The global industrial lubricants market is growing exponentially and according reports is expected to experience substantial growth, reaching a valuation of $22,845.9 million by 2023.
The market is anticipated to expand at a Compound Annual Growth Rate, CAGR of 4.4 per cent until 2033.
Industrial lubricants are essential in supporting industries such as automotive and oil & gas. As the automotive sector continues to grow and require various lubricants for engines, transmissions, brakes, and greases, the demand for industrial lubricants will also increase.
Industries are adopting advanced and innovative machinery as technology advances. These high-tech machines often operate under extreme conditions, such as high temperatures or corrosive environments.
To meet these specific requirements, specialized lubricants, such as synthetic lubricants, are needed.
Synthetic lubricants can withstand high temperatures and offer improved performance compared to traditional mineral-based lubricants. As businesses optimize their machinery, the market for specialized lubricants is expected to rise.
The automotive industry is one of the main users of industrial lubricants.
Applications in the automotive industry, including engine oils, transmission fluids, brakes, and greases, require the use of lubricants.
The market for industrial lubricants used in manufacturing, maintenance, and aftermarket services grows in tandem with the expansion of the automotive industry and the increase in global vehicle production.
In addition to the automotive sector, industrial lubricants also play a crucial role in the exploration, production, and refining processes of the oil and gas industry. The equipment used in the extraction and processing of crude oil and natural gas relies on lubricants.
This includes drilling rigs, pumps, compressors, and other machinery. The market for industrial lubricants used in the oil and gas industry is expected to grow along with the surging energy demand and the expansion of exploratory activities into new areas.
In 2018, the global market size for industrial lubricants was $19,367.4 million and grew at a CAGR of 3.1 per cent from 2018 to 2022.
By 2022, the market size reached $21,883.0 million.
The mineral oil segment accounted for 40.0 per cent of the global market share in 2022, while the automotive industry segment held 18.0 per cent of the market share. India, the United States, China, and the United Kingdom also had significant market shares in 2022.
Overall, the industrial lubricants market is expected to witness significant growth in the coming years, driven by the expansion of industries such as automotive and oil & gas.
The demand for specialized lubricants will continue to rise as advanced machinery becomes more prevalent.