The global industrial lubricants market is expected to grow at a stable CAGR of 4.4% over the projection period from 2022 to 2032. The global market is expected to be valued at US$ 21,832 Million in 2022 and is predicted to reach US$ 33,582 Million in 2032. Growth is attributed to the surging usage of IoT-based applications. Based on the historical estimations ranging from 2016 to 2021, the industrial lubricants market registered a stagnant growth at a CAGR of 3.1%.
The global industrial lubricants market is majorly driven by the surging adoption of complex machinery and tools in multiple industries. Prominent manufacturers in the industry are constantly focusing to boost their output efficiency by enhancing productivity and reducing downtime significantly, therefore, sustaining the revenue pool of market players.
The surge in strict regulatory frameworks is influencing market players in order to incline toward food-grade industrial lubricants that, besides environmental benefits, offer improved lubrication and viscosity. Manufacturers are moving towards sustainability measures including the reuse and recycling of industrial lubricants. Furthermore, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.
Charts and data tables about market and segment sizes for a historic period of five (2016-2021) years have been covered in this report. Download the sample report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1010
Key Takeaways
- The construction sector is the dominant consumer of industrial lubricants. The growing infrastructural development in emerging economies is expected to fuel industrial lubricant sales. Hydraulic fluid is considered a prominent product type utilized in the construction industry for the lubrication of heavy load equipment, as it is cheaper in comparison to several other lubricants.
- Moving further, the predictive automobile technology is also offering potential revenue prospects for the industrial lubricants market. There are several benefits of industrial lubricants such as high durability, corrosion protection, and high electrical resistance boosting their usage in the automotive sector.
- Various end-use industries including the food processing industry are gradually incorporating advanced technologies into their sector such as artificial intelligence (AI), and automotive, implying greater indulgence of machines, thus, auguring well for the industrial lubricants market.
Competitive Landscape
The key participants attributing to the industrial lubricants market are highly competitive owing to the presence of regional and local manufacturers. While several global players are focusing on research and development activities other regional players are expanding their reach worldwide by operating across key growth regions, particularly in the Asia Pacific.
Key Companies Profiled
- ExxonMobil Corp.
- Fuchs Lubricants
- The Lubrizol Corp.
- Royal Dutch Shell
- Phillips 66
- Lucas Oil Products Inc.
- Amsoil, Inc.
- Bel-Ray Co. Inc.
- Total S.A
- Kluber Lubrication
- Valvoline International, Inc.
- Chevron Corp.
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Key Segments Profiled in the Industrial Lubricants Industry Survey
By Base Oil:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
By Product Type:
- Hydraulic Fluids
- Metalworking Fluids
- Gear Oil
- Compressor Oil
- Grease
- Turbine Oil
- Others
- Transformer Oil
- Refrigeration Oil
- Textile Machinery Lubricants
By End Use Industry:
- Construction
- Metal & Mining
- Cement Production
- Power Generation
- Automotive
- Chemical Production
- Oil & Gas
- Textile Manufacturing
- Food Processing
- Agriculture
- Pulp & Paper
- Marine Applications
- Other End Use Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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