In terms of value, the lubricants market is estimated to grow from USD 63.9 billion in 2024 to USD 74.3 billion by 2029, at a CAGR of 3.1%. The rising industrial growth in the Middle East & Africa and Asia Pacific, growing automating in end-use industries, mounting demand from for processed foods are driving the industrial lubricants market. Also, as individuals become more conscious of the potential health hazards linked to mineral oil based lubricants, there is an escalating desire for synthetic and bio-based lubricant alternatives.

“Hydraulic fluid was the largest product type of industrial lubricants market, in terms of value, in 2023.”
Hydraulic fluid is the most used product type in the industrial lubricants market, mainly due to its widespread use in the most of the end-use industries. It’s crucial for hydraulic systems to transmit power efficiently by reducing friction, dispersing heat, and preventing wear and corrosion. Technological advancements have enhanced its formulations, making it more efficient and in-demand. Overall, hydraulic fluids dominance is attributed to its essential role in industrial machineries, equipments.

“Construction was the largest end-use industry of the industrial lubricants market, in terms of value, in 2023.”
Construction stands as the largest end-user industry in the industrial lubricants market due to its extensive reliance on various lubricants for smooth operation and maintenance of construction equipments and machineries. This is mainly due to the construction industry is heavily relies on various heavy machinery and equipment, which require constant lubrication to operate efficiently in harsh conditions. With continuous operations, safety concerns, and a global construction boom driving demand, construction remains a dominant sector for industrial lubricant usage.

“The Middle East & AFrica is projected to be the second fastest-growing region, in terms of value, during the forecast period in the industrial lubricants market.”
The Middle East & Africa region is expected to see significant growth in the lubricants market due to several factors. The region’s strong economic growth and rapid industrialization are driving increased demand for industrial lubricants across various sectors like automotive manufacturing, and construction. Additionally, investments in infrastructure development and the oil & gas industry further contribute to this growth. With the Middle East being a major oil-producing region, there’s a steady supply of base oils, a crucial ingredient in lubricant production, ensuring market stability. Moreover, the expanding automotive aftermarket and rising vehicle ownership rates in Africa add to the region’s growth potential. Overall, the Middle East & Africa’s favorable economic conditions and infrastructure investments make it a promising market for industrial lubricants.

  • By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
  • By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
  • By Region: North America - 24%, Europe - 40%, Asia Pacific - 17%, South America – 7%, Middle East & Africa - 12%,

The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.

Research Coverage
This report segments the market for industrial lubricants based on base oil type, product type, end-use industry, and region and provides estimations of volume (Kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for industrial lubricants.

Reasons To Buy this Report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the industrial lubricants market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on lubricants offered by top players in the global market
  • Analysis of key drives: (growing automating in end-use industries, mounting demand from for processed foods, rising industrial growth in the Middle East & Africa and Asia Pacific, and increasing demand from mining, construction, agriculture and marine industries), restraints (Swing towards synthetic lubricants, high price of bio-based and synthetic lubricants), opportunities (Mounting demand for bio-based lubricants, and increasing demand for renewable energy), and challenges (Escalating raw material prices) influencing the growth of industrial lubricants market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the industrial lubricants market
  • Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for industrial lubricants across regions.
  •  Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global industrial lubricants market
  •  Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the industrial lubricants market