Market Analysis: Global Industrial Lubricants Market

Global industrial lubricants market is expected to rise to an estimated value of USD 73.30 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. The high growth of this market is due to the rapid industrialization in emerging economies

Market Definition: Global Industrial Lubricants Market

Industrial lubricants are defined as compounds like fluids, greases and oils which are used for tear and wear of materials and helps in reducing friction and binding. It also prevents electrical resistivity and further helps in increasing thermal conduction. Industrial lubricants are used in some of the prominent industries which include, automotive & transportation, industrial equipment, and textiles.

Market Drivers:

Increase in process-automation in manufacturing units is driving the market growth
Rising demand for automobiles is driving the market
Increasing demand for grease in industries to continue smooth working of machineries is propelling the market growth
High consumption of general industrial oils is another factor driving the market growth
Improving PMI indices across the globe and resultant rise in production capacities is boost the market

Market Restraints:

High cost of synthetic and bio-based lubricants is restricting the market growth
Increasing intervals of drain in industrial operations acts as a market restraint
Stringent environmental regulations is hampering the growth of this market

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Segmentation: Global Industrial Lubricants Market

By Base Oil

Bio-based Oil
Mineral Oil
Synthetic Oil

By Type

Grease
Gear Lubricants
Hydraulic lubricants
Compressor Lubricants
Turbine Lubricants
Metal Working Fluids
Others

By Application

Marine
Automotive
Industrial
Transportation
Textiles
Chemicals
Power Generation
Mining
Food Processing
Others

By Geography

North America
US
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Turkey
Belgium
Netherlands
Switzerland
Rest of Europe
Asia-Pacific
Japan
China
South Korea
India
Australia
Singapore
Malaysia
Indonesia
Thailand
Philippines
Rest of Asia-Pacific
Middle East and Africa
South Africa
Egypt
Saudi Arabia
United Arab Emirates
Israel
Rest of Middle East and Africa

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Key Developments in the Market:

In July 2019 ExxonMobil launches Mobil Pegasus™ 610 Ultra, a high performance lubricant which is used in modern medium- and high-speed four cycle gas engines. It will help the company to expand its business and increase its customer portfolio which will also further increase the company’s profit
In 2017, Group Renault and BP with its global lubricant business Castrol have decided to enlarge their strategic partnership which will be affected from January 1, 2020. It will help the company to increase their share in the market

Competitive Analysis:

Global industrial lubricants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Industrial Lubricants market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:

Few of the major competitors currently working in the global industrial lubricants market are Exxon Mobil Corporation, FUCHS, Shell plc, Chevron U.S.A. Inc., BP p.l.c., PetroChina Company Limited, BASF SE, KMG Chemicals, Eni S.p.A, Quaker Chemical Corporation, Calumet Specialty Products Partners, L.P., Klüber Lubrication, PETRONAS Lubricants International, Total and Indian Oil Corporation Ltd among others.