Market Size of Industrial Lubricants Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
