Industrial Lubricants Market Size Worth $68.42 Billion By 2032 | CAGR: 3.4%

The global industrial lubricants market size is expected to reach USD 68.42 billion by 2032, according to a new study by Polaris Market Research. The report “Industrial Lubricants Market Share, Size, Trends, Industry Analysis Report, By Product (Metalworking Fluids, Industrial Engine Oils, Process Oils, General Industrial Oils); By Base Oil; By Application; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The demand for industrial lubricants is driven by rapid industrialization and increased trade activity in developing nations. Increased research and development (R&D) spending and suitable expansion strategies are aiding the growth of major players. Sectors such as mining, chemicals, and unconventional energy are expected to see significant expansion. This trend is expected to boost product demand in areas such as bearings, centrifuges, industrial engines, hydraulics, and compressors.

The increasing significance of industries such as mining, plastics, foundry, metal consumer goods, and others has led to a high demand for high-quality industrial lubricants. This trend has resulted in an increased use of lubricants such as engine oils, metalworking fluids, process oils, and industrial oils. The stable industrial output of these markets is expected to continue driving the demand for industrial lubricants.

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The increasing adoption of Industry 4.0 and the Internet of Things (IoT) is fueling the global market for industrial lubricants. Connectivity and data-driven decision-making play crucial roles in enhancing operational efficiency as part of the digital transformation journey. The integration of IoT technologies enables real-time monitoring of machinery and predictive maintenance related to industrial lubricants. Utilizing advanced sensors integrated into equipment to provide continuous feedback on lubricant performance enables proactive measures to be taken to address issues before they escalate. This approach enhances equipment reliability and longevity while optimizing lubricant usage by aligning maintenance schedules with actual operational requirements. Industries derive significant value from the insights provided by IoT-enabled lubrication system data on equipment health, usage patterns, and efficiency, enabling informed decisions that reduce costs and enhance overall productivity.

Industrial Lubricants Market Report Highlights

• The chemical manufacturing segment dominated the market in 2023, driven by increased production output, reduced friction, heat, wear, and energy consumption, and extended oil drain intervals.
• The synthetic oil segment is expected to grow at the fastest CAGR due to their superior viscosity index, oxidation resistance, and thermal stability, resulting in increased equipment life and efficiency.
• Asia Pacific holds a significant revenue share in the global Industrial Lubricants market, driven by the superior qualities of industrial lubricants, such as enhanced performance, adhesion, damage protection, and prolonged machinery lifespan, particularly in the automotive sector.
• The global key market players include Exxonmobil Corp, Fuchs Group, The Lubrizol Corporation, Royal Dutch Shell, Phillips 66, Lucas Oil Products, Inc., Amsoil, Inc., Bel-Ray Co., Inc., Total Energies, Kluber Lubrication, Valvoline International, Inc. and Chevron Corp.

Polaris Market Research has segmented the Industrial Lubricants market report based on product, base oil, application, and region:

Industrial Lubricants, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Metalworking Fluids
• Industrial Engine Oils
• Process Oils
• General Industrial Oils
• Others

Industrial Lubricants, Base Oil Outlook (Revenue - USD Billion, 2019 - 2032)

• Bio-Based Oil
• Mineral Oil
• Synthetic Oil
  • Group III (Hydro cracking)
  • Polyalphaolefins (PAO)
  • Polyalkylene Glycol (PAG)
  • Esters

Industrial Lubricants, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Metalworking
  • Industrial Heat Exchangers
  • Metal Forming
  • Metal Cutting
  • Metal Joining
  • Metalworking Electronics
  • Others
• Textiles
  • Textile Weaving
  • Non-woven Textiles
  • Textile Finishing
  • Textile Composites
  • Others
• Energy
  • Transformers
  • Pipelines
  • Liquefied Natural Gas (LNG)
  • Ocean Energy
  • Others
• Chemical Manufacturing
  • Industrial gases
  • Fertilizers
  • Polymers
  • Others
• Food Processing
  • Beverages
  • Frozen Food
  • Canned Food
  • Processed Potatoes
  • Bakery
  • Cocoa & Chocolate
  • Others
• Hydraulic
  • Compressors
  • Bearings
  • Others

Industrial Lubricants, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Industrial Lubricants Market Report Scope