The industrial lubricants market is poised to witness substantial growth, with a projected increase of USD 12.49 billion from 2022 to 2027, according to Technavio. During this period, the market’s growth momentum is expected to advance at a CAGR of 3.73%. This expansion is primarily fueled by the escalating demand from end-user industries. However, fluctuations in crude oil prices could potentially hinder market growth. The market is segmented by product (mineral oil lubricants, synthetic lubricants, and bio-based lubricants), type (hydraulic fluid, metal working fluid, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
**Key Segment Analysis:**
The mineral oil lubricants segment is forecasted to experience significant growth throughout the forecast period. This growth is attributed to the increasing adoption of mineral oil lubricants across various industries. Derived from refined petroleum, these lubricants offer a wide range of viscosities and mainly consist of hydrocarbons. They are highly effective in reducing friction and wear between moving machine parts, thus prolonging the lifespan of industrial equipment. Moreover, mineral oil lubricants are valued for their reliability and cost-effectiveness, making them a preferred choice for manufacturers in maintaining smooth operations of machinery and systems.
**Geographical Market Analysis:**
APAC is expected to contribute 53% to the global market growth during the forecast period. The region’s robust market growth is driven by high demand and consumption of lubricants in key sectors such as hydraulics, steel production, mining and refining, plastics, and polymers. Countries like China, India, Japan, and South Korea play a pivotal role in driving market growth in APAC. Furthermore, the APAC market is characterized by diversification, attributed to factors such as rapid industrialization, the expansion of the business sector, and the presence of various regional and local market players.
**Company Insights:**
The industrial lubricants market exhibits a fragmented landscape, with companies employing both organic and inorganic growth strategies to gain a competitive edge. Key market players include AMSOIL Inc., Bharat Petroleum Corp. Ltd., BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo Chemical Co. Ltd., Zeller and Gmelin GmbH and Co. KG., and Shell plc.
