Global Industrial Lubricants Market Exceeded USD 66.8 Bn in 2022, with Estimated 4.4% CAGR (2023-2031)

Global Industrial Lubricants Market Driven by Increasing Industrialization, Especially in Developing Regions: Absolute Markets Insights

Houston, TX, Texas, United States – August 12, 2023 —

Global Industrial Lubricants Market Introduction

Industrial lubricants are substances used to reduce friction, heat, and wear between mechanical components in various industrial applications. They are essential for maintaining the efficiency and longevity of machinery and equipment. These lubricants can come in various forms, such as liquids, greases, solid films, and powders, and are chosen based on the specific requirements of the equipment and operating conditions. As industries continue to evolve and advance, the reliance on lubricants for enhanced performance, reduced operational costs, and environmental responsibility will likely continue to drive global industrial lubricants market growth.

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Global Industrial Lubricants Market Future

Lubricant formulation are constantly improving, reflecting the fact that effective manufacturing practises during the creation of lubricants may contribute to the prevention of breakdowns. In order to attain efficiency in energy use and environmental sustainability, the worldwide automobile and industrial industries are confronting greater energy prices, more governmental pressure, and a growing “green” environmental consciousness. In addition to meet the high-performance need for future industrial machinery or manufacturing equipment, industrial lubricants market participants are looking forward to change radically from those of today. The design and implementation of a “smart” tribo-system that will automatically manage important lubrication properties, hence optimising lubricant and subsystem performance, is expected in the future. Thus with the stricter environmental regulation and industrialization in the upcoming years to support the growth of the global industrial lubricants market.

Incorporation Of Advanced Technologies in the Automotive Industry is Contributing to the Growth of the Global Industrial Lubricants Market.

The benefits of great energy efficiency and fewer emissions have increased customer demand for hybrid-electrical vehicles (HEV) and electrical cars (EV). More than 10 million electric cars were sold in 2022 across the world, with sales forecasted to increase by 35% in 2023 to 14 million. Electric vehicles’ proportion of the global automobile industry has increased from roughly 4% in 2020 to 14% in 2022 and is expected to soar to 18% this year. 

Due to the introduction of new components, materials, lubricant working conditions, and expectations for efficiency and durability, lubricant-additive technologies must be compatible with those sophisticated propulsion systems. Moreover, OEMs are asking the use of specialised lubricants or driveline fluids to safeguard and assure the smooth operation of electric drivetrain components. In May 2023,TotalEnergies launched their innovative water-based lubricant (WBL providing a paradigm-shift in innovation of electric vehicle lubrication.

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Bio-based Industrial Lubricants have a Promising Future in the Global Industrial Lubricants Market

Due to the detrimental impacts of petroleum lubricants, such as greenhouse gas emissions and the potential for contamination, an increasing number of firms are turning to bio-based lubricants as a more sustainable option. These lubricants are biodegradable and generated from renewable resources such as plant-based oils or animal fats, making them less hazardous to the environment. The soy-based bio-lubricant market is rife for expansion owing to the growing availability of soy and soy-based compounds. Much study has been devoted to the creation of bio based lubricants derived from animal fats and vegetable oils. Existing base oil substitutes include esters, polyalkylene glycols, and, more recently, bio-olefins. Thus bio based lubricants offer an impressive number of advantages over traditional industrial lubricants. Thus with the rise in adoption of bio based industrial lubricants will upsurge the global industrial lubricants market during forecast period 2023-2031.

Asia Pacific Region in Anticipated to the Fastest Growing Region in the Global Industrial Lubricants Market.

The region’s robust economic growth has contributed to Asia Pacific’s growing relevance in industrial lubricants. Economic stability and steady growth in industrial output have propelled Asian markets to the forefront of the global stage. Asian nations that are heavily investing in sectors that require the use of industrial lubricants, such as transportation, energy, and infrastructure development, which contributed for growth. Such trends have also compelled Western commercial companies to actively promote their services to these countries, while indigenous firms have aggressively extended their operations in order to profit on market expansion.

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Global Industrial Lubricants Market Key Developments

·      In March 2023, Shell and Wärtsilä expand their strategic alliance for engine lubrication solutions. The collaboration will allow Wärtsilä and Shell to expand their engine oil offerings by enabling a larger global supply footprint and product portfolio, committed team resources, and the co-development of lubrication technology.

·      In December 2022, through a collaboration arrangement with Castrol, a lubricant brand, SKF continues to develop its RecondOil offering. Castrol industrial clients will be able to employ integrated RecondOil Double Separation Technology (DST) systems as a result of the collaboration.

·      In June 2022, Cosmo Oil Lubricants Co., Ltd. of Japan has received Biomass Mark accreditation for their COSMO DIESEL CARBONEUT 10W-30 bio-based diesel engine oil. The new lubricant, which is made up of more than 80% plant-derived base oil, is Japan’s first Biomass Mark-certified diesel engine oil. Trial runs have already been completed as Cosmo Oil Lubricants prepares to commence in-house manufacturing of the new lubricant ahead of its August 2022 debut.

Global Industrial Lubricants Market Segmentation

By Type

• Mineral
• Synthetic
• Bio-based

By Product Type

• Hydraulics oil
• Grease
• Transmission fluids
• Metalworking Fluids
• Engine oils
• Gear oils
• Air compressors oils
• Others

By Distribution Channel

• Direct
• Indirect

By End User Industry

• Automotive
• Construction
• Energy and Utilities
• Marine
• Aerospace 
• Engineering
• Manufacturing
• Food processing
• Oil and gas
• Chemical
• Medical
• Others 

By Region

•  North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America) 

 List of Key Players in the Global Industrial Lubricants Market

• BASF SE
• Bharat Petroleum Corporation Limited
• CASTROL LIMITED
• Cosmo Oil Lubricants Co., Ltd.
• Chevron U.S.A. Inc.
• Eni Sustainable Mobility S.p.A.
• Exxon Mobil Corporation.
• FUCHS
• Gulf Oil Lubricant
• Indian Oil Corporation Ltd
• Mosil Lubricants
• Shell International B.V.
• Tide Water Oil Co. (India) Ltd
• TotalEnergies
• Valvoline Global Operations
• Other market participants

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Name: Shreyas Tanna
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Address: Houston, TX, Texas, United States
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Website: https://www.absolutemarketsinsights.com/

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