Enhanced operational efficiency offered by industrial lubricants is bolstering their use in the constantly expanding manufacturing sector, as well as other industries such as power generation and oil & gas. Growing use of high-performance lubricants in these end-use industries is expected to drive market growth in the forecast period (2019-2027). As indicated by a new study of Persistence Market Research (PMR), global demand for industrial lubricants will progress moderately through 2027, reaching a value of US$ 28 Bn.
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Key Takeaways
- Growing use of complex machinery and tools in industries, is increasing the demand for general industrial oils, making it a prominent segment in the global industrial lubricants market.
- The global market is witnessing a gradual shift towards bio-based industrial lubricants. In addition to the environmental advantages, bio-based industrial lubricants provide better lubrication and superior viscosity.
- Customers in the manufacturing industry are seeking to increase output efficiency by minimizing downtime and boosting productivity, resulting in sustained demand growth for industrial lubricants.
- Manufacturers are focused on sustainability measures such as recycling and reuse of industrial lubricants. Lubricant manufacturers are providing on-site and off-site lubricant recycling equipment and services to their customers.
- Asia Pacific commands a prominent share in the global industrial lubricants market owing to significant growth in the manufacturing industry and increasing oil & gas operations in the region.
With the use of specialty additives, companies are focused on providing industrial lubricants with better efficiency. Growing environmental concerns are turning the focus of the lubricant industry towards the development of bio-based lubricants, which are estimated to gain more consumer preference in the coming years.
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How is Market Structure Defined?
Key players are expanding their global presence by investing in organic growth and practicing integration across the value chain to reduce production costs. For example, Exon Mobil Corporation completed the expansion of its Singapore refinery to upgrade the production of Group II base stock and enhance its integrated competitiveness.
Companies are emphasizing on providing high-grade industrial lubricants and custom product solutions to boost their unique selling proposition and competitive position.
Key players in the global industrial lubricants market include,
- BP Plc
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Chevron Corporation
- Idemitsu Kosan Co. Ltd.
- Lukoil Oil Co.
- PetroChina Co. Ltd.
- Total S.A.
- Royal Dutch Shell Plc
- China Petrochemical Group Co. Ltd. (Sinopec Group)
- BASF SE
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