the rising adoption of mineral oil lubricants across various industries, which are derived from refined petroleum. This segment exhibits a wide range of viscosities and is comprised mainly of hydrocarbons. The major benefit of these oils is that they are highly effective at reducing friction and wear between moving machine parts, which in turn extends the lifespan of various types of industrial equipment. Furthermore, mineral oil lubricants are a trustworthy and cost-effective option for several manufacturers as they play a significant role in keeping different types of machinery and systems operating smoothly.
To know additional highlights and key points on various market segments and their impact in coming years, View the free PDF Sample Report.
Geographical Market Analysis
APAC is estimated to contribute 53% to the growth of the global market during the forecast period. High demand for and consumption of lubricants in sectors such as hydraulics, steel production, mining and refining, plastics, and polymers is one of the major factors that are playing an important role in boosting market growth in the APAC region. China, India, Japan, and South Korea are among the key countries that have a significant influence on market growth in this region. Furthermore, the market in the APAC region is well diversified owing to factors such as rapid industrialization, the growth of the business sector, and the presence of different regional and local market players.
The industrial lubricants market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
AMSOIL Inc., Bharat Petroleum Corp. Ltd., BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo Chemical Co. Ltd., Zeller and Gmelin GmbH and Co. KG., and Shell plc
View the free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
The lubricants market size is estimated to grow at a CAGR of 3.5% between 2022 and 2027. The market size is forecast to increase by USD 25.23 billion.
The Marine Lubricants Market size is estimated to grow at a CAGR of 2.31% between 2022 and 2027. The market size is forecast to increase by USD 754.4 million.
Industrial Lubricants Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 3.73%
Market Growth 2023-2027
USD 12.49 billion
YoY growth 2022-2023 (%)
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 53%
US, China, Japan, India, and Germany
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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