IMARC Group's latest research report, titled "Industrial Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industrial lubricants market growth. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global industrial lubricants market size reached USD 67.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 90.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.19% during 2024-2032.
Industrial Lubricants Market Trends:
The global market is primarily driven by the rapid expansion of the manufacturing sector, driven by increasing industrialization and urbanization. Moreover, the growing emphasis on operational efficiency and equipment maintenance in industries such as automotive, aerospace, and energy is further fueling the market. Additionally, the adoption of advanced machinery and equipment that require high-performance lubricants is propelling market growth. Furthermore, the rise in infrastructure development projects across emerging economies is propelling the need for industrial lubricants. Besides, the rising awareness regarding energy efficiency and the role of lubricants in reducing friction and wear is encouraging industries to invest in quality lubricants. Additionally, stringent regulations aimed at reducing carbon emissions and enhancing energy efficiency are driving the adoption of eco-friendly lubricants.
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Industrial Lubricants Market Scope & Growth Analysis:
The market scope is broadening due to the rising demand for synthetic and bio-based lubricants, driven by their superior performance and environmental benefits. Moreover, the growing focus on reducing equipment downtime and maintenance costs is leading to increased adoption of high-performance lubricants in various industries. Additionally, the expansion of the automotive and transportation sectors, coupled with the rising need for effective lubrication in heavy machinery, is contributing to the market’s growth. Furthermore, the market is expanding as industries across emerging economies adopt advanced manufacturing technologies, necessitating the use of specialized lubricants. Besides, the increasing investments in research and development are leading to the creation of innovative lubricant formulations that cater to the specific needs of different industries. Additionally, the shift towards automation in manufacturing processes is further expanding the market scope, as automated systems require precise lubrication solutions.
Competitive Landscape with Key Players:
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
Key Market Segmentation:
Product Type Insights:
Hydraulic Fluid
Metal Working Fluid
Gear Oil
Grease
Others
Base Oil Insights:
Mineral Oil
Synthetic Oil
Bio-based Oil
End-Use Industry Insights:
Construction
Metal & Mining
Cement Production
Power Generation
Automotive
Chemical Production
Oil & Gas
Textile Manufacturing
Food Processing
Agriculture
Pulp & Paper
Others
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
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