Yahoo Finance Industrial Lubricants Market to Reach $71 Billion by 2027. Brazil, Russia, India, China & South Africa (BRICS) to witness high demand - Arizton
The focus on bio-based lubricants is high in the U.S. due to the U.S. Department of Agriculture’s Federal Bio Preferred Program. Similarly, in Europe, companies assembled under the Union of the European Lubricants Industry formed a sustainability task force that works on the framework to set, develop, and measure sustainability in the European lubricant industry.
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
Report Attributes | Details |
MARKET SIZE (2027) | $71 Billion |
MARKET SIZE (2021) | $57.4 Billion |
CAGR (2022-2027) | Around 4% |
MARKET SIZE BY VOLUME (2027) | 23 thousand Kilotons |
BASE YEAR | 2021 |
FORECAST YEAR | 2022-2027 |
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 |
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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.
Key Insights
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.
Key Offerings:
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
Vendor Insights
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.
Market Segmentation
Product Type
Industrial Oil
Metalworking Fluid
Process Oil
Grease
End-Use
Manufacturing
Power Generation
Metal & Mining
Construction
Others
Geography
North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
APAC
China
India
Japan
Australia
South Korea
Rest of APAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
UAE
Rest of the Middle East & Africa
Key Vendors:
Castrol Limited
Chevron Corporation
ExxonMobil
Shell plc
Total Energies
Other Prominent Vendors
Clariant
Eneos Corporation
ENI
Fuchs
Gazpromneft - Lubricants Ltd
Gulf Oil Lubricants India Ltd
Hindustan Petroleum Corporation Limited
Idemitsu Kosan Co. Ltd
Indian Oil Corporation limited
Klüber Lubrication
Lukeoil
Motul
Morris lubricants
Petronas Lubricants International
Petro Canada Lubricants
Philips 666
Repsol
Rosneft lubricants
Sinopec Corporation
Valvoline
Explore chemicals materials profile to know more about the industry.
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