The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1%, during the forecast period. The growing demand for industrial lubricants in countries such as China, India, Japan, and South Korea from the construction, metal & mining, power generation, cement production, and automotive industries is expected to fuel the growth of the industrial lubricants market in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
Browse 150 market data Tables and 70 Figures spread through 217 Pages and in-depth TOC on "Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region - Global Forecast to 2024"
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Royal Dutch Shell (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in the industrial lubricants market. Royal Dutch Shell (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as services provider for the growing demand for innovative lubricant products both in automotive and industrial segments. It launched E-fluids for electric vehicle (EV) in the same year. The products include E-Transmission Fluids, E-Thermal Fluids, and E-Greases, which will help improve EVs and other battery-operated vehicle performance. In May 2018, Shell Lubricants and Aggreko renewed supply contracts which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and the Americas. The expansion helped the company to meet the growing demand for industrial lubricants.
BP PLC (UK) focuses on expansions and new product launches to strengthen its position in the industrial lubricants market. In December 2019, it introduced its Castrol Edge Bio-synthetic into China. This is a synthetic base engine oil containing 25% plant-based base oil. This will help BP to strengthen its market position in premium synthetic lubricant market in Asia Pacific. In January 2018, the company launched a new product called Castrol GTX ECO, which is manufactured from 50% re-refined base oil. This has helped the company to fulfil its sustainable development targets as well as diversified its portfolio. In December 2017, BP set up the largest new lubricant plant in China. It will be BP’s third lubricant blending plant in China, and with expected investment of around RMB1.5 billion (US$230 million), it will also represent BP’s single largest blending plant investment worldwide. The expansion will help the company to expand its product offerings.
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Mineral oil is the largest segment in the overall industrial lubricants market in 2019.
Mineral oil is the largest segment in the industrial lubricants industry, in terms of both value and volume, in 2019. Mineral oil-based industrial lubricants are available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of high usage in construction, metal & mining, cement production, and other applications.
The construction segment accounts for the largest industrial lubricants market share in 2019.
The construction segment accounts for the largest share of the industrial lubricants market in 2019, in terms of both volume and value. A construction site is full of harsh conditions, where the majority of construction equipment is exposed to extreme cold, heat, moisture, and dust, which can affect the performance of equipment. The use of appropriate industrial lubricants on a construction site helps to prevent equipment failure, eliminate downtime, and reduce operating costs. Industrial lubricants are used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment.
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