Industrial Lubricants Market: Global Market Size, Competitive Benchmarking of Key Players & Forecast

The global industrial lubricants market is expected to value $68,412.0 million by 2024. the growth in the demand for lubricants is driven by the fact these help in enhancing various industrial processes without changing the quality and physical properties of the final product. Moreover, rapid industrialization, coupled with the need for a streamlined and effective production process, is expected to drive the growth of the industrial lubricants market during the forecast period.

Under segmentation by application, the industrial lubricants industry is categorized into textile, metalworking, chemical manufacturing, energy, hydraulic machinery, food processing, and others (mining and jewelry). Among these, chemical manufacturing accounted for the largest sales volume in the market, with an over 20.0% share in 2016. Lubricants help enhance the manufacturing process, prevent the machine temperature from rising too much, and keep the contamination of chemicals in check. The expansion of the industrial base for chemical manufacturing is thus expected to drive the growth of the industrial lubricants market during the forecast period.

In the past few years, several organizations engaged in petrochemical production have established their production bases in or near the major oil-rich regions in the Americas, the Middle East, and APAC. The shifting of production bases to the APAC region has strengthened the supply chain of various end-use industries. Further, the production capacity of industrial lubricants in the APAC region is expected to continue rising due to the large investments by different players. Thus, with growing investments in the APAC region, a key trend in terms of capacity expansion is being witnessed in the industrial lubricants market.

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Globally, APAC held the largest share in the industrial lubricants market, with more than 40.0% sales volume share in 2016. Rapid industrialization in regional countries, such as India, China, and Japan, is projected to continue raising the demand for lubricants from different industries. Further, emerging countries in the region are heavily investing on the construction of industrial hubs, utilities, and other civic infrastructure facilities. The increasing number of such projects is thus predicted to lead to growth in demand for industrial lubricants for machines pressed into construction.

Among the major players operating in the global industrial lubricants market are Amsoil Inc., Calumet Specialty Products Partners L.P., Phillips 66, Quaker Chemical Corporation, Houghton International Inc., Klüber Lubrication München SE & Co. KG, PETRONAS Lubricants International, BP PLC, Blaser Swisslube AG, FUCHS PETROLUB SE, Chevron Corporation, Exxon Mobil Corporation, The Lubrizol Corporation, Total S.A., Idemitsu Kosan Co. Ltd., Clariant AG, and Royal Dutch Shell PLC.