“Global industrial lubricants market is anticipated to grow at a CAGR of over 5% from 2020 to 2030”, says Visiongain

29 November 2019
Chemicals

Visiongain’s new report Industrial Lubricant Market Report 2020-2030: Forecasts by Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil), Types {Hydraulic Oil(Hl Hydraulic Oil, Hlp Hydraulic Oil, Hlp-D Hydraulic Oil, Fire Resistant Hydraulic Oil), Metalworking Fluid(Removal Metalworking Fluid, Protecting Metalworking Fluid, Forming Metalworking Fluid, Treating Metalworking Fluid), Gear Oil(Compounded Gear Oil, Extreme Pressure Gear Oil), Compressor Oil, Grease, Turbine Oil, Other Types(Transformer Oil, Refrigeration Oil)}, Applications {Metalworking(Metal Forming, Metal Cutting, Metal Joining, Others), Electronics, Industrial Heat Engines, Textiles(Textile Weaving, Non-woven Textiles, Textile Finishing, Composites, Others), Industrial Gases(Fertilizers, Polymers, Others), Energy(Transformer Oil, Pipelines, Liquefied Natural Gas, Ocean Energy, Chemicals Manufacturing, Others), Hydraulic(Compressors, Bearings, Others), Food Processing(Beverages, Frozen Food, Canned Food, Processed Potatoes, Bakery, Cocoa & Chocolate, Others)}, by region and analysis of leading companies operating in this industry.

The global industrial lubricants market was valued at over USD 50 billion in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. The demand for industrial lubricants is driven by rapid industrialization in developing countries accompanied by an increase in the number of trade activities. Increasing investment in R&D activities together with a proper channel of expansion helps key players to grow globally. Some of the industries anticipated to see significant growth include mining, chemicals, and unconventional energy. 

In terms of volume, the U.S. process oil market accounts for the largest share and during the forecast period. The United States has continuously advanced and used high-quality lubricants with longer oil drain intervals thus resulting in lower lubricant consumption.

Consumers around the globe are increasingly choosing vehicles that consume less fuel, making a significant contribution to improving the environment. Also, the rise of battery-operated vehicles is growing, which on a global scale which would drastically change the industry's face. SAE 0W-8 has recently been introduced by the Japanese Automotive Manufacturers Association to bridge the gap between market specifications and engine oil engineering.

The aerospace lubricants market is also growing significantly as consumer preferences are moving rapidly towards saving time. Also, aircraft manufacturers are investing strongly in the development of concurrent lubricants to provide maximum performance output with minimal fuel consumption, thereby increasing cost efficiency across the industry. The market is observed to grow with the highest CAGR over the forecast period.

The global manufacturing sector is driven by developing economies such as China, India, and Indonesia, among others. Growth is driven by raw material supply and reduced labor and maintenance costs. As a result of this, several oil and fluid producers are also shifting and increasing their production units in developing countries. The overall push for development and production has resulted in the need for industrial lubricants such as greases, metalworking fluids, process oils among others required for the smooth and efficient operation of machinery. Over the forecast period, the manufacturing industry is expected to grow dramatically, thereby boosting the demand for raw materials.

Currently, one of the major contributors to market growth is the automotive sector. However, the rise of electric vehicles has reduced the growth of some fluids. Consumers are looking for generic and customized products that meet specific specifications, thus investing in new product technologies, particularly for the automotive industry.

The market in North America is characterized by the development of high demand from end-use industries such as textiles, automotive, medical textiles, packaging, and household. The major factors driving the region's market growth are the recovery of the automotive industry in the U.S. coupled with increased car sales in Mexico. The slow but steady growth of the United States is expected to accompany regional development shortly, driven primarily by the Mexican manufacturing sector.

The Asia Pacific is projected to emerge as the fastest-growing region in terms of consumption due to rapidly increasing demand for base oil, growing population, rapid industrialization & urbanization coupled with the growing chemicals, metalworking, food processing industries, and textiles in the region.  The market is highly competitive, with the presence of highly innovative players involved. The rivalry is strong as the participants are committed to maintaining their customer base to have a competitive edge over each other. This has contributed to competitive pricing and is a boon for price-sensitive customers across different geographies such as the Asia Pacific.

Some of the key Industrial Lubricant market players include Amsoil, Bel-Ray Company LLC., Bharat Petroleum, BP P.L.C., Chevron Corporation, Exxonmobil Corporation, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd, Lukoil, Morris Lubricants (U.K.), Peak Lubricants Pty Ltd, Penrite Oil, Petrochina Company Limited, Phillips 66 Lubricants, Royal Dutch Shell PLC., Sinopec Limited, Total S.A., Ultrachem Inc., Valvoline, Rock Valley Oil and Chemical Co. among other prominent players.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

 

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