Industrial Lubricants Market Estimated to Reach $74.3 billion by 2029 Globally, at a CAGR of 3.1%, says MarketsandMarkets™

/EIN News/ -- Chicago, July 16, 2024 (GLOBE NEWSWIRE) -- The Global Industrial 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%, as per the recent study by MarketsandMarkets. The demand for industrial lubricants in end-use industries such as construction and food processing are increasing due to government regulations and fuel economy norms, increasing automation in end-use industries, and immense industrial development in the Middle East & Africa and Asia Pacific region.

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List of Key Players in Industrial Lubricants Market:

1. Shell plc (UK)
2. Exxon Mobil Corporation (US)
3. BP p.l.c. (UK)
4. Chevron Corporation (US)
5. TotalEnergies SE (France)
6. PetroChina Company Limited (China)
7. ENEOS Holdings, Inc. (Japan)
8. China Petroleum & Chemical Corporation (China)
9. Idemitsu Kosan Co., Ltd. (Japan)
10. Others

Drivers, Restraints, Opportunities and Challenges in Industrial Lubricants Market:

1. Drivers: Mounting demand from construction, mining, agriculture, and marine industries across worldwide
2. Restraints: Strict environmental norms
3. Opportunity: Growing demand for renewable energy
4. Challenge: fluctuating prices of raw materials

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Key Findings of the Study:

1. Metalworking fluid product type are projected to register the third-highest CAGR, in terms of value, of the global industrial lubricants market during the forecast period.
2. Synthetic oil is estimated to be the second-largest base oil type of industrial lubricants market, in terms of value, during the forecast period.
3. Europe is estimated to be the second-largest market for the lubricants market, in terms of value, during the forecast period.

Based on base oil type, the industrial lubricants market is segmented as mineral oil, synthetic oil, and bio-based oil. From them, mineral oil accounted for the largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production cost. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for the largest share in industrial lubricants market.

Based on the end-use industry, the industrial lubricants market is segmented into ten key sub-segments as construction, cement production, metal & mining production, oil & gas, power generation, textile, food processing, chemical, automotive (vehicle manufacturing), and others. The construction end-use industry sub-segment is accounted for the largest share in terms of value, in 2023. This is mainly due to the rising construction activities around the world as the worlds populations is increasing rapidly. Therefore, the construction end-use industry sub-segment is accounts for the largest share.

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Based on region, Asia Pacific is the largest market industrial lubricants, in terms of value, in 2023 due to due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and favorable government regulations. Moreover, densely populated countries such as China and India experience high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for industrial lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastest growing market, in terms of value, during the forecast period 2024 to 2029.

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