Industrial Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Industrial Lubricants Market Report is Segmented by Product Type (engine Oil, Transmission, and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Other Product Types ) and End-User Industry (power Generation, Heavy Equipment, Food and Beverage, Metallurgy and Metal Working, Chemical Manufacturing, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa). The Report Offers Market Size and Forecasts for Industrial Lubricants in Volume (liters) for all the Above Segments.

Industrial Lubricants Market Size

Single User License
Team License
Corporate License
Book before:
Industrial Lubricants Market Summary
share button
Study Period 2019 - 2029
Market Volume (2024) 22.07 Billion liters
Market Volume (2029) 26.06 Billion liters
CAGR (2024 - 2029) 3.38 %
Fastest Growing Market Asia-Pacific
Largest Market Asia Pacific

Major Players

Industrial Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Industrial Lubricants Market Analysis

The Industrial Lubricants Market size is estimated at 22.07 Billion liters in 2024, and is expected to reach 26.06 Billion liters by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19 in 2020. However, the pandemic positively affected the automation process in industrial activities on a large scale. The limited availability of manpower due to the pandemic and the use of various personal protective equipment has accelerated the adoption of automation throughout industries. Moreover, the increase in productivity also increased the run time of the machinery and the speed of the equipment. It increased the importance of adequate lubrication for the equipment, thus enhancing the demand.

  • Over the short term, increasing demand from the wind energy sector is expected to drive the market's growth.
  • However, the detrimental effects of lubricants on the environment are likely to hinder the growth of the market studied.
  • Nevertheless, the growing prominence of bio-lubricants and the development of low-viscosity lubricants are likely to act as opportunities for the growth of the market studied.
  • Asia-Pacific dominates the market across the world, with the most substantial consumption from countries like China, India, and Indonesia.

Industrial Lubricants Market Trends

Power Generation End-user Industry Dominated the Market

  • Power generation is one of the most important end-user industries of the global economy, without which almost all manufacturing operations may cease. Advancements in manufacturing technologies are resulting in the building of various new plants, increasing the demand for electricity across end-user industries.
  • Turbines play a key role in the energy sector for generating electricity. Irrespective of the source of electricity, i.e., wind, solar, hydro, thermal, and others, turbines are widely used for power generation. In general, other than turbines, the major components used in the power generation sector include pumps, bearings, fans, compressors, gears, and hydraulic systems. Wind turbines are subjected to many factors, such as humidity, high pressure, high loads, vibrations, and temperature. Gear and turbine oils are widely used in this sector for lubrication purposes.
  • In general, the cost of lubricants accounts for less than 5% of a power generation company's total operational expenditure. According to an industry survey, about 58% of the companies recognized that lubricant selection could help reduce costs by 5% or more. Still, fewer than 1 in 10 (8%) companies realized that the impact of lubrication could be up to six times more.
  • In hydroelectric power generation, lubricants are used for air compressors, gears, turbines, circulating oil systems, hydraulics, and bearings, among other purposes. The lubricants consumed include greases, general lubricating oils, transmission oils, turbine oils, and hydraulic oils, among others. In nuclear power plants, lubricants (turbine oils) are used mainly for steam turbines for better efficiency.
  • In coal-fired power plants, lubricants are used for air compressors, hydraulics, turbines, mobile equipment, bearings, and gears. Coal excavator systems also consume different types of lubricants, including gear oils, greases, transmission oils, and hydraulic oils. Coal-fired power plants consume high-temperature and heavy-duty lubricants.
  • Moreover, according to the International Energy Agency, in 2023, the volume of renewable electricity generated globally through hydropower and wind increased by about 17.5 gigawatts (GW) and 107.8 gigawatts (GW), respectively, over 2022. Such growth trends are expected to continue during the forecast period because of the growing investment in renewable energy generation. It will substantially boost the demand for industrial lubricants from the power generation end-user industry in the future and help it maintain its market dominance.
  • Hence, all such factors and trends are expected to drive the demand for lubricants in the power generation end-user industry.
Industrial Lubricants Market: Hydropower's renewable electricity capacity, in Volume (Gigawatt (GW)), Global, 2022-2027

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific was found to be the major market for the consumption of industrial lubricants. It is owing to increasing consumption from countries such as China, India, and Indonesia.
  • China is the largest consumer of lubricants and greases in the current scenario. The vast manufacturing activities pertaining to different sectors and the rapid growth in the industrial and automotive sectors pushed the country to stand among the major lubricant consumers and producers in the global landscape.
  • Moreover, according to Safeguard Global, China, Japan, South Korea, India, and Indonesia were among the top 10 countries with the highest manufacturing output in 2023.
  • In addition, China is focusing on new infrastructure, with construction being the majority type of fixed assets, in the near future. Such growth in construction activity is expected to be witnessed in the future, owing to increased expenditure and the government's focus on infrastructure growth.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA), China, Japan, India, and South Korea were among the top 5 largest manufacturers of vehicles in the world. Therefore, the vast size of Asia-Pacific's automotive industry also plays a significant role in the region accounting for such high demand for industrial lubricants compared to other regions worldwide.
  • Moreover, according to Invest India, the auto components industry in India is expected to grow to USD 200 billion by 2026, and the aftermarket turnover in FY 2022-23 of the industry stood at USD 10.6 billion as compared to USD 10 billion in the previous year. Such growth trends in India and developing economies of the Asia-Pacific are estimated to significantly boost the industrial lubricants market growth in the region.
  • India is the second-largest lubricant consumer in the region and the third-largest in the world, after the United States and China. The country accounts for about 7% of the demand in the global lubricants market. While the industrial lubricants market is fragmented in nature, the Indian grease market is highly consolidated in nature, with the top five players accounting for more than 75% of the market share.
  • Favorable government policies, such as the extension of the FAME-II scheme until 2024, the enhancement of incentives for two-wheelers, the launch of the production-linked incentive (PLI) scheme for the auto and auto component sector (worth INR 26,000 crore (~USD 3.20 billion)), and the PLI for advanced chemistry cell worth INR 18,000 crore (~USD 2.22 trillion), are likely to provide significant support to the sector due to the adoption of advanced technologies.
  • Indonesia is among the potential lubricants markets in recent years on account of its huge population, high urbanization, and rapidly rising middle class. Sectors such as mining, textile, and infrastructure is driving the consumption of industrial lubricants in the recent past.
  • According to FocusEconomics, in 2022, manufacturing growth in Indonesia was 4.9%, up from the 3.4% witnessed in the prior year. Moreover, according to Statistics Indonesia (BPS), the food and beverage industry increased by 4.9% on an annual basis in 2022 to USD 52.1 million as the demand and production increased.
  • Indonesia is expected to invest and attract foreign direct investment across industries to boost its exports and, thus, its economic state. Additionally, the country started working with Taiwan to develop its food and beverage industry because Taiwan is quite developed in the field of automated food machine technology and catering services.
  • Therefore, all the factors above are likely to significantly impact the market studied in the future.
Industrial Lubricants Market , Growth Rate by Region

Industrial Lubricants Industry Overview

The industrial lubricants market is fragmented in nature. Some of the key players in the market (not in any particular order) include Royal Dutch Shell PLC, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, and BP PLC (Castrol), among other companies.

Industrial Lubricants Market Leaders

  1. BP PLC (Castrol)

  2. Exxon Mobil Corporation

  3. Royal Dutch Shell PLC

  4. China National Petroleum Corporation

  5. China Petroleum & Chemical Corporation

*Disclaimer: Major Players sorted in no particular order

Industrial Lubricants Market Concentration
bookmark Need More Details on Market Players and Competitors?
Download PDF

Industrial Lubricants Market News

  • Jan 2024: Shell plc's subsidiary, Shell Lubricants, completes the acquisition of the United Kingdom-based MIDEL and MIVOLT from Manchester-based M&I Materials Ltd to manufacture, distribute, and market the MIDEL and MIVOLT product lines as part of Shell’s global lubricants portfolio.
  • Oct 2023: Hindustan Petroleum Corporation Limited (HPCL) and Chevron Brands International LLC, a subsidiary of Chevron Corporation, entered into a long-term agreement encompassing the licensing, production, distribution, and marketing of Chevron’s lubricant products. It is under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant products in India.
  • May 2023: AMSOIL INC. acquired Milwaukee-based Benz Oil to boost its capabilities and expertise with industrial fluids. The Milwaukee-based Benz's facilities in Milwaukee will be rebranded as AMSOIL, and the sales, laboratory operations, production, and distribution will continue on-site.
  • Mar 2023: Exxon Mobil Corporation announced that it is investing nearly USD 110 million to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad, India.

Industrial Lubricants Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Wind Energy Sector

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Detrimental Effects of Lubricants on the Environment

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Engine Oil

      2. 5.1.2 Transmission and Hydraulic Fluid

      3. 5.1.3 Metalworking Fluid

      4. 5.1.4 General Industrial Oil

      5. 5.1.5 Gear Oil

      6. 5.1.6 Grease

      7. 5.1.7 Process Oil

      8. 5.1.8 Other Product Types

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Heavy Equipment

      3. 5.2.3 Food and Beverage

      4. 5.2.4 Metallurgy and Metalworking

      5. 5.2.5 Chemical Manufacturing

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Phillipines

        6. 5.3.1.6 Indonesia

        7. 5.3.1.7 Malaysia

        8. 5.3.1.8 Thailand

        9. 5.3.1.9 Vietnam

        10. 5.3.1.10 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Russia

        6. 5.3.3.6 Turkey

        7. 5.3.3.7 Spain

        8. 5.3.3.8 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Chile

        5. 5.3.4.5 Rest of South America

      5. 5.3.5 Middle East

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 Iran

        3. 5.3.5.3 Iraq

        4. 5.3.5.4 United Arab Emirates

        5. 5.3.5.5 Kuwait

        6. 5.3.5.6 Rest of Middle East

      6. 5.3.6 Africa

        1. 5.3.6.1 Egypt

        2. 5.3.6.2 South Africa

        3. 5.3.6.3 Nigeria

        4. 5.3.6.4 Algeria

        5. 5.3.6.5 Morocco

        6. 5.3.6.6 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMSOIL INC.

      2. 6.4.2 Bharat Petroleum Corporation Limited

      3. 6.4.3 Blaser Swisslube AG

      4. 6.4.4 BP p.l.c.

      5. 6.4.5 Carl Bechem GmbH

      6. 6.4.6 Chevron Corporation

      7. 6.4.7 China National Petroleum Corporation (PetroChina)

      8. 6.4.8 China Petroleum & Chemical Corporation (SINOPEC Group)

      9. 6.4.9 Eni SpA

      10. 6.4.10 Exxon Mobil Corporation

      11. 6.4.11 FUCHS

      12. 6.4.12 Gazprom Neft PJSC

      13. 6.4.13 Gulf Oil International

      14. 6.4.14 Hindustan Petroleum Corporation Limited

      15. 6.4.15 Idemitsu Kosan Co. Ltd

      16. 6.4.16 Indian Oil Corporation Ltd.

      17. 6.4.17 ROCOL

      18. 6.4.18 ENEOS Corporation

      19. 6.4.19 Kluber Lubrication

      20. 6.4.20 LUKOIL

      21. 6.4.21 PT Pertamina(Persero)

      22. 6.4.22 Petrobras

      23. 6.4.23 Petronas Lubricants International

      24. 6.4.24 Phillips 66 Company

      25. 6.4.25 Repsol

      26. 6.4.26 Shell PLC

      27. 6.4.27 Tide Water Oil Co. (India) Ltd.

      28. 6.4.28 TotalEnergies

      29. 6.4.29 Valvoline

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Prominence for Bio-Lubricants

    2. 7.2 Development of Low Viscosity Lubricants

**Subject to Availability
bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Industrial Lubricants Industry Segmentation

A lubricant is a substance that is applied to surfaces with relative motion between them as it reduces friction and wear between surfaces. However, in addition to these primary functions, a lubricant can include other functions or roles, such as sealing agent, heat transfer agent, and corrosion prevention agent. Lubricants can be found in many forms, from liquid, semi-solid, dry, and gaseous lubricants. The most common lubricants are oils and gases.

The industrial lubricants market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industry is segmented into power generation, heavy equipment, food and beverage, metallurgy and metal working, chemical manufacturing, and other end-user industries. The report also covers the market size and forecasts for the industrial lubricants market in 33 countries across major regions. For each segment, the market sizing and forecasts are done on the basis of volume (liters).

Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Process Oil
Other Product Types
End-user Industry
Power Generation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical Manufacturing
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Phillipines
Indonesia
Malaysia
Thailand
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Russia
Turkey
Spain
Rest of Europe
South America
Brazil
Argentina
Colombia
Chile
Rest of South America
Middle East
Saudi Arabia
Iran
Iraq
United Arab Emirates
Kuwait
Rest of Middle East
Africa
Egypt
South Africa
Nigeria
Algeria
Morocco
Rest of Africa
customize-icon Need A Different Region Or Segment?
Customize Now

Industrial Lubricants Market Research FAQs

The Industrial Lubricants Market size is expected to reach 22.07 billion liters in 2024 and grow at a CAGR of 3.38% to reach 26.06 billion liters by 2029.

In 2024, the Industrial Lubricants Market size is expected to reach 22.07 billion liters.

BP PLC (Castrol), Exxon Mobil Corporation, Royal Dutch Shell PLC, China National Petroleum Corporation and China Petroleum & Chemical Corporation are the major companies operating in the Industrial Lubricants Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Industrial Lubricants Market.

In 2023, the Industrial Lubricants Market size was estimated at 21.32 billion liters. The report covers the Industrial Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Industrial Lubricants Industry Report

Statistics for the 2024 Industrial Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Industrial Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)