Global Industrial Lubricants Market Forecast to 2024: Rising Trend of Using Bio-Based Industrial Lubricants

DUBLIN, Nov. 7, 2019 /PRNewswire/ -- The "Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The market size for industrial lubricants, in 2018, was USD 60,896 million and is projected to reach USD 73,261 million by 2024, at a CAGR of 3.1%, during the forecast period.

The growth is primarily due to the massive industrial growth in APAC and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of synthetic and bio-based industrial lubricants.

Industrial lubricants are produced using base oils, such as mineral oil, synthetic oil, and bio-based oil. Industrial lubricants are used in industries such as construction, metal & mining, cement production, power generation, automotive (vehicle manufacturing), chemical, oil & gas, textile, food processing, and others (agriculture, pulp & paper, and marine).

Industrial lubricants are a mixture of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in liquid, semi-solid, and solid states. They are primarily used in industrial machinery and equipment. Industrial lubricants are utilized to reduce friction between moving surfaces. In addition, industrial lubricants also help reduce wear and tear of machinery and prevent overheating and corrosion, which in turn, increases the efficiency of machines.

Thus, industrial lubricants play a vital role in the smooth functioning of the machinery. There are various types of industrial lubricants available in the market, including hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others (transformer oil, refrigeration oil, and textile machinery lubricants).

The industrial lubricants market is dominated by key players, such as Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), Total S.A. (France), Sinopec Limited (China), Lukoil (Russia), Fuchs Petrolub AG (Germany), PetroChina Company Limited (China), and Idemitsu Kosan Co. Ltd. (Japan), among others.

The major market players have adopted expansion and contract & agreement as their key growth strategies. The companies have been focusing on expansions to capture additional market shares. The strategy of contract & agreement has helped the companies strengthen their position in the global market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Industrial Lubricants Market
4.2 APAC Industrial Lubricants Market, By Base Oil and Country, 2018
4.3 Industrial Lubricants Market, By Region
4.4 Industrial Lubricants Market Attractiveness

5 Market Overview
5.1 Introduction
5.2 Market Segmentation
5.2.1 By Base Oil
5.2.2 By Product Type
5.2.3 By End-Use Industry
5.2.4 By Region
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Massive Industrial Growth in APAC and the Middle East & Africa
5.3.1.2 Rise in Automation in Various End-Use Industries
5.3.1.3 Growing Demand for Processed Food
5.3.1.4 Improved Quality of Industrial Lubricants
5.3.2 Restraints
5.3.2.1 High Cost of Synthetic and Bio-Based Lubricants
5.3.2.2 Reduction in the Use of Metal Parts By Automakers
5.3.2.3 Stringent Environmental Regulations
5.3.3 Opportunities
5.3.3.1 Rising Trend of Using Bio-Based Industrial Lubricants
5.3.3.2 Emerging Demand for Renewable Energy
5.3.4 Challenges
5.3.4.1 Volatile Crude Oil Prices

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Raw Materials
6.2.2 Blending
6.2.3 Distribution
6.2.4 End Use
6.3 Porter's Five Forces Analysis

7 Industrial Lubricants Market, By Base Oil
7.1 Introduction
7.2 Market Size Estimation
7.3 Mineral Oil
7.3.1 The Major Reason for the Growth of This Segment is the Low Cost of Mineral Oil-Based Industrial Lubricants
7.4 Synthetic Oil
7.4.1 Growing Industrial Production is Driving the Demand for Synthetic Oil-Based Industrial Lubricants
7.4.2 Pao
7.4.3 Pag
7.4.4 Esters
7.4.5 Group Iii (Hydrocracking)
7.5 Bio-Based Oil
7.5.1 The Rising Awareness Regarding Bio-Based Lubricants is Expected to Fuel the Bio-Based Industrial Lubricants Market

8 Industrial Lubricants Market, By Product Type
8.1 Introduction
8.2 Hydraulic Fluid
8.2.1 Rising Construction Activities in the Emerging Regions are Expected to Drive the Hydraulic Fluid Market for Industrial Lubricants
8.2.2 Hl Hydraulic Fluid
8.2.3 Hlp Hydraulic Fluid
8.2.4 Hlp-D Hydraulic Fluid
8.2.5 Fire-Resistant Hydraulic Fluid
8.3 Metalworking Fluid
8.3.1 Growing Automotive Industry is Fueling the Demand for Metalworking Fluid
8.3.2 Removal Metalworking Fluid
8.3.3 Protecting Metalworking Fluid
8.3.4 Forming Metalworking Fluid
8.3.5 Treating Metalworking Fluid
8.4 Gear Oil
8.4.1 Growing Wind Power Industry is the Major Governing Factor for the Market in This Segment
8.4.2 Rust & Corrosion Inhibited Gear Oil
8.4.3 Compounded Gear Oil
8.4.4 Extreme Pressure Gear Oil
8.5 Compressor Oil
8.5.1 Increasing Demand for Screw Compressors is Boosting the Market
8.6 Grease
8.6.1 Improved Quality of Industrial Greases Acts as A Major Driver for the Market
8.6.2 Metallic Soap Thickener
8.6.2.1 Lithium
8.6.2.2 Calcium
8.6.2.3 Aluminum
8.6.2.4 Sodium
8.6.2.5 Other Metallic Soap
8.6.3 Non-Soap Thickener
8.6.4 Inorganic Thickener
8.6.4.1 Clay
8.6.4.2 Silica
8.6.5 Other Thickeners
8.7 Turbine Oil
8.7.1 Growing Power Industry is Contributing to the Growth of the Market
8.8 Others
8.8.1 Transformer Oil
8.8.2 Refrigeration Oil
8.8.3 Textile Machinery Lubricants

9 Industrial Lubricants Market, By End-Use Industry
9.1 Introduction
9.2 Market Size Estimation
9.3 Construction
9.3.1 Rising Demand From APAC is Expected to Be the Main Driver for the Market in This Segment
9.4 Metal & Mining
9.4.1 The Mining Industry is A Leading Consumer of Industrial Lubricants
9.4.2 Primary Ferrous Products
9.4.3 Primary Non-Ferrous Products
9.5 Cement Production
9.5.1 Specialty Lubricants are Used in the Cement Production Industry
9.6 Power Generation
9.6.1 Special Grades of Industrial Lubricants are Used in This Industry
9.7 Automotive (Vehicle Manufacturing)
9.7.1 Hydraulic Fluid, Metalworking Fluid, Grease, and Gear Oil are Used in the Automotive Industry
9.7.2 Transport Equipment
9.8 Chemical
9.8.1 Rising Demand for Fertilizers is Likely to Drive the Demand for Industrial Lubricants in the Chemical Industry
9.9 Oil & Gas
9.9.1 The Need for Long-Term Stability and Smooth Functioning of Machinery is Driving the Demand for Industrial Lubricants in the Oil & Gas Industry
9.10 Textile
9.10.1 Increase in Population is Spurring the Demand for Industrial Lubricants in This Industry
9.11 Food Processing
9.11.1 Rising Demand for Processed Food is Contributing to the Market Growth in This Segment
9.11.2 Food
9.11.3 Bakery
9.11.4 Sugar
9.11.5 Dairy
9.11.6 Meat Poultry & Seafood
9.11.7 Beverage
9.11.8 Others
9.12 Others

10 Industrial Lubricants Market, By Region

Company Profiles

• BP P.L.C.
• Chevron Corporation
• Exxonmobil Corporation
• Fuchs Petrolub AG
• Gazprom NEFT
• Hindustan Petroleum Corporation Limited (HCPL)
• Idemitsu Kosan Co., Ltd.
• Indian Oil Corporation Limited (Iocl)
• Jxtg Group
• LUKOIL
• Pertamina
• Petrobras
• Petrochina Company Limited
• Petronas
• Phillips 66
• Royal Dutch Shell Plc
• Sinopec Limited
• Total S.A.
• Valvoline

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