Meticulous Research® – leading global market research company published a research report titled “Industrial Lubricants Market by Type (Hydraulic Oil, Metalworking Fluid, Gear Oil, Compressor Oil, Grease) and Industry (Construction and Mining, Metal Production, Cement & Chemicals, Power Generation, Oil & Gas)- Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global Industrial Lubricants Market is expected to grow at a CAGR of 6.4% from 2019 to reach $29.79 billion by 2025. Moreover, in terms of volume, the market is expected to grow at a CAGR of 2.3% from 2019 to reach 18,473.5 thousand tons by 2025. The growth in industrial lubricants market is mainly attributed to growing automation in end use industries and strong industrial growth in emerging economies, such as China, India, and Brazil. In addition, increasing demand for eco-friendly lubricants offer growth opportunities for the players operating in this market. However, stringent regulations and high cost of synthetic lubricants are the key factors hindering the adoption of industrial lubricants.
The global industrial lubricants market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025, by type (hydraulic oil, metalworking fluids, gear oil, compressor oil, grease, turbine, and others), industry (construction & mining, metal production, cement & chemicals, power generation, oil & gas, food & beverages, general manufacturing), and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on type, the hydraulic oil segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. However, grease segment is slated to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the extensive range of industrial applications supported by technological improvements; growing demand from emerging economies such as China, India, and Brazil, among others; legislative pressure; improving industrial grease quality; and growing awareness of bio greases among end users.
Based on industry, power generation industry segment accounted for the largest share of the overall industrial lubricants market in 2019. The large share of this segment is mainly attributed to increasing urbanization and growing population, growing demand for electricity, steady economic growth, and increase in number of industries in emerging economies. On the other hand, oil & gas industry segment is slated to grow at the fastest CAGR during the forecast period due to growing number of industries and increasing investment in setting up oil & gas plants across the globe.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, Russia, Italy, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Philippines, and RoAPAC), Latin America, Middle East, and Africa (Egypt, South Africa, Algeria, Nigeria, Morocco, and Rest of Africa). Asia-Pacific region is estimated to command the largest share of the overall industrial lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is mainly attributed to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; availability of cheap skilled labor; and presence of large number of lubricant manufacturers. Moreover, growing investments in industrial sector in countries such as China, India, Japan, Indonesia, and Philippines over the years further supports the growth of industrial lubricants market in the region.
The key players operating in the global industrial lubricants market are Shell International B.V., Exxon Mobil Corporation, BP P.L.C., Chevron Corporation, Total Lubrifiants, China National Petroleum Corporation, China Petroleum & Chemical Corporation (SINOPEC CORP.), LUKOIL, FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Klüber Lubrication, Hindustan Petroleum Corporation Limited, Eni S.P.A., The Lubrizol Corporation, and Morris Lubricants among others.
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