IMARC Group’s report “Industrial Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” provides an extensive analysis of the industry, including industrial lubricants market trends, size, share, demand, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market.
How big is the Industrial Lubricants Market?
The global industrial lubricants market size reached US$ 65.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.
What is Industrial Lubricants?
Industrial lubricants reduce friction between moving machine parts, prevent wear and tear, and provide cooling and corrosion protection. They are essential for the smooth functioning of machines and equipment in various industries, including manufacturing, construction, mining, transportation, and agriculture. They come in various forms, including mineral, synthetic, and biodegradable lubricants. They are specially formulated to withstand extreme temperatures, pressures, and environments and are designed to perform specific functions, such as reducing friction, enhancing energy efficiency, or protecting against corrosion. They maintain the reliability and longevity of machines and equipment, reducing downtime and maintenance costs and improving productivity and efficiency.
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What are the Growth Prospects and Trends in the Industrial Lubricants Market?
The global market is primarily driven by the increasing demand for energy-efficient lubricants. In line with this, rapid industrialization and the rising demand for synthetic lubricants are significantly contributing to the market. Furthermore, the growing demand from the construction sector and the expanding automotive industry are positively influencing the market. Apart from this, the widespread product utilization in the mining industry is catalyzing the market. Moreover, the escalating awareness of equipment maintenance is propelling the market. Besides, the development of new lubricant technologies, such as nanotechnology and biodegradable lubricants, is expected to offer numerous opportunities for the market. Additionally, the increasing demand for bio-based lubricants is providing a boost to the market. Other factors driving the market include the rising demand for specialty lubricants, the growing demand for metalworking fluids, and the expanding aerospace industry.
Who are the key Players Operating in the Industry?
- Bharat Petroleum Corporation Limited
- BP p.l.c
- Chevron Corporation
- China Petrochemical Corporation
- Clariant AG
- ExxonMobil Corporation
- Fuchs Petrolub SE
- Gulf Oil International Ltd (Hinduja Group)
- Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation)
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corporation Ltd.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66 Company
- Shell plc
- TotalEnergies SE
What is included in Market Segmentation?
Product Type Insights:
- Hydraulic Fluid
- Metal Working Fluid
- Gear Oil
Base Oil Insights:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
End-Use Industry Insights:
- Metal & Mining
- Cement Production
- Power Generation
- Chemical Production
- Oil & Gas
- Textile Manufacturing
- Food Processing
- Pulp & Paper
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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