The global industrial lubricants market is expected to grow at CAGR of 2.4% by 2022. It was valued at USD 56.87 billion in 2030. The huge demand from the automotive sector and lubrication of internal engine components can drive the market. Stringent regulations against harmful chemicals can drive the need for environment friendly lubricants. Formulation of water-mix lubricants which are free of boron can find high use among small and medium enterprises.
Sectors of energy, mining, and textiles can evoke large demand in the global industrial lubricants market. Industrial lubricants can expedite operations and assist in extraction of metals and crude oil. The large consumption of power by industries and the large populace can provide an impetus to the market. The mining industry requires oils which can ensure the reliability and functionality of equipment and can widen the prospects of lubricant manufacturers.
The emergence of hybrid vehicles can threaten the market growth. The outbreak of the COVID-19 virus has halted the production process of lubricants and poses a major challenge to the market.
Competitive Leaderboard:
BP p.l.c., Chevron Corporation, Royal Dutch Shell Plc., Total S.A., Sinopec Limited, ExxonMobil Corporation, Petrochina Company Limited, Fuchs Petrolub AG, LUKOIL, and Idemitsu Kosan Co. Ltd are key players of the global industrial lubricants market.
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Market Segmentation:
The global industrial lubricants market is segmented by type and end user.
By type, it is segmented into metal working fluids, hydraulic lubricants, gear lubricants, compressor lubricants, and others. Hydraulic lubricants can lead in the market owing to its low cost and demand from mining and construction sectors.
By end user, it is segmented into power generation, manufacturing, heavy industries, automotive, and others. Automotive is expected to dominate in the global industrial lubricants market but the power generation segment can display one of the strongest growth rates during the forecast period.
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Regional Analysis:
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions considered for the global industrial lubricants market.
APAC is expected to dominate the global market owing to rapid industrialization in India and China. Moreover, the development of feedstock, generic medicines, and other essential commodities can induce the need for industrial lubricants. Industrial lubricants ensure the stability of machines and prevent its breakdown while performing at high temperatures.
North America is poised to contribute majorly to the global industrial lubricants market owing to incentives provided to the manufacturing sector, upsurge in trading, and government initiatives to boost the economy. The U.S. can be one of the biggest revenue generators of the market owing to the need for high quality lubricants. Investments in RD which can drive the demand for centrifuges, compressors, industrial engines, and bearings are likely to bode well for the global market.
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